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December 8, 2007 Holidays Key for Shopping Center Stores
Marin Independent Journal
 

MARIN malls are ringing in the holiday dollars.

"It is the peak season for the retailers," said Judy Gray, a vice president of marketing for Santa Monica-based Macerich Co., owner of the Village and Northgate malls. "Some may do 70 percent of sales during the holiday."

The highest sales are generally in the electronics, apparel and toy categories between "Black Friday," the day after Thanksgiving, and Christmas.

"Gift cards are really popular and that comes in after the holidays," Gray said. "We're not going to be able to see the impact until after the gift card spending is done."

Managers at Marin's big malls say the stores are busy this year.

"Target was packed," said Ron Weller, general manager at Vintage Oaks in Novato. "The day after Black Friday has become big-box heaven."

Vintage Oaks, which is known as Marin's "value" center, includes the warehouse-style Costco store, Target, Macy's Furniture Store, Marshall's, Ross Dress for Less, Beverages & More, Old Navy Clothing Co. and several restaurants.

"We have quite a laundry list of people who would like to come here," Weller said. "We just don't have the space."

The county's malls boast low vacancy rates. Vintage Oaks has 500 square feet of space in a free-standing store formerly occupied by The Shane Co., and Weller expects to fill it next year.
"Everybody is waiting to see what the economy does," Weller said. "And it's Christmas time."

Corte Madera Town Center is all leased, said General Manager Stan Hoffman.

NapaStyle, one of the center's newest tenants, picked Town Center as its fourth store location. "It's their highest-volume location," Hoffman said.

The recently opened P.F. Chang restaurant also has been packing in diners, while shoppers continue to rely on anchors like Safeway, Rite Aid, Barnes & Noble, the Container Store and the Bay Club.

"It's a lifestyles center," Hoffman said. "Town Center really addresses the everyday needs of the community."

The Village at Corte Madera on the east side of Highway 101 is a fashion shopping center, making it complementary to Town Center rather than competitive.

Anchored by Macy's on the south end and Nordstrom on the north, the Village is reconfiguring the space held by Crate & Barrel for nearly two decades. Store officials opted to close the store earlier this year because they couldn't lease enough space to meet their needs at the Village.

In a renovation that was completed in December 2005, the Village eliminated its food court to make room for an Anthropologie, a store selling clothing, accessories and items for the home.

"We are a destination for Marin moms and children," said Jane Reid, senior marketing manager of the Village. "We have been that way for many years but now it's especially so because of the children's play area."

Macerich, the owner of the Village, is now turning its attention to the Mall at Northgate, a 40-year-old property that was last renovated 20 years ago.

Kathy Lovold, senior property manager for Northgate and the Village, said officials submitted plans to San Rafael in mid-November and are holding meetings with the community to determine what the public wants.

The company is working on plans to bring in stores to complement anchor tenants Macy's, Mervyn's, Sears and Century Theatres.

Lovold said the approval process should begin in early 2008 and the center could be revamped as early as 2009.

Mark Koenig, a real estate broker with Terranomics, the retail division of NAI BT Commercial, said the biggest challenge in Marin is to get residents to shop locally.

"When you own an existing piece of real estate in Marin County you're already doing well," Koenig said. "Marin has always been a good location for retailers - it's hard to find space but they are usually very good."

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