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Eateries Key Ingredient to Mall Turn-Around

BLOOMINGDALE, IL-Redevelopment of Stratford Square, where Feldman Mall Properties paid $93.1 million for 500,000 sf of non-anchor space in January, includes new sit-down restaurants near mall entrances.

By Mark Ruda | Updated on August 15, 2005

BLOOMINGDALE, IL-Although it was the company’s first purchase following its initial public offering early this year, Stratford Square remains in the early stages of Feldman Mall Properties’ three-phase redevelopment plan. Meanwhile, occupancy at the property stands at 64.6% when anchor and temporary tenants are excluded, with sales down to $271 per sf.

However, the company’s strategy involves a redevelopment plan that takes at least three years. And in Year One, Feldman Mall Properties is talking with several restaurant chains that may play a part in reversing Stratford Square’s fortunes.

A $20-million renovation will include sit-down restaurants near mall entrances, renovated restrooms, soft seating and play areas. “We’re not trying to go for the Morton’s,” Feldman says during his company’s recent earnings conference call. “We’re trying to go for a price point above the middle, that will add to the cache of the mall, and the reach of the mall.” The 10-mile trade area has a population of 860,000 and average household income of $87,000.

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