Press

April 04 , 2006

Several retailers find former Mervyn’s stores attractive

Several retailers find former Mervyn’s stores attractive

April 4th, 2006 - Sandra Zaragoza Staff Writer Hobby Lobby, Burlington Coat Factory and Dillard's are some of the growing retailers who are taking up Mervyns' spaces in Texas. Mervyns made the decision to put 29 Texas stores on the market last fall after losing Lone Star market share to competitors like Kohl's and Ross Dress for Less. In less than a year, 19 stores representing about 1.5 million square feet of retail space have been sold or leased. A handful of these stores are in the Metroplex. Burlington Coat Factory snapped up five Mervyns' stores, Dillard's took three and Hobby Lobby has taken two. Three of the stores were sold to mall giant Chicago-based General Growth Properties. The six remaining locations were sold or leased to other retailers or mall owners. Of the nine Mervyns' stores in the Metroplex, Burlington leased a store in Richardson and one in Denton. One location in Garland was leased but the user's name has not been released. Three of five pending leases are in the Metroplex in Arlington, Red Bird and Carrollton. Three North Texas stores are still on the market: one in Collin Creek Mall, one in Irving Mall and one in Fort Worth. The stores were marketed by The Retail Connection of Dallas and Klaff Realty of Chicago. "The fact that the market absorbs 24 (some deals are pending) in less than a year period of time speaks to a very powerful retail environment," said Steve Lieberman, CEO of The Retail Connection.