I hate to write on the same topic for two consecutive blog
posts, and I have covered plenty of ground with retail in the past, including
the often-maligned strip mall. But
this photo opportunity was too good to pass up, and it the construction in
progress probably won’t look like this for much longer. From time to time, I get to see how the
landscape has changed when I return to the south side of Indianapolis where I grew
up. And I’ve featured material on
the environment around the prosperous Greenwood Park Mall
back when this blog was but an infant (or a toddler, at least).
The Greenwood Shoppes strip mall in the photo below sits
directly to the west of the Greenwood Park Mall, just across busy U.S. 31. My apologies for the duskiness of the
photos, but it should still be obvious that it is undergoing a sort of
renovation.
Any strip mall that receives an extensive facelift such as
this has clearly struck a grand slam, as suburban retail goes. A huge number of strip malls—I suspect
more than half—never benefit from any cosmetic changes: their tenants downgrade
as they age, until they can’t lease their space at all, and then they retreat
further, from neglect to complete abandonment. They become so obsolete that an investor won’t touch them,
possibly because the surrounding neighborhood has declined economically, but
more likely simply because there are just so many fresher, newer strip malls
that have risen out of pasture land in the ensuing years; the one that is
already a generation old no longer offers just the right location, the right
traffic patterns, or the perfect building design. We’ve all seen them before. A strip that remains successful for 20 years is an
anomaly. Many don’t survive even
that long, as proven by a completely vacant one in the otherwise healthy suburb
of Plainfield that I wrote about a few years ago. The array of dying strip malls that dot
the landscape of Houma (also hardly a struggling city), featured last week, are
not likely to be much older.
An anucleate metropolitan settlement pattern exacerbates the short life cycles
of strip malls, but here in Greenwood Shoppes we have an unusual exception.
It’s not particularly remarkable in any other way: the
tenants are hardly high-end. But
they range from national chains like Half Price Books and Men’s Wearhouse,
which have been at the location at least a decade (possibly two), to local
institutions like McGee Jewelers.
During my periodic visits to Greenwood over a handful of years, this
strip mall has never been less than 90% occupied. Thus, the property owner is confident in the shopping
center’s continued viability to invest some money for a facelift. One section of the strip mall is farther along in the process.
It doesn’t look like the changes are going to be that
dramatic. No improvements to
landscaping in the parking lot that I can tell, and clearly no fundamental
changes in the massing or floorplate.
The businesses can continue operating—nothing more than a skimming. But stripping away the shell used to
mount the illuminated signs revealed a surprisingly rich history to this strip
mall.
The current tenant is Half Priced Books, but a sign painted
on the brick says “Bedding Liquidators”.
The bedding tenant obviously predates the used bookstore, but how old is
it? I have no memory of this
location hosting anything but a Half Priced Books, but that doesn’t mean much. More telling is the fact that the store
used a painted sign to identify itself.
Virtually no strip malls use this technique anymore. If we witness illuminated signs these
days, they usually involve floodlights mounted below, shining directly onto a
wooden sign—not one painted directly on the side of the brick. This old sign cannot help but evoke the
faded old five-and-dime advertisements painted on the side of commercial
buildings in a more urban area—only this one, after being concealed for two or
possibly three full decades, is in superior shape.
In a matter of days, the construction team will probably
slap up a new wall to hide this old painted sign, and in a few weeks the
renovations will be complete. The
tenants will remain, confident that they claim one of the best locations within
this large regional shopping hub, and they’re probably right: visitors can look
out at the Greenwood Park Mall from inside just about any storefront.
The plastic surgery performed on Greenwood Shoppes only
seems to emphasize how much this particular strip mall defies the
standards—even within the Greenwood Park Mall area. While the mall itself is healthy, the strip malls
surrounding it in all directions are a very mixed bag. Just to the north, on the other side of
County Line Road (and therefore in the Indianapolis City Limits), sits the much
larger County Line Mall that hosted a Target in decades prior. Since the Target sought a new location
about ten years ago, the County Line Mall has struggled with an occupancy rate
from around 50 to 70%, even after it received a major facelift of its own. Meanwhile, directly to the east of the
mall, across from it on Madison Avenue, sits a strip mall similar in scale to
the Greenwood Shoppes, but its fortunes have taken a different turn:
Though Greenwood Crossing isn’t completely vacant, the
pockmarked parking lot and faded signs demonstrate that it isn’t a top
draw. It even hosts a church,
which is usually a sign of a strip mall that is desperate to recruit tenants. But it is the exact same distance
from the Mall as the Greenwood Shoppes, as evidenced from the final of these
photos, in which the water tower and Dick’s Sporting Goods are visible at the
horizon to the right. Although a
major arterial, Madison Avenue just doesn’t quite command the traffic volume
that U.S. 31 does.
Greenwood Park Mall and the adjacent Greenwood Shoppes
demonstrate little more than the oft-proven notion that retail developers are
at the mercy of their tenants. Suburban
retail, generally lacking a great deal of design innovation, rarely gives its
developers more than it can expect: a conservative, adequate ROI over a
pathetically short life cycle.
Then it rots, leaving its residential neighbors to complain to the City
to intervene on the blighted appearance.
Every developer thus weighs the odds that its own product will be an
exception to this rule, generating revenue for multiple generations. But the odds are slim enough that the
process of converting greenfields to strip malls has become a race to the
economic bottom: low returns incentivize builders to skimp on hard costs in
order to maximize revenue across a forecasted slim profit margin, while the
persistently low budgets for these shopping centers almost insures that they
will look deteriorated and old-fashioned once enough cheap new developments two
miles have away have displaced it from its hierarchy.
The same could happen here, and Greenwood Shoppes could
easily tank—the income levels of the housing directly surrounding it (mostly
aging apartments) are significantly lower than the norm for both Greenwood and
the south side of Indianapolis. It
could also fail to the newer, much ritzier shopping plaza/strip mall directly
to the southeast, on the opposite side of Fry Road. But both retail typologies (the enclosed mall and the strip
center) have endured through a first and now a second renovation, and, baring a
major change in the economic base of this part of town, they are likely to
remain in this condition for years to come…at least until the next facelift
buries another generation of outmoded signage or architectural details.
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