Case Study

Archon Group’s Prestonwood Town Center Quickly Reaches High Occupancy

Case Study

Former mall turned “tech hotel” sought major retail anchor

Intelligently targeting retailers and leveraging retailer relationships result in higher sales performance

Archon Group purchased an established but declining mall, performed major renovations and transformed it into a “tech hotel” just as that sector of the market collapsed. A new 62-acre open-air retail shopping center was designed after four years of insufficient occupancy of the older structure. Archon needed immediate major retail anchor interest and rapid occupancy at high rental rates. 

SRS performed demographic and void analysis to determine retailers best suited for success in the trade area and leveraged local relationships with national retailers to build momentum. Once Archon completely demolished the improvements and built a state-of-the-art retail shopping center, the property was leased in record time with major retailers: Barnes & Noble, Office Depot, Walmart, Michaels, Ulta, and Circuit City (now Best Buy). The property reached 95% occupancy in a relatively short period of time. Archon has since sold the center to Inland.

Services Provided

  • Demographic and void analysis data to target specific retailers
  • Leveraged local relationships with national retailers
  • Built momentum to quickly lease out the center
     

Results

  • 95% occupancy reached in a relatively short period of time
  • Center performed well and was purchased by Inland