WILLIAMSBURG, Iowa (KCRG) - Can new owners save the Williamsburg Outlet Mall?
The Corridor Business Journal reports the outlet mall along I-80 was sold for $4.4 million to Experimental Holdings, a real-estate investment group based in Cincinnati.
The impact of the sale remains to be seen, but one business owner already knows the change won’t save him.
Tim Kahler owned Fetch Pet Center and A&G Home.
“August was down. September was down about 50% to last year. And finally October came in at down 60% to last year, which is so incredibly drastic,” said Kahler.
Because of steep declines in business, he started falling behind on rent.
"You know, I take total responsibility for being behind on rent. There were many others behind on rent," said Kahler.
Kahler said part of the reason for declining traffic was a vicious circle: less foot traffic meant more stores closed, meant foot traffic dipped even further.
“The first year of Fetch to the second year of Fetch, I dropped over $100,000. And that is because there were 18 stores now vacant, and stores have continued to close. There’s now 26 storefronts vacant out of the 52, and that includes my 2," he said.
Williamsburg isn’t alone.
According to Capital One, the U.S has an estimated 1,150 malls. Some sources project that by 2032, there may be as few as 150 still in operation.
“Will this mall still be standing in three years?” asked Tricia Wetjen, owner of El Pearl.
Wetjen was a part of the mall until she reopened her business in March, buying a property just a couple hundred feet away.
She said the previous owners of the mall compounded problems by creating an atmosphere that didn’t attract new tenants.
“I felt more nervous and unwanted coming into my own business at the mall than I had ever felt working for any other company. So I was eager to get out,” said Wetjen.
However, folks still in the mall are optimistic times are changing with the new owners.
"It looks like they are taking a real active part out here in the mall. They’re going to increase the amount of advertising," said Roger Johnson, an employee of Squirrels Nest and husband to co-owner Dee Johnson.
“I just got an intro letter from the new owners yesterday, they sent to my home, which was nice to get,” said Emily Ervin, owner of Sunny Grae in the mall. “I know that they’re going to invest a lot of money in the center, and so we’re super excited about that.”
TV9 did reach out to the property managers to talk about the future of the mall.
We have not heard anything back.
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