CBL & Associates Properties, Inc (CBL - Free Report) initiated the redevelopment at the Jefferson Mall in Louisville, KY to include a new entertainment place, Round1 Bowling & Amusement. The building, previously occupied by Macy's, Inc. (M - Free Report) , is currently under construction. The developers have planned a grand opening for Round1, which is scheduled to occur prior to the holiday season of 2018.
Notably, the growing popularity of Round1 is expected to increase the mall traffic and attract visitors from other regions too. The multi-entertainment activity complex was initiated in 1980 and now has over 100 locations in Japan and about 21 in the United States. It offers bowling, an arcade, karaoke, billiards, food and drinks under one roof.
Stephen Lebovitz, president & CEO of CBL Properties informed, “CBL has made excellent progress on its redevelopment program over the last several months, with demand from many exciting retailers, entertainment users, and restaurant operators. We are thrilled to move forward with this phase of redevelopment and welcome this world-class entertainment operator to Jefferson Mall.”
Of late, mall traffic has been adversely affected due to the rapid shift in consumers’ shopping preferences toward online channels. With a number of retailers jumping on the dot-com bandwagon and reconsidering their footprints and opting for store closures, retail landlords, including CBL Properties, The Macerich Company (MAC - Free Report) and Kimco Realty Corporation (KIM - Free Report) , have been facing challenging times.
However, retail real estate investment trust’s (REIT) are fighting back and avoiding heavy dependence on apparel and accessories. Instead, the REITs are expanding dining options, opening movie theaters, offering recreational facilities and opening fitness centers in particular, to drive more footfall at their properties. Hence redevelopment efforts are gaining traction and the present move of CBL Properties is in sync with that.
Moreover, shares of this Zacks Rank #3 (Hold) company have outperformed the industry over the past month. While the company’s shares have edged down 0.2%, the industry has declined 1.5%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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