April 26, 2016
Jacksonville, FL, has been hard-hit with Sears’ recent store closure announcements. Two Kmarts and one Sears will be shuttered in the metro, leaving approximately 400,000 square feet of vacant space.
Cliff Taylor with CBRE noted that re-purposing Kmarts would likely not be a problem. He mentioned a Kmart in St. Augustine, FL that closed in 2012. Today, the center is almost full.
When discussing the Sears space, however, brokers aren’t as optimistic. The Sears is an anchor at the struggling Regency Square Mall on Arlington Expressway. According to Jason Ryals with Colliers International, Regency Square is high-traffic, low-capture. This means that while many people drive by, few stop to shop.