Here's an analysis of the Ward Parkway Center; a regional shopping center located at 8600 Ward Parkway in Kansas City, MO:
The Ward Parkway Center is one of the largest malls in the Kansas City metro area and home to two major and quite different anchor tenants (Target and AMC Theaters). The center is a total of 800,000 square feet and has 43 businesses; making up a diverse range of outlets from groceries (Target and Trader Joe’s), restaurants (Five Guys, Midici’s Pizza), specialty stores (PetSmart, Kay Jewelers) and other niche outlets (Genesis Fitness, Massage Heights). The mall was opened in 1959 and was renovated in 2017 by Legacy Development, whose management arm, Legacy Asset Management, manages the mall.
The mall has plenty of parking, is well lit and has great ingress/egress as it is conveniently located between two major, well-trafficked streets (State Line and Ward Parkway). The zip code (64114) the mall is in has a relatively high household income (15 percent higher than the Missouri average as of 2016). Furthermore, the property lies on the border with Leawood, Kansas, which is one of the most affluent suburbs in the Kansas City metro area. The violent crime rate for its zip code is slightly higher than the national average, but the majority of that crime is located in the eastern half of 64114 whereas the Ward Parkway Center is located in the far west part of the zip code.
The Ward Parkway Center went through a major redevelopment and expansion in 2017 (although not without allegations of wrongdoings for no-bid contracts). Currently the mall is in great shape and there are no noteworthy needs for additional renovation. While there are other shopping centers nearby, there are no other regional malls in a four-mile radius. Online retail is always a constant threat as well though. Adding some sort of experiential “destination” spot to supplement AMC Theaters could help (i.e. bowling, miniature golf or a concert hall). In addition, there are relatively few dining options (four sit-down restaurants) and no fine dining. A higher-end restaurant could add a lot of value as many people like to eat out before or after going shopping.
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Consulting by RPM