North Dallas: Galleria

[Addison]

Great find. So almost 20k of space? That’s a large store. Does
Anyone know if the location is fully on one level?

See the other replies about this upthread from several weeks ago.

It's 2 levels.

[acclar11]

Great find. So almost 20k of space? That’s a large store. Does
Anyone know if the location is fully on one level?

See the other replies about this upthread from several weeks ago.

It's 2 levels.

If it's starting construction in May, I wonder when we'll get the announcement of the store's opening.

[Addison]

Great find. So almost 20k of space? That’s a large store. Does
Anyone know if the location is fully on one level?

See the other replies about this upthread from several weeks ago.

It's 2 levels.

If it's starting construction in May, I wonder when we'll get the announcement of the store's opening.

If the TDLR is any indication (completion date in October), they're targeting a opening in time for the Christmas holiday shopping season.

[R1070]

That's a quick turnaround. Same project would take years at NorthPark. lol

[Addison]

That's a quick turnaround. Same project would take years at NorthPark. lol

Well, I mean, this specific space has been vacant for several years...

[Matt777]

Hopefully they can open sooner than that with it being vacant space. Houston media was gloating about them getting the first Uniqlo in TX, opening in September or October. So let's see who gets to the finish line first.

[Proquest20]

North Italia opens on Wednesday. About time the Galleria gets a legitimate Italian place.

[Proquest20]

When did The Blue Fish close at the Galleria? Now apparently Watters Creek is their only Texas location. They really have had bad luck with the Alley, hopefully some other sushi restaurant will replace it.

[Matt777]

When did The Blue Fish close at the Galleria? Now apparently Watters Creek is their only Texas location. They really have had bad luck with the Alley, hopefully some other sushi restaurant will replace it.

Google shows the Dallas Greenville Ave location as open. Did that close? Was that the original location?

[Proquest20]

When did The Blue Fish close at the Galleria? Now apparently Watters Creek is their only Texas location. They really have had bad luck with the Alley, hopefully some other sushi restaurant will replace it.

Google shows the Dallas Greenville Ave location as open. Did that close? Was that the original location?

I didn’t see it on their website, but that’s so unfortunate that they closed at the Galleria. The Alley has had some pretty bad luck - the same happened to Kabuki and the Grill.

[mhainli]

When did The Blue Fish close at the Galleria? Now apparently Watters Creek is their only Texas location. They really have had bad luck with the Alley, hopefully some other sushi restaurant will replace it.

Google shows the Dallas Greenville Ave location as open. Did that close? Was that the original location?

I didn’t see it on their website, but that’s so unfortunate that they closed at the Galleria. The Alley has had some pretty bad luck - the same happened to Kabuki and the Grill.

I’m surprised any restaurant would open in the Alley. There is virtually no surface parking in front of the restaurants and they aren’t directly connected to the mall (like the Grand Luxe). You have to specifically be wanting to go to a restaurant there. Until the Galleria addresses both these things then doubtful that these restaurants will make it long term.

[Proquest20]

They're building green space in front of it, but if I'm being honest the way that the Galleria is built with garages that directly connect to the buildings, this probably won't be used that much. I've been to the Galleria many times and I've never been on the Alley. You can easily miss it from the inside of the mall considering only the signage indicates there's anything out there.


Only time the Alley is used is when the Galleria hosts small business markets.

[mhainli]

They're building green space in front of it, but if I'm being honest the way that the Galleria is built with garages that directly connect to the buildings, this probably won't be used that much. I've been to the Galleria many times and I've never been on the Alley. You can easily miss it from the inside of the mall considering only the signage indicates there's anything out there.


Only time the Alley is used is when the Galleria hosts small business markets.

Exactly why the restaurants need to have direct connections to the mall with menus to draw people in, etc Would provide synergy to the mall too. Not sure why this hasn’t been thought of in the 20 years that the Alley has been there. Do they really expect shoppers to walk outside to the front door of a restaurant?

[Proquest20]

They're building green space in front of it, but if I'm being honest the way that the Galleria is built with garages that directly connect to the buildings, this probably won't be used that much. I've been to the Galleria many times and I've never been on the Alley. You can easily miss it from the inside of the mall considering only the signage indicates there's anything out there.


Only time the Alley is used is when the Galleria hosts small business markets.

Exactly why the restaurants need to have direct connections to the mall with menus to draw people in, etc Would provide synergy to the mall too. Not sure why this hasn’t been thought of in the 20 years that the Alley has been there. Do they really expect shoppers to walk outside to the front door?

Dallas, and cities in general, are too nice to justify coming to a mall specifically to eat at a restaurant.

[acclar11]

https://www.tdlr.texas.gov/TABS/Search/ ... 2024012882
Sephora is remodeling

[Proquest20]

https://www.tdlr.texas.gov/TABS/Search/Project/TABS2024012882
Sephora is remodeling

Happy to see it. The Sephora has had the old look for so long.

[mhainli]

They're building green space in front of it, but if I'm being honest the way that the Galleria is built with garages that directly connect to the buildings, this probably won't be used that much. I've been to the Galleria many times and I've never been on the Alley. You can easily miss it from the inside of the mall considering only the signage indicates there's anything out there.


Only time the Alley is used is when the Galleria hosts small business markets.

Exactly why the restaurants need to have direct connections to the mall with menus to draw people in, etc Would provide synergy to the mall too. Not sure why this hasn’t been thought of in the 20 years that the Alley has been there. Do they really expect shoppers to walk outside to the front door of the restaurant ?

Dallas, and cities in general, are too nice to justify coming to a mall specifically to eat at a restaurant.

Well we occasionally go to the Grand Luxe and do take the opportunity to do some shopping. They make it easy with restrooms near the mall entrance. It works.. Not too many parking spots out front but more often than not there’s one available.

[Proquest20]

Exactly why the restaurants need to have direct connections to the mall with menus to draw people in, etc Would provide synergy to the mall too. Not sure why this hasn’t been thought of in the 20 years that the Alley has been there. Do they really expect shoppers to walk outside to the front door of the restaurant ?

Dallas, and cities in general, are too nice to justify coming to a mall specifically to eat at a restaurant.

Well we occasionally go to the Grand Luxe and do take the opportunity to do some shopping. They make it easy with restrooms near the mall entrance. It works.. Not too many parking spots out front but more often than not there’s one available.

Yeah I mean, we’ve eaten at Grand Lux before and did park out front. I don’t think that’s where most of the traffic comes from, but it’s not as bad as people make it out to be.

[luxeshop97]

American Girl is officially open at Park Lane. I hope they start redevelopment soon especially on the belk/saks wing.

[acclar11]

Looks like Bearfruit is gone.

[Proquest20]

I guess the Alley is now called the “newly designed outdoor plaza” according to Instagram updates. The Alley probably came from the restaurant that was once there.

[acclar11]

I guess the Alley is now called the “newly designed outdoor plaza” according to Instagram updates. The Alley probably came from the restaurant that was once there.

Yeah, the Galleria only called that area "The Alley" because it's where the Grill On The Alley was.

[The_Overdog]

This was new to me, even though I've lived in DFW for 20 years. Per reddit, the Galleria used to have a walking track on the roof of the mall, surrounding the glass roof. You can still see remnants of it in Google maps.

There is also an indoor basketball half court up there on the roof, both of which used to belong to a health club located in the mall, long since closed.

I had no idea.

[Proquest20]

This was new to me, even though I've lived in DFW for 20 years. Per reddit, the Galleria used to have a walking track on the roof of the mall, surrounding the glass roof. You can still see remnants of it in Google maps.

There is also an indoor basketball half court up there on the roof, both of which used to belong to a health club located in the mall, long since closed.

I had no idea.

Not surprising, the Houston Galleria still has their health club.

[itsjrd1964]

Once in a while, I'd see some guy up there running/jogging.

[R1070]

Express at the Galleria is one of the 95 locations listed to close with the company's recent bankruptcy filing. The Cedar Hill store appears to be the only other DFW location closing.

[acclar11]

Express at the Galleria is one of the 95 locations listed to close with the company's recent bankruptcy filing. The Cedar Hill store appears to be the only other DFW location closing.

Either the Galleria is charging crazy rent or something else is going on. There's no way Express isn't able to make it here, it's typically packed when I stop by.

[R1070]

Express is closing close to 100 stores and all of their UpWest locations due to bankruptcy. This location, while being profitable (I assume), is located between the newer NorthPark store and the new location being built at Stonebriar probably seems duplicative.

[Tnexster]

I don't know if Express can be saved.

[Proquest20]

Express is closing close to 100 stores and all of their UpWest locations due to bankruptcy. This location, while being profitable (I assume), is located between the newer NorthPark store and the new location being built at Stonebriar probably seems duplicative.

Stonebriar isn’t particularly close, and NorthPark has a slightly different clientele and actually downsized. As a mid range store I have no doubt the Galleria is a profitable location, the mall’s not dying it’s just mid range now

[Tucy I]

Express is closing close to 100 stores and all of their UpWest locations due to bankruptcy. This location, while being profitable (I assume), is located between the newer NorthPark store and the new location being built at Stonebriar probably seems duplicative.

Stonebriar isn’t particularly close, and NorthPark has a slightly different clientele and actually downsized. As a mid range store I have no doubt the Galleria is a profitable location, the mall’s not dying it’s just mid range now

Why would they close a profitable store?

[Tucy I]

Duplicate post

[Proquest20]

Express is closing close to 100 stores and all of their UpWest locations due to bankruptcy. This location, while being profitable (I assume), is located between the newer NorthPark store and the new location being built at Stonebriar probably seems duplicative.

Stonebriar isn’t particularly close, and NorthPark has a slightly different clientele and actually downsized. As a mid range store I have no doubt the Galleria is a profitable location, the mall’s not dying it’s just mid range now

Why would they close a profitable store?

The only reason I could imagine it wouldn’t be profitable is the rent rate. Express has stores in North East and Parks I can’t imagine those perform better than the Galleria

[Tucy I]

Stonebriar isn’t particularly close, and NorthPark has a slightly different clientele and actually downsized. As a mid range store I have no doubt the Galleria is a profitable location, the mall’s not dying it’s just mid range now

Why would they close a profitable store?

The only reason I could imagine it wouldn’t be profitable is the rent rate. Express has stores in North East and Parks I can’t imagine those perform better than the Galleria

So, you DO have some doubt the Galleria is a profitable location...

It might be time for some to adjust their expectations about Galleria Dallas (including, if Express was indeed unprofitable there only because of high rent, Galleria Dallas's management). FWIW, in the last 2 months, in addition to the announced departure of Express, Galleria Dallas has lost Cotopaxi, Maricano and Eye Candy Courture. Meanwhile they gained local stores Desiri and Knots & Loops. ("Knots & Loops is a Dallas-based crochet creations brand offering a wide assortment of handcrafted pieces by talented women artisans. From crocheted penguins to dolls and baby rattles, you’re bound to find the perfect whimsical plush gift made with love.")

[Proquest20]

Why would they close a profitable store?

The only reason I could imagine it wouldn’t be profitable is the rent rate. Express has stores in North East and Parks I can’t imagine those perform better than the Galleria

So, you DO have some doubt the Galleria is a profitable location...

It might be time for some to adjust their expectations about Galleria Dallas (including, if Express was indeed unprofitable there only because of high rent, Galleria Dallas's management). FWIW, in the last 2 months, in addition to the announced departure of Express, Galleria Dallas has lost Cotopaxi, Maricano and Eye Candy Courture. Meanwhile they gained local stores Desiri and Knots & Loops. ("Knots & Loops is a Dallas-based crochet creations brand offering a wide assortment of handcrafted pieces by talented women artisans. From crocheted penguins to dolls and baby rattles, you’re bound to find the perfect whimsical plush gift made with love.")

There’s no way Cotopaxi was meant to be permanent, they kept the same storefront as Apricot Lane. Eye Candy wasn’t a big chain though, think their other location was in the mid-range wing of Houston’s Galleria.

[Tucy I]

The only reason I could imagine it wouldn’t be profitable is the rent rate. Express has stores in North East and Parks I can’t imagine those perform better than the Galleria

So, you DO have some doubt the Galleria is a profitable location...

It might be time for some to adjust their expectations about Galleria Dallas (including, if Express was indeed unprofitable there only because of high rent, Galleria Dallas's management). FWIW, in the last 2 months, in addition to the announced departure of Express, Galleria Dallas has lost Cotopaxi, Maricano and Eye Candy Courture. Meanwhile they gained local stores Desiri and Knots & Loops. ("Knots & Loops is a Dallas-based crochet creations brand offering a wide assortment of handcrafted pieces by talented women artisans. From crocheted penguins to dolls and baby rattles, you’re bound to find the perfect whimsical plush gift made with love.")

There’s no way Cotopaxi was meant to be permanent, they kept the same storefront as Apricot Lane. Eye Candy wasn’t a big chain though, think their other location was in the mid-range wing of Houston’s Galleria.

Well, it was more than a seasonal popup. Perhaps a test-run which apparently failed. Agreed regarding Eye Candy (I think the other store was/is in Willowbrook in northwest Houston. So that leaves us with 3 national chains and a "local" that pulled out and 2 locals that came in. Not a good trajectory. Regarding Express, it's almost inconceivable that Galleria Dallas wouldn't have been willing to reduce their rent if that's all it would have taken to keep them.

[R1070]

Galleria is definitely in flux. Cotopaxi was certainly not a permanent store and I think other pop-ups closed.

[acclar11]

Galleria is definitely in flux. Cotopaxi was certainly not a permanent store and I think other pop-ups closed.

Kittenish is also gone.

[Addison]

So, you DO have some doubt the Galleria is a profitable location...

It might be time for some to adjust their expectations about Galleria Dallas (including, if Express was indeed unprofitable there only because of high rent, Galleria Dallas's management). FWIW, in the last 2 months, in addition to the announced departure of Express, Galleria Dallas has lost Cotopaxi, Maricano and Eye Candy Courture. Meanwhile they gained local stores Desiri and Knots & Loops. ("Knots & Loops is a Dallas-based crochet creations brand offering a wide assortment of handcrafted pieces by talented women artisans. From crocheted penguins to dolls and baby rattles, you’re bound to find the perfect whimsical plush gift made with love.")

There’s no way Cotopaxi was meant to be permanent, they kept the same storefront as Apricot Lane. Eye Candy wasn’t a big chain though, think their other location was in the mid-range wing of Houston’s Galleria.

Well, it was more than a seasonal popup. Perhaps a test-run which apparently failed. Agreed regarding Eye Candy (I think the other store was/is in Willowbrook in northwest Houston. So that leaves us with 3 national chains and a "local" that pulled out and 2 locals that came in. Not a good trajectory. Regarding Express, it's almost inconceivable that Galleria Dallas wouldn't have been willing to reduce their rent if that's all it would have taken to keep them.

To address your last point, I suspect it's a combination of 2 factors at play.

1. Delusions of grandeur. Because they still have Nordstrom and a few luxury boutiques, they're under the impression that they can charge a premium on rent as other stores and shoppers alike are beating down the door to replace them.

2. The fact that the Galleria has a *TON* of debt it needs to pay off, on top of a lor of deferred maintenance to take care of *AND* it needs the cash flow to help eventually fund the forthcoming redevelopment in whatever form/scope that may be (that's probably still in flux & uncertain as well), thus they can't afford to reduce rents even if they wanted to without hurting its own balance sheet/profitability.

[Tucy I]

There’s no way Cotopaxi was meant to be permanent, they kept the same storefront as Apricot Lane. Eye Candy wasn’t a big chain though, think their other location was in the mid-range wing of Houston’s Galleria.

Well, it was more than a seasonal popup. Perhaps a test-run which apparently failed. Agreed regarding Eye Candy (I think the other store was/is in Willowbrook in northwest Houston. So that leaves us with 3 national chains and a "local" that pulled out and 2 locals that came in. Not a good trajectory. Regarding Express, it's almost inconceivable that Galleria Dallas wouldn't have been willing to reduce their rent if that's all it would have taken to keep them.

To address your laat point, I suspect it's a combination of 2 factors at play.

1. Delusions of grandeur. Because they still have Nordstrom and a few luxury boutiques, they're under the impression that they can charge a premium on rent as other stores and shoppers alike are beating down the door to replace them.

2. The fact that the Galleria has a *TON* of debt it needs to pay off, on top of a lor of deferred maintenance to take care of *AND* it needs the cash flow to help eventually fund the forthcoming redevelopment in whatever form/scope that may be (that's probably still in flux & uncertain as well), thus they can't afford to reduce rents even if they wanted to without hurting its own balance sheet/profitability.

Losing a significant tenant (zero revenue) hurts the balance sheet more than does reducing their rent.

[Addison]

Why would they close a profitable store?

The only reason I could imagine it wouldn’t be profitable is the rent rate. Express has stores in North East and Parks I can’t imagine those perform better than the Galleria

So, you DO have some doubt the Galleria is a profitable location...

It might be time for some to adjust their expectations about Galleria Dallas (including, if Express was indeed unprofitable there only because of high rent, Galleria Dallas's management). FWIW, in the last 2 months, in addition to the announced departure of Express, Galleria Dallas has lost Cotopaxi, Maricano and Eye Candy Courture. Meanwhile they gained local stores Desiri and Knots & Loops. ("Knots & Loops is a Dallas-based crochet creations brand offering a wide assortment of handcrafted pieces by talented women artisans. From crocheted penguins to dolls and baby rattles, you’re bound to find the perfect whimsical plush gift made with love.")

Well, I for one have been fervid with my criticisms of the Galleria's management, and being they're the common denominator, I'm still of the opinion they're the root cause of the mall's inability to keep/attract retailers.

But that's what happens when someone with no experience managing a shopping center that's the size & has the retail mix of the Galleria is brought in so they can use it as their training wheels.

[Addison]

Well, it was more than a seasonal popup. Perhaps a test-run which apparently failed. Agreed regarding Eye Candy (I think the other store was/is in Willowbrook in northwest Houston. So that leaves us with 3 national chains and a "local" that pulled out and 2 locals that came in. Not a good trajectory. Regarding Express, it's almost inconceivable that Galleria Dallas wouldn't have been willing to reduce their rent if that's all it would have taken to keep them.

To address your laat point, I suspect it's a combination of 2 factors at play.

1. Delusions of grandeur. Because they still have Nordstrom and a few luxury boutiques, they're under the impression that they can charge a premium on rent as other stores and shoppers alike are beating down the door to replace them.

2. The fact that the Galleria has a *TON* of debt it needs to pay off, on top of a lor of deferred maintenance to take care of *AND* it needs the cash flow to help eventually fund the forthcoming redevelopment in whatever form/scope that may be (that's probably still in flux & uncertain as well), thus they can't afford to reduce rents even if they wanted to without hurting its own balance sheet/profitability.

Losing a significant tenant (zero revenue) hurts the balance sheet more than does reducing their rent.

Not necessarily.

A "favored nations" clause could be invovled, especially with a high profile mall like the Galleria. If other tenants similar to Express caught wind of their rent being lowered, it will start a slippery slope with all of the others demanding lower rent or more favorable terms.

Also, while the optics of losing a high-profile tenant is poor, the space Express does occupy is a very small part of the mall overall. So the impact of losing their rent may not be so bad, especially if the trade off was having to give them concessions that would have equally hurt the balance sheet just as much (if not more so). This would definitely be short-term thinking and can potentially turn into a doom loop (which I fear the Galleria is teetering on), but I wouldn't put this thought process beside the current management.

Now none of us now for certain if this applies in the Galleria's case, just that there could be other plausible factors at play.

[Addison]

One last thing:

I'm at the point where I dread coming into this thread whenever there's a new post. Other than the recent Uniqlo announcement (and the wind has even been taken out of that since they're also opening at Parks Mall & Stonebriar), it's been nothing but depressing updates whether it's more national/upscale retailers vacating the mall or the mall's management only bring in these no-name mom & pop boutiques to replace them.

It's almost night & day from the NorthPark and Stonebriar threads...

[Tucy I]

Just to add a bit more context, in the past year, Galleria Dallas has added and lost the following stores:

New to Galleria Dallas:
3.6.5 (Local?)
Kittenish (stayed briefly; see Departed Galleria Dallas list below)
3:16 Collection (Local)
KPop Trove (Local)
Knots & Loops (Local)
Deseri (Local)

Departed Galleria Dallas:
Green Biotics
T-Mobile
Image
Tippy Tot Shoes
Papaya
Bearfruit Jewelry
Bonsai Paper Company (local)
Kittenish
Toni & Guy
Cotopaxi
Express
Eye Candy Courture (Local-ish)
Marciano

[R1070]

One last thing:

I'm at the point where I dread coming into this thread whenever there's a new post. Other than the recent Uniqlo announcement (and the wind has even been taken out of that since they're also opening at Parks Mall & Stonebriar), it's been nothing but depressing updates whether it's more national/upscale retailers vacating the mall or the mall's management only bring in these no-name mom & pop boutiques to replace them.

It's almost night & day from the NorthPark and Stonebriar threads...

Stonebriar has really stepped up it's game. A lot of the local (generic) stores have gone to make way for trendy national retailers. I still have faith in Galleria, they just need to find the right recipe for success.

[Addison]

One last thing:

I'm at the point where I dread coming into this thread whenever there's a new post. Other than the recent Uniqlo announcement (and the wind has even been taken out of that since they're also opening at Parks Mall & Stonebriar), it's been nothing but depressing updates whether it's more national/upscale retailers vacating the mall or the mall's management only bring in these no-name mom & pop boutiques to replace them.

It's almost night & day from the NorthPark and Stonebriar threads...

Stonebriar has really stepped up it's game. A lot of the local (generic) stores have gone to make way for trendy national retailers.

Yep, and that's despite the Sears still being vacant (though I suspect that won't be for much longer though.

I'm almost tempted to say it has dethroned the Galleria as the 2nd place mall in DFW. For sure, the greater retail area (if not the mall itself) has.

[Tucy I]

To address your laat point, I suspect it's a combination of 2 factors at play.

1. Delusions of grandeur. Because they still have Nordstrom and a few luxury boutiques, they're under the impression that they can charge a premium on rent as other stores and shoppers alike are beating down the door to replace them.

2. The fact that the Galleria has a *TON* of debt it needs to pay off, on top of a lor of deferred maintenance to take care of *AND* it needs the cash flow to help eventually fund the forthcoming redevelopment in whatever form/scope that may be (that's probably still in flux & uncertain as well), thus they can't afford to reduce rents even if they wanted to without hurting its own balance sheet/profitability.

Losing a significant tenant (zero revenue) hurts the balance sheet more than does reducing their rent.

Not necessarily.

A "favored nations" clause could be invovled, especially with a high profile mall like the Galleria. If other tenants similar to Express caught wind of their rent being lowered, it will start a slippery slope with all of the others demanding lower rent or more favorable terms.

Also, while the optics of losing a high-profile tenant is poor, the space Express does occupy is a very small part of the mall overall. So the impact of losing their rent may not be so bad, especially if the trade off was having to give them concessions that would have equally hurt the balance sheet just as much (if not more so). This would definitely be short-term thinking and can potentially turn into a doom loop (which I fear the Galleria is teetering on), but I wouldn't put this thought process beside the current management.

Now none of us now for certain if this applies in the Galleria's case, just that there could be other plausible factors at play.

Yes, agreed, they COULD have favored nation clauses to deal with, but pretty unlikely they have many that would have come into play. Only powerful, desirable national tenants who take a lot of square footage are likely to ever get a favored nation clause. Express may have one to its benefit. Most line tenants at a shopping center such as the Galleria probably do not. You are exactly right to fear they are teetering on a doom loop. That's been clear for a while.

The one thing we do know for certain is that Express was not operating profitably at Galleria Dallas.

[Addison]

BTW, I was at the Galleria in March (ironically enough, to go to that Express).

The Macy's there was really looking worn down, especially for it to be a so-called flagship store. Multiple escalators were down and numerous fixture were missing / falling apart. It seemed understaffed as well. But it did have OK foot traffic.

[Tucy I]

There’s no way Cotopaxi was meant to be permanent, they kept the same storefront as Apricot Lane. Eye Candy wasn’t a big chain though, think their other location was in the mid-range wing of Houston’s Galleria.

Well, it was more than a seasonal popup. Perhaps a test-run which apparently failed. Agreed regarding Eye Candy (I think the other store was/is in Willowbrook in northwest Houston. So that leaves us with 3 national chains and a "local" that pulled out and 2 locals that came in. Not a good trajectory. Regarding Express, it's almost inconceivable that Galleria Dallas wouldn't have been willing to reduce their rent if that's all it would have taken to keep them.

To address your last point, I suspect it's a combination of 2 factors at play.

1. Delusions of grandeur. Because they still have Nordstrom and a few luxury boutiques, they're under the impression that they can charge a premium on rent as other stores and shoppers alike are beating down the door to replace them.

2. The fact that the Galleria has a *TON* of debt it needs to pay off, on top of a lor of deferred maintenance to take care of *AND* it needs the cash flow to help eventually fund the forthcoming redevelopment in whatever form/scope that may be (that's probably still in flux & uncertain as well), thus they can't afford to reduce rents even if they wanted to without hurting its own balance sheet/profitability.

The lender took the property back from the borrower. The debt is gone.

[Addison]

Well, it was more than a seasonal popup. Perhaps a test-run which apparently failed. Agreed regarding Eye Candy (I think the other store was/is in Willowbrook in northwest Houston. So that leaves us with 3 national chains and a "local" that pulled out and 2 locals that came in. Not a good trajectory. Regarding Express, it's almost inconceivable that Galleria Dallas wouldn't have been willing to reduce their rent if that's all it would have taken to keep them.

To address your last point, I suspect it's a combination of 2 factors at play.

1. Delusions of grandeur. Because they still have Nordstrom and a few luxury boutiques, they're under the impression that they can charge a premium on rent as other stores and shoppers alike are beating down the door to replace them.

2. The fact that the Galleria has a *TON* of debt it needs to pay off, on top of a lor of deferred maintenance to take care of *AND* it needs the cash flow to help eventually fund the forthcoming redevelopment in whatever form/scope that may be (that's probably still in flux & uncertain as well), thus they can't afford to reduce rents even if they wanted to without hurting its own balance sheet/profitability.

The lender took the property back from the borrower. The debt is gone.

That's not how debt works (it doesn't just "go away" when the creditor takes possession of the lien on a property).

Someone, often times the borrower and/or the benefactor, ends up paying for it somehow. UBS may have been released of its obligation to MetLife, but as far as the Galleria itself (if not with evictions), it's with damage to their credit reputation (making future borrowing much more expensive), the renegotiation of the terms for the unpaid debt (I.E. management could be mandated to bring in a certain amount of revenue and keep expenses at a certain level until its paid off) and the lost equity.