Visiting Santa at Concord Mall is a cherished tradition for the Maskery family of North Wilmington. This year, the Maskery children, 8-year-old Ella and 9-year-old Michael, didn’t just ask that jolly old elf for toys and treats.
Their big question: Would Santa return to Concord Mall next year?
With a low occupancy rate, Concord is among the many malls facing an uncertain future. The mall recently was listed for sale by its leasing agent and then abruptly taken off the market with the owner saying the listing was a mistake.
On a recent afternoon, with the countdown to Christmas looming, much of Concord was quiet. Foot traffic was light, with a few shoppers browsing at Victoria’s Secret and a pop-up Hickory Farms store. A ladder lay on the floor of a recently closed Claire’s.
Inside the Boscov’s anchor, all was merry and bright. Among the many shoppers was Holly Johnson of Wilmington, who was buying pajamas for her son and gloves for her daughter.
“Even though things are more expensive this year, I like that there are good sales,” she says. “I also like that the salespeople are nice.”
Mall spokesman Terry Sher is putting the finishing touches on a presentation of appreciation for the mall’s Santa, who sports a genuine cloud-like beard and luxuriant white hair—“and a real stomach, too.”
Even as some stores go dark, the lights are coming on in other spaces. Mex A Mex, a restaurant with an extensive menu and a chic bar, recently opened near Boscov’s. Nfuse, a dance and fitness studio, is coming soon. Sher said mall management is working to bring other tenants on board.
“We have some irons in the fire,” he says.
Namdar Realty Group, based in Great Neck, New York, acquired Concord in 2019 when it picked up the mortgage of Allied Properties, which owns and manages 3 million in retail space, including the popular Christiana Fashion Center. While the price Namdar paid for the mall was not revealed, the property was assessed at $18 million, a significant discount from the $80 million Allied paid when it acquired the retail center in 2000.
In the listing by commercial real estate firm J.C. BAR, the asking price for the 803,944-square-foot property was $30 million. That doesn’t include the behemoth Sears, which encompasses 174,172 square feet over two floors. Sears closed in 2020, shortly after Namdar acquired the mall. At the time, Namdar said its decision to move forward with the deal reflects its “evaluation of the property’s potential.”
The mall sale listing has been removed from J.C. BAR’s website. Based in York, Pennsylvania, BAR is the listing agent for Concord.
“Ownership has confirmed that the listing marketing Concord Mall for sale was posted in error by a leasing broker––and has since been taken down––and apologizes for any confusion the mistake may have caused,” said a statement from Naomi Hoffner, associate communications director at New York-based UpSpring PR.
Namdar has sold off 17 malls in recent years, a number of which have been redeveloped. The moribund Imperial Mall in Nebraska was sold at auction for $240,000 and redeveloped into a mixed-use community including a movie theater,55-plus housing, government offices, a gym, restaurant and small shops. Namdar currently owns at 58 malls, including Concord, and more than 100 other properties, ranging from a skilled nursing center in Duluth, Minnesota, to a Five Guys burger joint in Uniontown, Pennsylvania.
A labyrinth of zoning changes and other obstacles make mall redevelopment time consuming, an average of 4.9 years, according to Capital One research. Anchors, who often own their stores or hold long-term leases, can be another hurdle. At Concord, the dark Sears anchor is owned by Sears’ holding company.
In 2023, Namdar sold its Steeplegate Mall in New Hampshire for $18 million to a developer who planned to raze the mall and build 625 apartments, first-floor retail and a stand-alone Costco. The mall was vacant except for a few tenants, including a JCPenney anchor store and a trampoline center. JCPenney filed suit, claiming that demolishing the mall violates the terms of its lease, which extends through 2030. The developer is now advertising for retail tenants.
It’s a common scenario, says Stephanie Cegielski, vice president of research and public relations at ICSC, a New York-based trade group for retail communities.
“Most anchors own their box and may not want to sell it to a developer,” she says.
Still, a number of anchors have successfully navigated mall transitions to developments where people shop, dine, work and gather.
“There is an opportunity for a new customer base with redevelopment, so it is advantageous for that retailer to aid in the redevelopment process,” Cegielski says.
"We have some irons in the fire."Concord Mall spokesman Terry Sher on efforts to fill vacancies at the mall
Plymouth Meeting Mall, under contract to be sold, will be redeveloped into Plymouth Meeting Town Center, to include housing, a youth center, playing fields, restaurants and hotels. It’s a hybrid plan, in which the mall would be demolished leaving anchors on either end standing.
Berkshire Mall, acquired by Namdar in 2020, is under contract to be redeveloped into an open-air retail center.
At Concord, the short-lived sale listing described the property as an “enclosed mall ideally located on US 202 and just minutes away from the Pennsylvania and New Jersey border. Attracts shoppers who want to take advantage of tax-free shopping in Delaware.” The listing also touted national retailers such as H&M and the mall’s proximity to Wilmington University, whose campus on Beaver Valley Road is less than a mile away.
“Boasting redevelopment potential, this property is ideal for a variety of uses, from traditional retail to mixed-use development or cutting-edge experiential concepts,” the listing read.
According to BAR, the property is currently 77% occupied with key tenants, including anchors Macy’s and Boscov’s, and national names Bath & Body Works, Champs Sports and Chick-fil-A. The average household income within a three-mile radius of the mall is $132,968.
BAR, which manages leasing for Namdar, currently has 26 “small spaces” listed as available at Concord, ranging from 789 square feet to 8,669 square feet.
Concord’s 77% occupancy rate translates to 23% vacancy rate. That’s twice the average 13.3% rate of Class C malls, the term for malls that bring in less than $300 in annual sales per square foot, according to Capital One research. Class A malls like Christiana, with $500 or more in annual sales per square foot, have a 5.6% vacancy rate.
The vacancy rate doesn’t include Sears, which has been dark for five years later. Sher says mall management isn’t involved in finding a new use for the space.
“They own their building and their pad,” he says. “We would love to get somebody in there.”
Sher acknowledges it’s a difficult climate for retail.
“A lot of the old brick and mortar is dying because Amazon and other organizations are selling direct to consumers,” he says.
At Concord Mall, Aaron Maskery and his wife Lauren are the parents of Ella and Michael. He says Santa didn’t hesitate to answer when the children asked if Santa would be back next year.
“He told them ‘yes,’” Maskery says.
