OKLAHOMA CITY –
Jose Legaspi with the Legaspi Co. is in the business of revitalizing old malls and making them into Hispanic retail destinations. He is working with Raptor Properties to turn Plaza Mayor at the Crossroads into a Hispanic shopping center.
The revitalization of the mall will not include an anchor tenant, Legaspi said during the Commercial Real Estate Council luncheon Thursday at the Devon Boathouse.
He said his malls don’t use the model seen at other malls, such as Von Maur moving into Quail Springs.
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We don’t rely on a specific anchor,” he said. “We invite an anchor to come and join us so they can learn about the Hispanic community.”
He said when a mall depends on an anchor, it is reliant on one type of customer.
“We take each mall on a very consumer-centric approach,” he said. “We are trying to understand the community factor that may be specific to that mall.”
To help attract the community,
Legaspi’s malls have weekly entertainment and host festivals on holidays celebrated by the Hispanic community. Every Sunday, Plaza Mayor hosts live entertainment on its stage in the center of the mall, as well as other events throughout the year.
A
lso, the malls each have a small marketplace area. At Plaza Mayor, that will be in the former Dillard’s space. Mall Marketing Manager Robert Ruiz with Raptor Properties said construction is underway.
The demolition is complete and electrical outlets are being installed for individual booths. The exterior has been repainted a bright yellow, with more bright colors expected on the exterior of the entire property.
Legaspi said the mall is now 37-percent occupied with 57 stores, and he expects it to be 60-percent occupied within a year. He said he expects the center to attract people from outside the area, even the state. He said he is working on a deal for the mall that could make it an even bigger game changer for the city.
“Hispanics tend to travel farther than any other demographic, especially if they feel invited,” he said.
After the mall has been complete for two years, he will evaluate the tenants in regards to the customers to see if changes need to be made. He said a continued evaluation process will help with the health of the mall.
Ruiz said the mall has been experiencing a lot of tenant growth and is planning for more.
Raptor Properties has hired Johnny Mila, who will be a leasing agent for the mall.
Mila will work on a local level, while the Legaspi Co. is striving nationally to help the mall reach its goal of 60-percent occupancy in one year, said Kristi Cole, Plaza Mayor manager.
Besides the colors, the next noticeable change will be a large electronic marquee along Interstate 35. The landmark signs on the property are completed.
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Anchors away: Mall makeovers set sail sans traditional model | The Journal Record
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