Penn Square Mall Update

[jenncole]

I am not sure if Elephant Bar's are all company owned or independently owned and operated (franchised) but, I sure wish I owned a location or 2.

[Patrick]

I actually have no problem with them adding nice new upscale restaurants to the market. But, I do wish they'd build another parking garage in the back, possibly outside of BC Clark. Maybe that will come with time.

[rcoletx]

The actual number of parking spaces increased at 50 Penn Place and Full Circle was granted the number of reserved they requested. The last rumors stated here I thought were that Talbots, Pendleton and Balliets were all going to this proposed expansion at Penn Square Mall. From what I read in the paper, Balliets just renewed for either 5 or 7 years?

[travich]

I can't wait for the Elephant Bar. I've been to the cheesecake factory in Dallas and I couldn't understand what all the fuss was about. I thought the same of PH Changs, so ya know...

[BDP]

I've been to the cheesecake factory in Dallas and I couldn't understand what all the fuss was about. I thought the same of PH Changs, so ya know...

I'm with you and, besides, we generally get these kind of establishments when they create no real competitive advantage, in that everyone already has them. IMO, what keeps people going back to places and what creates a great place to live, are unique and intersting restaurants run by locals and found no where else. I doubt there is anything on a cheesecake factory menu you can't already find in OKC and with all the chinese, vietnamese, Thai, and pho noodle places in OKC (most within a few bloack of each other), who really needs a PF Chang's (which you can get in the frozen food section, btw )?

[Patrick]

The actual number of parking spaces increased at 50 Penn Place and Full Circle was granted the number of reserved they requested. The last rumors stated here I thought were that Talbots, Pendleton and Balliets were all going to this proposed expansion at Penn Square Mall. From what I read in the paper, Balliets just renewed for either 5 or 7 years?

Those rumors were posted "months" ago. Since then, management at 50 Penn Plae has come to the realization that there's a possiblity of losing their anchor tenants, thus they changed their approach in dealing with those stores. Even the article from the Oklahoman states that Balliets was seriously looking around at alternative locations, but management at 50 Penn Place stepped up to the plate and offered them a decent deal a hope for the future there.

[Luke]

Patrick, do you have any insights onto what the future of 50 Penn will be? I mean, if it continues the way it is, then it's going to be a couple of stores and an office building...

[Patrick]

Patrick, do you have any insights onto what the future of 50 Penn will be? I mean, if it continues the way it is, then it's going to be a couple of stores and an office building...

'

Honestly, that's the best I see for it. Of course, all new owners come in with good intentions, but from what I've been told, the new owners are a tad bit more concerned about leasing the tower, and less concerned about the mall itself. Keeping Balliets is a plus for them, but I honestly don't think that's the fix-all.
Putting Metropolitan College in the mall I think was the start of a downward trend. Gives me that Shepherd Mall feeling.

Overall, I'd say the future of the mall is up in the air.

[Luke]

Yeah, I don't think of Metropolitan College when I think of an upscale mall. That's laughable actually. If I was a tenant at the time they came in, I would have serious doubts about mall management. Too bad, it really does have a lot of potential.

[rcoletx]

Doesn't any prudent tenant "seriously" look at all of their options? From what I have heard, all of these tenants were already on term leases and therefore did not have the ability to re-locate until their leases expired.

[Patrick]

Doesn't any prudent tenant "seriously" look at all of their options? From what I have heard, all of these tenants were already on term leases and therefore did not have the ability to re-locate until their leases expired.

Yeah, I think that's what happened here....when the new owners came in, the existing tenants began to look at their options.

Actually when the new ownership took over, all of the leases were transfered to short term, month by month leases. This was short term while the ownership group came up with a master plan for the mall area itself. With that being done, they're now signing long term leases again. It's imporant to note that anytime a new ownership group comes in, they don't have to honor the original leases of the previous owner.

From what I've been told, the reason Balliet's stayed was due to a number of factors.....traffic flow in the area, stable regular customer base in the area, decent lease, established business already known to ne at 50 Penn Place (had they moved they would've had to spend a lot of money re-establishing themselves in a new location), etc. etc.

[jbrown84]

I thought it seemed like Olive Garden took away a lot of parking for 50 Penn. But it's a lot bigger deal to get an Elephant Bar, a Maggiano's, and a Cheesecake Factory. Those are all very exclusive places. Although I'd rather see them go to Bricktown.

[mranderson]

Elephant Bar formally announced this morning plans to locate in the pad site of Penn Square. It looks like it will be Asian food, but a Jungle theme.

[Patrick]

They do have some Asian food, but they also have a lot of other types of food, i.e., pizza, sandwiches, burgers, etc. I'd say it's pretty much in line with RainForest Cafe.

[BDP]

Isn't this just a redecorated Chili's?

http://www.elephantbar.com/

Don't get me wrong. It's nice to have a brand name for the sake of commerce and retail, but is anyone really excited about eating there? They won't be bringing anything new to the city.