Will Stoneridge mall just have one anchor tenant in the future? | Tim Talk | Tim Hunt | DanvilleSanRamon.com |

Local Blogs

Tim Talk

By Tim Hunt

E-mail Tim Hunt

About this blog: I am a native of Alameda County, grew up in Pleasanton and currently live in the house I grew up in that is more than 100 years old. I spent 39 years in the daily newspaper business and wrote a column for more than 25 years in add...  (More)

View all posts from Tim Hunt

Will Stoneridge mall just have one anchor tenant in the future?

Uploaded: May 19, 2020
Sadly, Pleasanton is witnessing first-hand the dramatic changes in the retail landscape at what used to be its premier regional shopping center, Stoneridge.
The mall opened 40 years ago and made Pleasanton a shopping destination for the first time. It also put city finances on a solid foundation after the challenging years of reduced revenue after property taxes were slashed when voters approved Proposition 13 in 1978.
Now owned by Simon Property Group, which also owns the San Francisco Premier Outlets in Livermore, Stoneridge is evolving much more rapidly than the company or the city would prefer. The entire mall is closed because of the COVID-19 shutdown and Nordstrom will stay closed once the county health department allows operations to resume.
Sears already closed in late 2018 and last Friday JCPenney filed for chapter 11 bankruptcy. JCPenney has struggled to find its niche as online shopping has boomed and shoppers are looking for a different experience than the typical department store. The company said it plans to close 240 stories or about 30% of its locations.
Given the demographics of Pleasanton, it’s surprising that Nordstrom is leaving Stoneridge. The closest locations will be in downtown Walnut Creek and Newark.
Depending on the JCPenney decisions, Stoneridge could be down to one anchor tenant, Macy’s and it’s also struggling as retailers, pre-COVID-19, have been challenged to find a clear path as commerce shifts online.
I reached out to city officials and Tina Olson, the finance director, shared mall sales tax revenues over the last five years. The high point was in the 2014-15 fiscal year when the city received almost $4.6 million. General sales tax revenues from consumer sales were $6 million in 14-15 and steadily declined at a modest rate to $4.8 million in 18-19, a drop of $1.2 million.
Stoneridge mall revenues will be $1.4 million less without Sears and Nordstrom than they were in 2014-15, Olson estimated using actual numbers from 2018-19.
City Manager Nelson Fialho provided this comment by email, “COVID will certainly have an impact on our sales tax revenues, a local revenue stream that was already flat and declining due to the growing popularity of online shopping and regional retail competition.
“This trend underscores the City’s priority to diversify this revenue stream through City-sponsored planning and economic development efforts that ultimately lead to the reinvestment of the mall property to not only sustain this important retail amenity but also annual sales tax revenues to sustain existing City services.”
The City Council already has approved Simon’s plan to redevelop the Sears site with a Trader Joes-style market, a movie theater, an expansive health club (or perhaps a hotel) and two-story retail and restaurant buildings. There’s also a major apartment complex planned for the south parking lot. There’s also a potential high-density housing site on the northside of the mall.
Stay tuned as Simon continues to pivot and evolve the mall and its expansive parking lots.

We need your support now more than ever. Can we count on you?

Comments

 +   6 people like this
Posted by Cholo, a resident of Livermore,
on May 19, 2020 at 12:14 pm

My shopping habits have changed. I frequently shop online, except for food.
What I can't plant in my garden, I shop for at various markets.

Stoneridge went down down down hill so who cares?

I'd rather spend my money at a place where I'm safe and have no need to worry about dodging bullets!


Many of the folks that would hang around and do nothing...happy I won't have to look at them again...hahahahahahaha...go far away...way way far away...

i rest my case....


 +   12 people like this
Posted by harry, a resident of Highland Oaks,
on May 19, 2020 at 2:38 pm

please no more apartments, we are already getting too congested and the student to teacher ratio keeps climbing. I overpaid good money to live in Pleasanton back in 2004, and we pay a boatload in property taxes, to have this city turn into the next overcrowded town with traffic congestion. My .02 cents


 +   3 people like this
Posted by Ennis, a resident of Pleasanton Valley,
on May 19, 2020 at 4:32 pm

Ennis is a registered user.

Stoneridge was not on the list for closure - only 4 stores in CA initially identified. The list of potential uses for the space are dwindling - movie theatre (Hacienda), health club (with Bay Club across 680)....the reality is that shopping centers are obsolete and the cost to re-develop, with the risk of getting it wrong or consumer 'tastes' changing/evolving are significant. Go look at Montegue Expressway in Milpitas. 1970's single level office buildings are all gone, replaced by stack and pack housing that is similar to what is going in on the Cost Plus/Office Max site. Pleasanton can't agree on Costco, can't agree on what to do with Downtown -not being too cynical but curious to see what happens and how long it takes to get anything done.


 +   1 person likes this
Posted by Michael Austin, a resident of Pleasanton Meadows,
on May 19, 2020 at 4:43 pm

The Eastridge mall in Oakland was repacked with every alameda county social service departments. Today it is a thriving congested social service center.


 +   9 people like this
Posted by Downtowner, a resident of Downtown,
on May 20, 2020 at 8:48 am

Is it possible for IKEA and/or Costco to use retail space at Stoneridge Mall?


 +   1 person likes this
Posted by Member , a resident of San Ramon,
on May 20, 2020 at 9:42 am

I would love to see a private college use that property.


 +   8 people like this
Posted by Diskman, a resident of Another Pleasanton neighborhood,
on May 20, 2020 at 10:04 am

The suggestion made by Downtowner to have a Costco in Pleasanton located in the Stoneridge Mall rather than on Johnson Drive has merit. Stoneridge Mall is already set up to handle the traffic, where having that traffic on Johnson Drive would be a nightmare scenario. Parking would also be much better at Stoneridge Mall. And the cost (including the cost to the city) should be less as well. And the seemingly endless lawsuits against the Costco on Johnson Drive would have much less traction as the Costco would be going into an existing shopping mall.


 +   12 people like this
Posted by Anony, a resident of Another Pleasanton neighborhood,
on May 20, 2020 at 11:14 am

How about a mix of housing and retail? Think Santana Row down in the South Bay, with its high-end retail on the 1st floor and upscale condos on the 2nd/3rd floor.

There is a population to support that (well-paid Workday and Silicon Valley employees). And it would be walkable to BART so it's easy to commute to SF. Cmon, people, this would be a great time to build something nice. It's a great location! Since it's Bartable, it could be a “destination “ place.


 +  Like this comment
Posted by BobB, a resident of Another Pleasanton neighborhood,
on May 20, 2020 at 1:51 pm

BobB is a registered user.

Anony,

That sounds like a great idea.


 +   2 people like this
Posted by Claudette McDermott, a resident of Del Prado,
on May 20, 2020 at 1:53 pm

Claudette McDermott is a registered user.

I think it would be an excellent site for Costco. It's Right off the freeway, parking lots already in place... It will bring in money to the city, that will be taken out, with other retailers going belly up. Less disruption to the city all in all. I see all plusses with this change.

I also like the idea of having a theatre or other community functions at the mall, in a safe manner that keeps the COVID19 virus, in check with all the CDC safety measures in place. This will bring in more jobs to the community as well. I hope businesses will keep that in mind, HIRE LOCALS FIRST.

There are a lot of businesses here in Pleasanton. Too many companies shop outside of our community first, instead of hiring within. There is a lot of young talent here, use it! I think it should be a requirement for businesses opening up shop in Pleasanton, to have a certain % hired locally, as long as they qualify, I don't see the problem. Locals who work here spend money here.


 +   4 people like this
Posted by Resident, a resident of Canyon Creek,
on May 20, 2020 at 1:53 pm

It is time Simon Properties puts money into this mall, it's been neglected and feels like a mall from 80s and 90s. Can we update to look like Walnut Creek Broadway Plaza or Palo Alto Outdoor Mall? We have the population that has the income to spend money on nicer stores, and this mall needs an overall UPGRADE! With no upgrades, more people will head to nicer malls and no longer shop in Pleasanton.


 +   4 people like this
Posted by Member , a resident of Val Vista,
on May 20, 2020 at 2:31 pm

Any observant shopper going into Nordstrom's at Pleasanton in the last two years or so would have noticed the following :
One third of the woman's shoes were eliminated to make room for pick ups and returns of e-commerce. This was the busiest department with three employees covering it. The petite department was eliminated. The selection of clothes on the second floor was less and less. SF, WC and Pali Alto had much more to choose from. The writing was on the wall, for me.


 +   1 person likes this
Posted by Jake Waters, a resident of Birdland,
on May 20, 2020 at 5:57 pm

@Anony

I think you are on to something. It sounds very appealing. People fought the project in San Jose, jumped up and down, but now they all love it. We enjoy Santana Row and it presents a lot of ambiance. Of course, by the time they finished it I would probably be dead. lol.


 +   3 people like this
Posted by Me, a resident of Golden Eagle,
on May 20, 2020 at 7:28 pm

Member, You are totally correct about Nordstrom. I have seen Nordstrom in Pleasanton go downhill in the last few years. No Bazaars. No Apartments.


 +   6 people like this
Posted by Cholo, a resident of Livermore,
on May 20, 2020 at 8:13 pm

When Claubette m. suggests hiring locals, does that mean locals who are undocumented?

Are you also suggesting that given the risk of covid-19, that a theatre and art gallery be opened where like minded residents could sit under the same roofy? That may be a bit dangeroso!!! bad idea...

NO THANKS!

I have a suspicion that the ole cd is back, always coming up with ways to get hold of more $$$$$ for herself...duh

Don't forget, this online newspaper dropped her column when she finally understood that she would not PAID for writing for the PW, as I recall, she was waaaaaay ticked...tee hee...






 +   2 people like this
Posted by Silverfox, a resident of Castlewood,
on May 20, 2020 at 8:32 pm

Silverfox is a registered user.

I see Workday taking over the entire area there including the mall iteself! JK


 +   1 person likes this
Posted by DKHSK, a resident of Bridle Creek,
on May 20, 2020 at 10:10 pm

DKHSK is a registered user.

Anony,

Good idea. A good mix of retail, restaurants and apartment/condos sitting on top of it all would be a good fit in that space.

Dan


 +   1 person likes this
Posted by Onlinebuyernow, a resident of Another Pleasanton neighborhood,
on May 22, 2020 at 8:24 am

Santana Row and Walnut Creek SUCK in the Winter I hate X mass shopping in the rain, but Stoneridge was turning into a shoplifting haven complete with the occasional car jacking....THANKS BART!


 +   1 person likes this
Posted by Bankrupt , a resident of Another Pleasanton neighborhood,
on May 22, 2020 at 8:30 am

And thanks to the Socialist Democrats running Cali, stores can't even prosecute the shoplifters! Of course the stores are closing at Stoneridge! And you couldn't pay me to sit in a movie theater there! You don't replace one failing business with another!


Follow this blogger.
Sign up to be notified of new posts by this blogger.

Email:

SUBMIT
Sorry, but further commenting on this topic has been closed.

Get fact-based reporting on the COVID-19 crisis sent to your inbox daily.

Some good news amid JCPenney bankruptcy
By Tim Hunt | 2 comments | 2,543 views

Do you Fight, Flight, or Freeze?
By Chandrama Anderson | 0 comments | 753 views