Divide and move on - no department store to replace Kmart

Jun. 30, 2014 @ 04:54 PM

The owners of a south High Point shopping center anchored by Kmart say they plan to subdivide the space once the department store closes at the end of the summer.

Kmart’s parent company, Sears Holding Co., announced last month that its lone High Point location will close as part of a corporate restructuring. Kmart is in the Southwood Center along S. Main Street near the intersection of Fairfield Road.
The company that owns and operates Southwood Center intends to split the 104,000-square-foot Kmart space into several smaller locations.
“We anticipate that we will divide the space into three to four new retail suites and have already begun preliminary talks with high-quality retailers interested in the High Point market,” said William “King” Offutt, president and chief operating officer of BC Wood Properties. “Unlike many former Kmart stores, this space is somewhat unique in that is has high ceilings and is relatively shallow in depth, which makes partitioning the space easier and more cost-effective.”
BC Wood Properties, based in Lexington, Kentucky, purchased the shopping center in November of last year. Offutt told The High Point Enterprise that the company wasn’t surprised by Kmart’s decision.
“Our strategy has been to reposition the center if and when Kmart elected not to renew its lease option,” he said. “BC Wood Properties is looking forward to improving the tenant mix and the general appearance of the property.”
Kmart intends to close the High Point store by mid-September. After the High Point Kmart closes, the closest locations to the city will be 1122 Randolph St. in Thomasville and 1302 Bridford Parkway in Greensboro near the interchange of Wendover Avenue and Interstate 40.
pjohnson@hpe.com | 888-3528