Caspian Set To Revitalize Mall in Ohio
Caspian Group has produced some of its most inspiring projects by solving the problem of what to do with a struggling retail location. With the current economy recovering amid COVID and a huge e-commerce boom, retail faces significant challenges.
According to Forbes’ report (2023), the trend shows that online purchases are in no way slowing growth. In 2019, online sales accounted for just 14% of all retail sales, which is expected to grow to more than a third by 2023. This growth shows the increasing preference of consumers to shop online due to its convenience, accessibility, and the variety of choices available. It is also noted that the COVID-19 pandemic has further accelerated this trend, as more people turned to online shopping to avoid public places and physical contact. With the continued growth of online sales, retailers need to adapt to the changing landscape of retail by investing in their online presence and improving their e-commerce capabilities to meet the rising demand of consumers for online shopping.
Minnesotans have a special relationship with malls, as we had the first mall in the US built in our hometown of Edina and we’re also home to the nation’s largest mall, the Mall of America. The benefit of having multiple destinations under one roof has been a lifestyle mainstay for modern generations. However, consumers are increasingly seeking unique experiences and personalized service, which can be difficult to achieve in a mall setting. Despite the changing times, Caspian realizes there is still a need for a community space to gather, share, and engage. Moreover, there is a demand for affordable space for specialized vendors, new food concepts, and local entrepreneurs to test their ideas and grow their businesses. Finding ways to adapt the shopping experience to meet the needs of consumers and vendors is an ever-evolving challenge, and malls are no exception.
Caspian Group has produced some of its most inspiring projects by solving the problem of what to do with a struggling retail location. With the current economy recovering amid COVID and a huge e-commerce boom, retail faces significant challenges.
According to Forbes’ report (2023), the trend shows that online purchases are in no way slowing growth. In 2019, online sales accounted for just 14% of all retail sales, which is expected to grow to more than a third by 2023. This growth shows the increasing preference of consumers to shop online due to its convenience, accessibility, and the variety of choices available. It is also noted that the COVID-19 pandemic has further accelerated this trend, as more people turned to online shopping to avoid public places and physical contact. With the continued growth of online sales, retailers need to adapt to the changing landscape of retail by investing in their online presence and improving their e-commerce capabilities to meet the rising demand of consumers for online shopping.
Minnesotans have a special relationship with malls, as we had the first mall in the US built in our hometown of Edina and we’re also home to the nation’s largest mall, the Mall of America. The benefit of having multiple destinations under one roof has been a lifestyle mainstay for modern generations. However, consumers are increasingly seeking unique experiences and personalized service, which can be difficult to achieve in a mall setting. Despite the changing times, Caspian realizes there is still a need for a community space to gather, share, and engage. Moreover, there is a demand for affordable space for specialized vendors, new food concepts, and local entrepreneurs to test their ideas and grow their businesses. Finding ways to adapt the shopping experience to meet the needs of consumers and vendors is an ever-evolving challenge, and malls are no exception.
Caspian Group has decided to get involved in another mall project in Piqua, Ohio to partner with on stabilization and revitalization efforts. This exciting new project has expanded our vision for rethinking struggling mall spaces from Minnesota to Ohio and has brought new hope for the future of the property.
The former Miami Valley mall was built in 1988 and was once a thriving retail hub anchored by Sears and JC Penney. However, with the changes in our retail economy in the last two decades, these retailers and many others struggled to adapt and were forced to close their doors, dealing a severe blow to the mall. Unfortunately, the previous ownership failed to keep the property occupied due to deferred maintenance and poor communication, causing many smaller tenants to also leave.
Chris Schmiesing, Piqua’s Economic Development Director, connected with Caspian Group for a partnership along with Bruns Construction Enterprises, and was instrumental in forming the project and advocating for the mall’s possibilities. The new ownership plans to rebrand the property as “The Piqua Center”, with the goal of making a significant capital investment in tenant spaces and completing deferred maintenance. The overall objective is to make the units affordable and accessible to the community in order to create a vibrant center for entertainment, sports, and e-commerce that will bring the community together. The plan includes rethinking the larger areas to make them more versatile spaces, and allowing smaller business owners and purveyors to take the next steps in their growing operations.
The Piqua Center has the potential to become one of the premier retail and entertainment destinations in Western Ohio. The new ownership is committed to making it a reality by seeking out unique tenants, such as a distillery, brewery, gun range, golf simulator, pickleball courts, and other experience-based retailers. Some mall owners are turning to non-traditional tenants, such as coworking spaces or fitness studios, to fill their spaces. Others are investing in technology, such as augmented reality, to enhance the shopping experience and attract younger consumers. Having an innovation center at the heart of the building will help drive excitement, community engagement, and ultimately make The Piqua Center a lively and exciting place for commerce, sports, and entertainment.
One great opportunity for The Piqua Center lies in reinvigorating the food court. Building upon recent successful concepts like 2nd Street Market in Dayton and Budd Dairy Food Hall in Columbus, there is a chance to create a new interpretation of what consumers are seeking in a destination food hall. Perhaps a wider variety of cuisines, more seating options, and unique vendor displays could be implemented to attract a greater number of patrons. Furthermore, incorporating sustainable and locally sourced ingredients would appeal to the growing number of consumers who prioritize environmental consciousness in their food choices.
Additionally, what Caspian’s past projects have proven is that paying close attention to the needs and revitalization ideas from the community is paramount. The new ownership is committed to community engagement and revitalization and will be hosting an open house in partnership with Kathy Sherman, director of the local chamber of commerce. With the help of the supportive city administration, collaborative effort with the chamber of commerce, and growing entrepreneur base, The Piqua Center can again become a thriving center for a variety of retail, entertainment, and commercial uses.
“We are looking forward to working with [Caspian Group] to support the property being restored to an attractive destination and a community asset,” Schmiesing said. The new owners will be hosting an open house in partnership with the Piqua Area Chamber of Commerce at a later date yet to be announced.
