Oak View coming to an End

Oak View at a Dead end

Taken by Omaha World Herald

Taken by Omaha World Herald

Dev Mehta, Podcast Editor

Oak View Mall an enclosed shopping center located in West Omaha was opened in 1991 for the people. It has been 27 years since Oak View Mall was opened, but now it’s potentially on a verge to be closed down in the next five some years.

Since the last couple of years Oak View Mall has been taking some great losses. Stores are closing down due to the fact that barely anybody goes there to buy their product and they are just going in lose, not making enough profit to be stayed open and pay their employees or to be able to hire new ones. Let alone that Oak View lost two of it’s anchor stores during this year Sears and Younkers.

“Unless something really unexpected happens, I think Oak View is probably irretrievably broken,” Rick Quinlevan president of brokerage services at the Lerner Co siad interviewed by Paige Yowell.

Younkers went out of business in February when they applied for bankruptcy wich made a lot of stores across the country close down even including the two stores in Omaha. Younkers was at chapter 11 bankruptcy after no one wanted to buy it. Sears also closed down due to the reason that they lost of $424 million or $3.93 per share that are being sold.

The loss of two anchor stores will be a big challenge or for Oak View to overcome. If they can’t overcome this challenge, then it might be the end of the mall in next five some years. It is just like a slow poison that will slowly slowly destroy form the inside and then at the end it will end, unless you can overcome it and stop it. The closing of two anchor stores is just like that poison you can either find a way to stop it or let it end you.

Even malls in Lincoln are doing better than Oak View like the Gateway Mall that is a bit bigger than Oak View.

Gateway has not seen any of the big things that Oak View has to see, it makes a good amount of profit and all the stores there are open. Even tho Omaha has double the population of Lincoln but still malls over there are doing better than malls in Omaha. Potentially because, they might have more variety of products and stores their, for their customers. Also the malls there are more cleaner and better compare to malls in Omaha.

The occupancy rate of the Oak View is ten percent lower compare to Westroads. Oak View has an 87 percent occupancy rate in 2017. It might have gone lower in 2018. Their per square foot sales have been struggling for years at Oak View.  

A bigger part in the losses of Oak View is online shopping, consumers buying stuff online like form Amazon, Ebay, or another online shop. Consumers are just not willing to spend their time in malls to buy what they want. The habits of consumers are changing for the last couple of years. Online shopping is now just a newer way to shop for yourself and an easier way.  

Also consumers are changing their habits, and demands, about the stuff they get and where their buy it from. Now people are just buying stuff from Outlet malls like, Village Point or Nebraska Outlet, to fill full their demands. People now just want to buy stuff from stores that are branded. In today’s cultures consumers just want to get branded stuff to wear. Consumers will got to branded stores to buy their clothes, shoes, or other stuff.

Oak View can improve the mall by adding more consumer loving stores. Stores like Nike, Adidas, or more branded ones.

Oak View has to something big to change their look, more stores that are good, and also find a way to make a good amount of profit. Or let it end itself like that slow poison does. Oak View just need more better stores in thier mall to attract consumers to come there and shop.