Redevelopment of the property will change the dynamic of retail business in Warr Acres and the rest of the northwest Oklahoma City submarket, said Jim Parrack, senior vice president and retail property specialist with Price Edwards & Co.
Retail vacancy in the approximately 100-square-mile area increased from 16 to 18.4 percent since the first of the year, according to a Price Edwards report.
The firm brackets the submarket by Lake Hefner Parkway east, Morgan Road west, NW 178 north and State Highway 66 south.
If West Park Mall were redeveloped into a single owner-occupied property, such as a supermarket, it would drop the vacancy rate by erasing 124,955 square feet of leased space from the property rolls, Parrack said.
The area could use the boost, judging from commentary in Price Edwards' just-released midyear retail market summary.
“Most of the retail is established neighborhood shopping centers with little new product. For many retailers, this market is their second or third choice,” the Price Edwards report said.