Foreclosures during the Great Recession added to thousands of blighted properties in Columbus. But, a state program helped fund demolition of many of those houses and apartment units.
Glimcher Reports Record Sales
Listen to the Story
Columbus-based shopping mall owner Glimcher is reporting the best quarter in company history.
In the final quarter of 2011, Glimcher was finally able to crack the $400-per-square-foot mark. That’s a big deal, says Lisa Indest, the company’s vice president of finance and accounting.
“Once you’re over that threshold, the value of malls in that tier of sales is much greater than those under,” Indest says.
Indest says Glimcher has outperformed the down economy by focusing on its best properties.
“So we did in 2007 and 2008 sell some under-performing malls, and we’ve added high-quality malls to our portfolios.”
Glimcher owns 24 malls including Eastland and Polaris Fashion Place, which Indest says has sales about 25 percent higher than the company average.