Vacancy Rates Down at Fallbrook Mall

Fallbrook Mall, the West Hills discount mall owned by Fallbrook Square Partners, and managed by General Growth Management of Minneapolis, Minn., said leasing vacancy rates have decreased from 28% in January, 1994, to 5% in October. The improvement came with the recent opening of two new retail stores, Burlington Coat Factory and K mart.

A third store, Old Navy, a division of the Gap, is scheduled to open Oct. 27. A new restaurant and a laser-tag entertainment center are also scheduled to open in the next month.

The improved leasing rates at the mall are owed in part to people wanting cheap alternatives to conventional malls, and to the improving economy, mall representatives said.

The mall’s strategy has been to target lower-cost stores while avoiding the creation of a string of discount super stores, they said.