For those sewing and crafters, the Feb. 12 announcement that Joann is closing all of its local stores as part of its Chapter 11 bankruptcy proceedings is sending shock waves.
Losing the Joann stores will create a retailing void locally.
Joann has locations in Amherst, Clarence, Blasdell, Niagara Falls, Olean, Lakewood, and Canandaigua—and all are in busy shopping centers and plazas.
The closing is not necessarily an indictment of the local retailing scene. It is the byproduct of larger financial issues for the publicly traded, Hudson, Ohio-based chain, says Mike Clark, CBRE Upstate New York retail insider.
“I think they probably did well here, most retailers do well in the Western New York market, but unfortunately, in other markets, they weren't doing as well. Overall, the business had other issues that weren't necessarily Buffalo-related or real estate-related,” Clark said.
In fact, given the high-profile locations of the Joann Stores, Clark thinks they may not be dark for too long, or if at all.
Another retailer may step in given the strength of the local retailing market.
“I wouldn't anticipate the space being vacant for too long. If you saw the Party City stuff that went to auction, pretty much all of those got gobbled up pretty quickly. So, that gives me an idea of the appetite for space that size and these centers that are also at full occupancy or close to it. So, it's actually not necessarily going to adversely affect the market long term,” Clark said.
Joann will begin closing its stores later this winter and early spring.
