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Thursday, Mar 28, 2024

Cinema to Play Big Role for Mall

Simi Valley Town Center raised the curtain on Studio Movie Grill last month, ushering in a noticeable increase in foot traffic. For mall owner Walton Street Capital of Chicago, the upscale cinema represents more than just a new tenant. The struggling mall has needed a facelift for years and Walton Street started planning for it when the firm acquired the property in 2010. The cinema’s grand opening Oct. 22 marked the end of the first phase of an $87 million renovation. The Dallas-based theater chain’s new outpost sits adjacent to Buffalo Wild Wings, which opened in late September. After years of subpar performance, the mall could be ready for a turnaround. “(Studio Movie Grill) opened to rave reviews, and restaurants and stores have noticed a sizable increase in traffic along with Buffalo Wild Wings,” said Jeffery DiJulius, the mall’s general manager. “The two complement each other.” Walton Street worked with Alberta Development Partners, a development and investment real estate company in Greenwood Village, Colo., and managing partner of the property, to oversee the demolition and reconstruction of 22,000 square feet of the center. The demolition took place earlier this year to make way for a new keyhole parking lot, opened Oct. 1, as well as new trendy retailers and restaurants to surround the theater. The open-air mall, at 1555 Simi Town Center Way, has roughly 637,000 square feet, and is anchored by a Macy’s and California Pizza Kitchen. Brian Gabler, director of economic development for Simi Valley, said city officials welcome the additions to the local retail mix. “The theater helps anchor the west end of the shopping mall and, in addition to Buffalo Wild Wings, brings new energy to the town center,” he said. “Studio Movie Grill will bring an ever-increasing amount of traffic.” Dine-in movie The state-of-the-art theater complex is the big-ticket item of the mall’s redevelopment, according to Alberta. Studio Movie Grill occupies 41,300 square feet and offers an in-theater dining experience with a full menu and bar selections. Founded in 2000, the chain has 23 locations in 10 states. The Simi Valley outpost is the chain’s first Southern California location. The multiplex has nine auditoriums housing more than 950 seats. Each seat is a plush leather recliner complete with an individual dining table. “Customer response has been phenomenal,” said Greg Howard, the theater’s general manager. “It’s awesome to see the outpouring of support that we’ve gotten. To know that the community is supporting the mall again is incredible.” Movie ticket prices range from $9.50 to $12.75. Menu items feature American-inspired entrees such as cheeseburger sliders and steak and gravy sandwiches as well as more diverse dishes including tempura-battered green beans, chicken chimi rolls and sriracha chicken. Customers spend around $20 for a meal and drink. Before or after dinner, customers can lounge in the fully stocked bar. In addition to screening the latest releases, Studio Movie Grill offers a series of discounted classic films on Wednesday nights. Guests can hook up with an old hit such as “Sleepless in Seattle” for a date night and grab a combo meal for $25, or catch “Hook” during family movie night. “Throughout the company this is very popular. It’s a great way to give our guests an alternative movie to come and see, something guests loved but maybe weren’t able to see in the theater when it came out 15 years ago,” Hunter said. “The (movie series) tends to work well with word of mouth as the theaters establish themselves.” Construction continues With the theater and Buffalo Wild Wings in place, the next phase of Simi Valley Town Center’s redevelopment will soon be underway – and it will be oriented toward female customers. The mall plans to announce a 22,000-square-foot women’s fashion retailer, 10,000-square-foot cosmetics retailer and 6,000-square-foot jewelry retailer as tenants next year. Michael Schiff, executive vice president at brokerage NAI Capital in Westlake Village, said rental rates in Simi Valley vary from $1.25 in an unanchored center to $4.50 in an upscale grocery-anchored center, with location and size also factors. “Rents in Simi Valley are pretty comparable to the San Fernando Valley, though rents in the Conejo Valley are higher since the average household income is much higher,” he added. Schiff said the new theater will appeal to Simi Valley residents though he doesn’t think it will pull in traffic from surrounding cities. “The movie theater will be a huge improvement for the Simi Valley Town Center. From day one, it has been missing the entertainment component,” he said. “For the most part, though, I don’t think it will increase the center’s trade area. It will certainly be a great appeal for people who live in Simi Valley since this will be the mall (where) they can now go grab dinner and a movie, and then hang out and shop.” During an open-house forum hosted at the mall late last year, Bryan McFarland, a principal with Alberta, discussed several upcoming plans for the struggling retail complex. He said the redevelopment of the mall will include the construction of a parking lot and addition of a valet drop-off space near the theater. DiJulius, the general manager, confirmed the parking lot opened last month. The areas surrounding the theater will be built out with trendy restaurants to complement Buffalo Wild Wings. Go Fish! Sushi, a restaurant that used to be at the Simi Valley Town Center before it closed last fall, will reopen soon, according to DiJulius. “Go Fish! Sushi is expected to open early next year and is much anticipated,” he said. The mall’s visibility has also received a boost. Digital signs along the 118 freeway have gone up in the hopes of steering customers to the center. The two signs were approved by the Simi City Council in January. Each is digital on one side and static on the other. They feature advertisements from mall tenants as well as community messages. The time line for the center’s completion has yet to be set, DiJulius said. “As an economic driver, we see Studio Movie Grill bringing additional foot traffic to the Simi Valley Town Center that will translate to additional sales at other retailers and food businesses,” said Gabler, Simi’s economic development director. “We look forward to Studio Movie Grill continuing to be entrenched in the Simi Valley community and being a terrific corporate citizen.”

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