By Cody Foster, Advisors Excel
Topeka, the capital city of Kansas, has a population of approximately 125,000 people, located in a 12-county region with over 531,000 residents. The region’s population has grown over the past five years and is expected to increase by another 2.1 percent between 2023 and 2028. With an unemployment rate of around 3.5 percent as of mid-2024, the city’s economic outlook remains stable, providing a solid foundation for redeveloping key commercial properties — including the West Ridge Mall, the third-largest indoor shopping center in Kansas at 992,000 square feet.
Since it opened in 1988, the West Ridge Mall has been a significant part of the city’s commercial landscape. The site features ample parking and anchors the Wanamaker Road commercial corridor, the region’s most significant retail hub, which garnered $1 billion in retail, grocery and dining spending during the past 12 months.
However, like many malls nationwide, it faces challenges in a rapidly evolving retail environment.
Retail trends: following consumer behavior
The West Ridge Mall has seen a steady decline in business and occupancy over the last decade. Anchor stores Macy’s and Sears closed in 2012 and 2018, respectively.
Various management companies tried to keep the retail center alive, but by 2021, the mall’s occupancy rate had dropped to 39 percent — similar to national trends.
The retail landscape in Topeka and nationwide is undergoing significant transformation. E-commerce continues to grow, but it has not entirely displaced brick-and-mortar retail. Instead, we are seeing a reimagining of how physical retail spaces can engage customers.
1. Experiential retail: One of the most significant trends driving the redevelopment of malls is the shift toward experiential retail. Consumers are no longer visiting malls solely to shop; instead, they are seeking experiences. This includes dining, entertainment, fitness and wellness services, which are increasingly important in drawing people to physical retail spaces. Like consumers everywhere, Topeka residents value a sense of community and experiences that cannot be replicated when online shopping.
2. Mixed-use development: Another trend gaining traction is the incorporation of mixed-use elements into traditional retail spaces. Many malls nationwide are being redeveloped to include residential, office and entertainment components. The idea is to create a “live, work, play” environment that attracts more diverse visitors. This is particularly relevant in a city like Topeka, where demand for walkable, multi-use spaces is growing.
3. The rise of localism: Consumers increasingly support local businesses, especially in smaller markets. West Ridge Mall has an opportunity to provide space for homegrown entrepreneurs and artisans, adding a unique flavor to the retail mix. As a company, we are committed to ensuring that our tenant roster includes both national brands and locally owned businesses, helping to cultivate a sense of ownership and pride among the Topeka community.
4. Sustainability and wellness: Sustainability is becoming a key factor in both consumer behavior and real estate development. People gravitate toward eco-friendly businesses and properties emphasizing green building practices, energy efficiency and wellness. By integrating sustainable design principles into the redevelopment of West Ridge Mall, we aim to create a space that reflects these values while reducing the property’s environmental impact.
A new vision for West Ridge Mall
In 2023, my company, Advisors Excel, acquired the West Ridge Mall with plans to establish it as a new mixed-use lifestyle facility with dining, events, entertainment, green and corporate spaces.
Founded by myself and fellow Kansas native David Callanan almost 20 years ago, Advisors Excel is a financial and investment services company that has become one of Topeka’s largest employers. Once operational, we will relocate our company’s headquarters and 1,000 employees from our current location to the West Ridge Mall.
Our redevelopment strategy focuses on transforming West Ridge Mall into a multi-use destination that reflects the trends shaping the future of retail with a fresh urban design and layout. To make this happen, we’ve partnered with industry leaders like Russell Glen, RDC and Hufft.
Key aspects of our plan include:
• Diversifying the tenant mix: Given the overwhelming feedback from the community regarding where they would like to shop, we are strategically targeting national retailers, such as Trader Joe’s, Whole Foods, Nordstrom Rack, Nike and others. But we are also working to broaden our offerings. This includes experiential retailers, entertainment venues (such as movie theaters and arcades), fitness centers and various dining options. By diversifying the offerings, we will create a space that draws a broader range of visitors and increases foot traffic. Additionally, including our headquarters’ office space could attract other local businesses, startups and remote workers looking for flexible leasing options.
• Creating community spaces: We envision West Ridge Mall as a community hub where people come to connect, relax and enjoy events. This includes the development of outdoor plazas, seating areas and event spaces where local markets, concerts or festivals can be hosted. We want West Ridge Mall to be a space that serves the broader Topeka community, fostering a sense of connection and pride.
• Emphasizing sustainability: Sustainability will be at the core of the redevelopment process. This includes incorporating energy-efficient systems, utilizing environmentally friendly building materials and designing the property emphasizing green spaces. Our goal is to create a space that is not only visually appealing but also responsible and forward-thinking in its approach to the environment.
A bright future for Topeka and West Ridge Mall
The redevelopment of West Ridge Mall presents an exciting opportunity to revitalize one of Topeka’s most important retail spaces and adapt it to consumers’ changing needs. As we move forward, our commitment to the city of Topeka remains unwavering. We believe that the West Ridge Mall’s transformation will not only breathe new life into the property but will also contribute to the continued growth and vibrancy of the Topeka market.
Cody Foster is co-founder of Advisors Excel. This article originally appeared in the November 2024 issue of Heartland Real Estate Business magazine.