Homart Development Company
{{Short description|Former American shopping center development company}}
Homart Development Company, a Chicago-based subsidiary of Sears, was one of the largest builders of shopping centers and malls in the United States from 1959 to 1995.
{{Infobox company
| name = Homart Development Company
| type = Subsidiary
| industry = Mall development
| fate = Acquired by General Growth Properties
| successor = General Growth Properties
| founded = {{Start date and age|1959}}
| defunct = {{End date and age|1995}}
| hq_location = Chicago, IL
| products = Shopping centers
| parent = Sears
}}
Company history
As retail development in the United States shifted away from downtowns with the growth of suburbia after World War II, some major department stores such as Sears moved into the business of developing malls in which to place new anchor tenant locations.White, John R. & Gray, Kevin D. Shopping Centers and Other Retail Properties: Investment, Development, Financing, and Management p.61-62 (1996) ({{ISBN|978-0471040026}}) Homart Development Company was founded in 1959 for the purpose of building regional shopping malls for Sears.Suchman, Diane R. Managing a Development Company (Urban Land Institute 1987)("Homart was established in 1959 for the purpose of developing regional shopping malls.") The "Homart" brand name had been used by Sears for many years before the development company was founded.{{cite news | url= https://news.google.com/newspapers?id=DTAaAAAAIBAJ&sjid=ESUEAAAAIBAJ&pg=1566,4044859&dq=homart&hl=en | title= Sears advertisement | newspaper=Milwaukee Journal | date= August 10, 1945 | access-date=March 7, 2010}} (1945 Sears advertisement includes "Homart" products)
Seminary South Shopping Center in Fort Worth was their first project.{{cite magazine | url= http://www.highbeam.com/doc/1G1-4074265.html | archive-url= https://web.archive.org/web/20121103054511/http://www.highbeam.com/doc/1G1-4074265.html | url-status= dead | archive-date= November 3, 2012 | title= Sears sells Ft. Worth mall to investors | magazine=Texas Monthly | date= December 30, 1985 | access-date=March 7, 2010}}("Seminary South was the first shopping center developed by Homart Development"){{cite magazine | url= https://books.google.com/books?id=ySwEAAAAMBAJ&q=%22homart+development%22+1959&pg=PA120 | title= Buy buy baby, buy buy | magazine=Texas Monthly | date= April 1981 | access-date=March 7, 2010}}
By 1971, Homart was operating nine regional shopping locations, and had numerous others in development.{{cite news | url= https://news.google.com/newspapers?id=WHkyAAAAIBAJ&sjid=HLcFAAAAIBAJ&pg=1722,751671 | title= Sears plans record growth | newspaper=The Palm Beach Post | date= December 2, 1971 | access-date=March 7, 2010}} It became the nation's second largest mall developer,{{cite news | url= https://news.google.com/newspapers?id=Ef4lAAAAIBAJ&sjid=-vMFAAAAIBAJ&pg=3575,7844174&dq=homart+1959&hl=en | title= Developers' move into the stores will shape the future of retailing | author= Jim Steinberg | newspaper=The Miami News | date= April 25, 1988 | access-date=March 7, 2010}} and by 1992 it was reported that Homart had developed 80 malls with over {{convert|75000000|sqft|m2}} of retail space.{{cite news | url= https://news.google.com/newspapers?id=VpUyAAAAIBAJ&sjid=JucFAAAAIBAJ&pg=6732,1692806&dq=homart+1959&hl=en | title= Mall Backers Want Jobs, Tax Revenue | newspaper=Lawrence Journal-World | date= March 6, 1994 | access-date=March 7, 2010}} By 1994, it was also operating 36 of those developed malls.{{cite news | url= https://www.nytimes.com/1994/07/20/business/about-real-estate-a-growing-orlando-fla-to-get-3-more-large-malls.html?pagewanted=1 | title= A Growing Orlando, Fla., to Get 3 More Large Malls | author= Ford Risley | newspaper=The New York Times | date= July 20, 1994 | access-date=March 7, 2010}}
In November 1994, Sears announced that it planned to sell off Homart as part of a restructuring.{{cite news | url= https://www.nytimes.com/1994/11/11/us/sears-returning-to-its-roots-is-giving-up-allstate.html?pagewanted=all | title= Sears, Returning to Its Roots, Is Giving Up Allstate | author= Barnaby J. Feder | newspaper=The New York Times | date= November 11, 1994 | access-date=March 7, 2010}}("Sears also said today that it would sell its Homart Development Company, a real estate development firm. ") General Growth Properties completed an acquisition of Homart in late 1995 in a transaction valued at $1.85 billion, then one of the biggest real estate deals in history.{{cite news | url= https://www.npr.org/templates/story/story.php?storyId=103172409 | title= Retail Real Estate Braces For Sell-Off | author= Jim Zarroli | publisher=National Public Radio | date= April 19, 2009 | access-date=March 7, 2010}}("General Growth made a number of high-profile acquisitions of shopping malls in every part of the country. Some of General Growth's biggest included: the $1.85 billion acquisition of Homart Development Co. from Sears Roebuck in 1995, said to be one of the largest real estate transactions in history at the time"){{cite news | url= https://www.nytimes.com/1995/06/13/business/company-news-sears-negotiating-to-sell-its-shopping-mall-properties.html?pagewanted=1 | title= Sears Negotiating to Sell Its Shopping Mall Properties | newspaper=The New York Times | date= June 13, 1995 | access-date=March 7, 2010}}{{cite news | url= https://www.nytimes.com/1995/12/27/business/sears-completes-sale-of-its-homart-unit.html?pagewanted=1 | title= Sears Completes Sale of Its Homart Unit | agency= Reuters | newspaper=The New York Times | date= December 27, 1995 | access-date=March 7, 2010}} Homart also owned a number of office buildings which were also sold in 1995.{{cite news | url= https://www.nytimes.com/1995/07/06/business/sears-to-sell-properties-to-morgan-stanley.html | title= Sears to Sell Properties to Morgan Stanley | newspaper=The New York Times | date= July 6, 1995 | access-date=March 7, 2010}}
Management
Sears executive Emory Williams was the first president of Homart. Warren G. Skoning was appointed president in 1967,{{cite news | url= https://pqasb.pqarchiver.com/chicagotribune/access/617881502.html?dids=617881502:617881502&FMT=ABS&FMTS=ABS:AI&type=historic&date=Jul+23%2C+1967&author=&pub=Chicago+Tribune&desc=People+and+Events&pqatl=google | archive-url= https://web.archive.org/web/20110604223446/http://pqasb.pqarchiver.com/chicagotribune/access/617881502.html?dids=617881502:617881502&FMT=ABS&FMTS=ABS:AI&type=historic&date=Jul+23,+1967&author=&pub=Chicago+Tribune&desc=People+and+Events&pqatl=google | url-status= dead | archive-date= June 4, 2011 | title= People and Events | newspaper=Chicago Tribune | date= July 23, 1967 | access-date=March 22, 2010}} and elected as chairman in 1974.{{cite news | url= https://pqasb.pqarchiver.com/chicagotribune/access/612711752.html?dids=612711752:612711752&FMT=CITE&FMTS=CITE:AI&type=historic&date=Feb+02%2C+1974&author=&pub=Chicago+Tribune&desc=Skoning+named+chairman+of+Homart+Co.&pqatl=google | archive-url= https://web.archive.org/web/20110604223501/http://pqasb.pqarchiver.com/chicagotribune/access/612711752.html?dids=612711752:612711752&FMT=CITE&FMTS=CITE:AI&type=historic&date=Feb+02,+1974&author=&pub=Chicago+Tribune&desc=Skoning+named+chairman+of+Homart+Co.&pqatl=google | url-status= dead | archive-date= June 4, 2011 | title= Skoning named chairman of Homart Co. | newspaper=Chicago Tribune | date= February 2, 1974 | access-date=March 22, 2010}} Also serving as vice-president of real estate development for Sears, Skoning was involved in the development of the Sears Tower.{{cite news | url= https://news.google.com/newspapers?id=5pQeAAAAIBAJ&sjid=gcsEAAAAIBAJ&pg=4972,6526010 | title= Sear's Chicago Building To Be World's Largest | newspaper=The Daytona Beach News-Journal | date= December 27, 1969 | access-date=March 22, 2010}}Pridmore, Jay. [https://books.google.com/books?id=tyWh0fazjj4C&pg=PT20 Sears Tower: A Building Book from the Chicago Architecture Foundation] p.17 (Pomegranate 2002)({{ISBN|978-0764920219}}){{cite news | url= https://pqasb.pqarchiver.com/chicagotribune/access/623061192.html?dids=623061192:623061192&FMT=CITE&FMTS=CITE:AI&type=historic&date=Feb+22%2C+1980&author=&pub=Chicago+Tribune&desc=Warren+G.+Skoning%2C+Sears+official%2C+dies&pqatl=google | archive-url= https://web.archive.org/web/20110604223549/http://pqasb.pqarchiver.com/chicagotribune/access/623061192.html?dids=623061192:623061192&FMT=CITE&FMTS=CITE:AI&type=historic&date=Feb+22,+1980&author=&pub=Chicago+Tribune&desc=Warren+G.+Skoning,+Sears+official,+dies&pqatl=google | url-status= dead | archive-date= June 4, 2011 | title= Warren G. Skoning, Sears official, dies | newspaper=Chicago Tribune | date= February 22, 1980 | access-date=March 22, 2010}}("Mr. Skoning was co-chairman of the building committee for Sears Tower and had much of the responsibility for the construction of the mammoth skyscraper...") W.E. Lewis was named president in 1974 when Skoning became chair.
Edwin Homer, former president of Chrysler Realty, joined as president in 1980, later became chair and CEO, and served until his retirement in 1984.{{cite news | url= http://www.costar.com/News/Article.aspx?id=9EBDF886FABF7178C4027FF79AF3157E | title= Retail Real Estate Development Veteran, Edwin Homer, Passes | author= Sasha M. Pardy | publisher=CoStar's Retail News Roundup | date= December 17, 2007 | access-date=March 22, 2010}}{{cite news|url=http://www.icsc.org/srch/sct/sct0108/newsmakers_02.php |archive-url=https://web.archive.org/web/20080105103030/http://www.icsc.org/srch/sct/sct0108/newsmakers_02.php |url-status=dead |archive-date=2008-01-05 |title=Edwin Homer, Artistic Developer, Dead at 91 |author=Anna Robaton |publisher=Shopping Centers Today (ICSC) |date=January 2008 |access-date=March 22, 2010 }}Kowinski, William Severini. The Malling of America (2000 ed.) ({{ISBN|978-1401036768}})(Kowinski incorrectly identifies Homer as "Ernest," but notes his appearance at an ICSC conference in the early 1980s: "There was affable Ernest Homer, head of Homart, the developing arm of Sears — the largest retailer and biggest advertiser in the country — who handed out a business card that was also bigger than anyone else's.") Homer diversified Homart's portfolio by developing office properties and community centers, in addition to malls, and also sold some of Homart's malls to generate additional profit for Sears.
In 1985, Michael J. Gregoire was named president and COO, and he also became chairman in 1987.{{cite news | url= https://pqasb.pqarchiver.com/chicagotribune/access/25059050.html?dids=25059050:25059050&FMT=ABS&FMTS=ABS:FT&type=current&date=Oct+23%2C+1985&author=&pub=Chicago+Tribune+(pre-1997+Fulltext)&desc=HOMART+SELECTS+M.J.+GREGOIRE+NEW+PRESIDENT | archive-url= https://archive.today/20130131183856/http://pqasb.pqarchiver.com/chicagotribune/access/25059050.html?dids=25059050:25059050&FMT=ABS&FMTS=ABS:FT&type=current&date=Oct+23,+1985&author=&pub=Chicago+Tribune+(pre-1997+Fulltext)&desc=HOMART+SELECTS+M.J.+GREGOIRE+NEW+PRESIDENT | url-status= dead | archive-date= January 31, 2013 | title= Homart Selects M.J. Gregoire New President | newspaper=Chicago Tribune | date= October 23, 1985 | access-date=March 11, 2010}}{{cite news | url= https://pqasb.pqarchiver.com/chicagotribune/access/24875077.html?dids=24875077:24875077&FMT=CITE&FMTS=CITE:FT&type=current&date=Feb+26%2C+1987&author=&pub=Chicago+Tribune+(pre-1997+Fulltext)&desc=HOMART+ELECTS+PRESIDENT&pqatl=google | archive-url= https://archive.today/20130201045831/http://pqasb.pqarchiver.com/chicagotribune/access/24875077.html?dids=24875077:24875077&FMT=CITE&FMTS=CITE:FT&type=current&date=Feb+26,+1987&author=&pub=Chicago+Tribune+(pre-1997+Fulltext)&desc=HOMART+ELECTS+PRESIDENT&pqatl=google | url-status= dead | archive-date= February 1, 2013 | title= Homart Elects President | newspaper=Chicago Tribune | date= February 26, 1987 | access-date=March 11, 2010}}
Notable projects
Notable shopping centers developed by Homart include:
Nanuet Mall in Rockland County New York opened in 1969- 101 stores anchored by Sears and Bambergers, (first enclosed mall in the county and about 25 miles from Manhattan).References
{{Reflist|2}}
{{General Growth Properties}}
{{Sears Holdings Corporation}}