By Mandy Witt

 

From Closures to Comebacks: What Retail Shifts Mean for Janesville’s Vacant Big Boxes

If you’ve driven around Janesville lately, you’ve probably noticed a few familiar retail spots going dark. Joann Fabrics is closing, Big Lots has already shuttered, and the former Slumberland space remains vacant. For many longtime residents, that can feel like a blow. These stores were part of our shopping routines—and their closures may seem like signs of retail decline.

 

But zoom out a bit, and you’ll see a very different picture emerging: one of opportunity.

 

Across the country, major retailers like Joann, Big Lots, Party City, and Forever 21 have either filed for bankruptcy or dramatically downsized. In fact, Joann Inc. is auctioning off nearly 800 stores and multiple distribution centers as it restructures. These aren’t isolated events—they’re part of a nationwide shift.

 

The surprising part? Even with all these closures, retail vacancy rates remain historically low—just 4.1% nationally in 2024, according to Colliers International. And because so little new retail construction is underway, vacant spaces are being quickly repurposed—often at higher rents than before.

 

So What Does That Mean for Janesville?

 

Retail spaces like those left behind by Joann, Big Lots, and Slumberland aren’t likely to stay empty forever. In fact, they may be exactly what the market is looking for:

  • Move-in ready buildings in visible, high-traffic corridors
  • Ample parking and flexibility for new concepts
  • A chance to refresh or redevelop properties with new tenants who reflect current demand

Whether it’s a regional retailer expanding into Rock County, a service-based business looking for high visibility, or even a creative adaptive reuse—these spaces represent real opportunity. Think specialty health services, indoor recreation, fitness, discount chains, coworking space, or even climate-controlled storage.

 

And while Forever 21 has long since exited the area and other national brands are reevaluating their portfolios, Kohl’s remains committed to Janesville—with no public plans to close its location.

 

Big-Picture Thinking for a Local Market

Janesville isn’t immune to national trends, but we’re also not defined by them. Our community has shown it can adapt, rebuild, and welcome new ideas. While it’s sad to say goodbye to old favorites, the shifting retail landscape opens up a rare window for transformation.

 

A shining example of that transformation is the Woodman's Sports and Convention Center, currently under construction at 2510 Milton Avenue. This 140,000-square-foot state-of-the-art facility is set to become Rock County's premier gathering space, featuring:

  • A main arena with 1,500 spectator capacity for year-round ice activities
  • A multipurpose arena adaptable for various sports and events
  • A 25,800-square-foot flexible space for trade shows, conventions, and community gatherings

The center is projected to generate a one-time construction impact of $75 million and an annual economic impact of $23 million, creating an estimated 228 full-time equivalent jobs.

 

This project exemplifies Janesville’s proactive approach to revitalization—turning challenges into opportunities and reinforcing our city’s resilience, creativity, and momentum for the future.

Read More Here.