The Opportunity for Mall Revitalization (Chain Store Age)

By Howard Levine & Camilo Varela, Second Horizon Capital

Across the country, many retail centers remain vital anchors within their communities. 

They are centrally located, supported by strong demographics, and have long served as popular gathering places. The challenge is not demand, but years of underinvestment and inconsistent ownership. Retail is evolving and with the right approach, these assets can be repositioned as durable community-driven destinations. Solutions for long-term success lie in moving beyond a cookie-cutter model to one that reflects the needs of each market.

Howard Levine & Camilo Varela, managing partners and co-founders, Second Horizon Capital

Second Horizon Capital approaches that opportunity with a long-term ownership mindset. Since our founding in 2021, our team has reviewed more than 100 retail opportunities and acquired just seven. Selectivity, however, is only the starting point.

Our company focuses on centers with strong underlying fundamentals, steady local demographic trends and resilient market positions – to meet where reinvestment can drive meaningful positive change. This discipline helps drive capital and resources to centers where long-term value creation is achievable through intentional stewardship and high-touch sponsorship.

There is no one-size-fits-all approach. Each property requires the right leasing and management teams attuned to the needs of each market. Matching those teams to each asset supports better decision-making and more effective execution.

Our team spends significant time at our centers – not just in the acquisition phase, but across the investment lifecycle – developing a clear understanding of what is working, what needs to improve, and where adjustments can be made. Experienced teams coupled with defined objectives are the foundation of performance.

Second Horizon Capital is a show company rather than a tell company. We measure our progress through the results of consistent investment, dedicated team efforts, and a relentless focus on execution.

Many of these properties have experienced years of underinvestment. Our capital planning starts with the fundamentals — including roofing, HVAC, parking lots, lighting, and signage. These are not headline investments, but they directly impact the customer experience and support retailers. At the same time, we focus on sustainability and long-term operational durability.

That investment is paired with a merchandising strategy that brings together national, regional, and local retailers, creating a stronger sense of place and connection.

Community engagement as a driver of performance

Community engagement is a core tenet of our investment philosophy in revitalizing these essential community hubs. Each of our centers thrive when we focus intentionally on being a central part of the fabric of each of our communities. Our company continues to expand local partnerships, with more than 800 events planned at our properties with over 250 partners across our portfolio in 2026. These partners include schools, libraries, museums, healthcare systems and other local organizations.

As these connections get re-established, our community shifts in parallel. Center activity increases, dwell times improve, and retailers observe stronger performance. Over time, the property – once underinvested – again becomes part of the community’s daily rhythm.

Retailers today have options, however, not all retail ownership is the same. Many retailers are looking for engaged partners, actively maintained properties, and community environments that actively drive traffic. 

Our approach reflects an active stewardship model grounded in ongoing investment, strong operations, and local connectivity. Retailers often see the difference in more consistent and predictable execution.

Second Horizon Capital’s model emphasizes stability, supported by teams on the ground working closely with operators and remaining connected to each property. When these elements come together, the results are clear: stronger retailer performance, consistent traffic, and assets that remain relevant over time.

Howard Levine and Camilo Varela are managing partners and co-founders of Second Horizon Capital.

View the article on Chain Store Age’s website here.