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Posted on Tue, Sep 18, 2012 : 1:57 p.m.

Borders stores: Metro Detroit locations 70 percent re-leased after Ann Arbor retailer's bankruptcy

By Paula Gardner

Ann Arbor — home to the former Borders book retailer and three of its stores — already has new retailers operating in two of the area's closed stores and commitments from a developer to take over a third.

But how does that track record compare with other closed stores across Southeast Michigan?

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The Borders store in Arborland now houses Five Below - and, soon, the area's second Ulta.

According to a report in the Detroit News, about 70 percent of the former Borders stores in Metro Detroit have new retailers or leases in place. Many, the report said, are smaller stores in shopping centers, though the one in Canton will become an ABC Warehouse.

Still vacant: Large former Borders stores in Dearborn, Novi, Grosse Pointe.

That leaves about 30 percent of the former stores still awaiting a new tenant, according to the report.

In Ann Arbor, Five Below just opened in a portion of the former Arborland store, while Ulta remains lined up to fill the rest of it.

Big Lots opened on Lohr Road, formerly home to a Borders superstore.

And Ron Hughes - who also developed the Landmark student high-rise on South University - has long-term development rights for the flagship store on East Liberty. The former retail portion of that building is being marketed for multiple retail and office tenants.