photo (29).JPG
Everything at the Macy's Richmond Town Square store, which closes Sunday, is marked 60 percent to 80 percent off. The city's economic development director cautions against interpreting the Macy's closing as a reflection on the health of the mall or the Richmond Heights business community, saying this is an opportunity to welcome new tenants and fill long-empty spaces at the shopping center.
(The Plain Dealer)
RICHMOND HEIGHTS, Ohio -- Macy's Inc. may have decided to close its store at Richmond Town Square this weekend, but the City of Richmond Heights' economic development director is optimistic about the potential to attract new tenants and strengthen the mall's businesses.
Christel Best, the city's economic development director since June 2014, confirmed that Macy's is closing its doors on Sunday and has listed the 162,190-square-foot building and nearly 9-acre property for sale for $4 million.
"Macy's is willing to lease it if the right tenant or tenants come along. That two-store building could be divided. They're striving for a retail tenant, but it doesn't have to be apparel retail," she added.
"It's not just that Macy's is closing, but the circumstances under which it's closing are important," Best said.
Related Plain Dealer story:
Jan. 8: Macy's is closing its store at Richmond Town Square, 13 others nationwide
WP Glimcher, a publicly traded retail real estate investment trust based in Columbus that owns and manages 120 shopping centers, including Great Lakes Mall in Mentor and Polaris Fashion Place in Columbus, bought Richmond Town Square last year and is seeking new tenants to fill its long-empty spaces. Their purchase does not include the Macy's building or property.
"They're in their investigative phase," figuring out what the mall most needs, Best said. "It's not the death knell of the mall at all. It's a good opportunity for the mall to be redeveloped, for the good of the mall and for the good of the people of Richmond Heights. I think there's potential for something good to come from this. I think the new owners have really big plans for the mall."
Located at the northeast corner of Richmond and Wilson Mills roads, the mall's current anchors are Sears, JCPenney, Regal Cinemas and Planet Fitness.
"And from what I understand," added Best, "although I haven't spoken to them, Sears and JCPenney are not going anywhere either."
Best said that both Sears and JCPenney are their respective retailers' only stores in eastern Cuyahoga County. University Hospitals also has an active walking group and regular health screenings at the mall, she said.
"Richmond Heights is not collapsing; the sky is not falling," she said. "All the things that are going on mean this could be a really positive opportunity for change and transformation."
City officials are holding a Planning Commission Forum for mall tenants and business owners and interested residents to talk about Richmond Town Square and its future from 7 p.m. to 8:30 p.m. tonight at City Hall, 26789 Highland Road.
The Richmond Heights store, a 165,000-square-foot store that opened in 1998 and employs 105, is one of three Ohio locations and 14 Macy's stores being shuttered nationwide. The other two Ohio stores are at Kingsdale Shopping Center in Upper Arlington, near Columbus, with 115 workers, and at Upper Valley Mall in Springfield, between Dayton and Columbus, with 79 workers.
The 14 stores represent less than 2 percent of Macy's 790 locations, but collectively contribute about $130 million in annual sales. But they are part of a company-wide restructuring to change merchandising and marketing functions at Macy's and Bloomingdale's and redistribute jobs and resources.
"Our business is rapidly evolving in response to changes in the way customers are shopping across stores, desktops, tablets and smartphones. We must continue to invest in our business to focus on where the customer is headed to prepare for what's next," said Macy's Chairman and Chief Executive Terry J. Lundgren, when the closings were announced in January.
"In many ways, this is a race to remain best-in-class and to win with the customer. We fully expect to remain an industry leader and innovator," he said.
On Tuesday morning, signs inside the Richmond Heights Macy's store said, "Final 6 days," and prices on clothing, bedding, shoes, and luggage were marked at 60 to 80 percent off. Even the furniture, fixtures and equipment had price tags taped to them.
"I saw some people walking out with mannequins," said Tony Visconsi, a partner of Kelley & Visconsi Associates LLC, a commercial real estate brokerage firm that just listed the property on Tuesday.
He agreed that Macy's closing doesn't reflect negatively on the mall or on Richmond Heights. "It's still a viable shopping center, a viable mall," he said.
Both Richmond Road and Wilson Mills Road are traversed by 16,000 to 17,000 vehicles per day, indicating it's a busy intersection that is also home to Dave's Market, CVS Pharmacy, Walgreens, Wendy's and La Fiesta Mexican Restaurant. Within 10 minutes is a population of 262,494 residents with an average household income of $72,416.
"One of the reasons that caused Macy's to close that store is because they have have a store relatively close to it at Warrensville Center and Cedar roads," Visconsi said. "Closing this store will help that store as well as University Square [shopping center], because Macy's knows the customers who are going to that Richmond Heights store will go to the University Heights store."