Regency Square

Regency Square is an enclosed shopping mall outside of Richmond, Virginia in unincorporated Henrico County, Virginia, United States. Opened in 1975, the mall features a food court and more than 60 tenants, currently anchored solely by JCPenney. Macy's, which had two locations at Regency Square, closed in Spring 2016, and Sears closed in Summer 2017. Forever 21 closed in early 2020 as part of that brand's restructuring plan.

This article is about the mall in Henrico, Virginia with the name "Regency Square". For other malls with a similar name, see Regency Square Mall. For the 19th-century residential development in Brighton, England, see Regency Square, Brighton.
Regency Square
Regency Square entrance, April 2013
LocationHenrico, Virginia, United States
Coordinates37.601345°N 77.567726°W / 37.601345; -77.567726
Address1420 Parham Road
Opening dateOctober 16, 1975 (October 16, 1975)
DeveloperLeonard Farber
ManagementCushman and Wakefield Thalhimer
OwnerThalhimer, Rebkee Co
No. of stores and services60+
No. of anchor tenants4 (1 open, 3 vacant)
Total retail floor area820,000 square feet (76,180.5 m2)[1]
No. of floors2
ParkingCovered and parking decks
Websitewww.shopregencymall.com

History

Regency Square opened in 1975. It was developed by Leonard Farber of Pompano Beach, FL [2] in conjunction with local developer E. Carlton Wilton.

At the mall's opening, anchor stores included JCPenney, Sears, Miller & Rhoads and Thalhimer's. Besides the addition of a food court in 1987, the mall remained largely unchanged.[3] After Miller & Rhoads closed in 1990, Hecht's bought the location, along with three other former Miller & Rhoads stores in Virginia, and converted it to a Hecht's.[4] Two years later, the Thalhimer's chain was also acquired by Hecht's, and as a result, the Thalhimer's became a second Hecht's location.

In 1991, Wilton sold the mall to Prudential. Taubman Centers then acquired the Regency Square mall in 1997.[5] A children's play place was added in 2003.[3]

In January 2012, Taubman returned the mall to its mortgage lender to avoid foreclosure on the property.[6] The lender hired Jones Lang LaSalle for management of the property.

In February 2015, Thalhimer Realty Partners and The Rebkee Company, both local companies, bought Regency for 13.1 million. The new owners plan to revitalize the mall while keeping it focused on retail.[7]

In 2016, Macy's closed both of its stores at Regency Square as part of a nationwide closing of 40 stores.[8]

In September 2017, Sears closed its store at Regency Square as part of a nationwide closing of 16 stores. This left JCPenney as the mall's only original anchor.[9]

The same month, an overpass over one of the mall's entrances was demolished,[10] starting work on a 30 million dollar renovation of the mall. It will remove the parking deck on the second story of the mall, making its parking space completely level. Regal Entertainment Group will move into the former Macy's spaces as well.[11]

In September 2019, Forever 21 announced that it would be closing its two-level store at Regency Square after filing for Chapter 11 bankruptcy.[12]

On July 31, 2020, JCPenney put 21 stores up for sale, this one included. [13]

Competition with other malls

Regency Square faced additional retail competition in 2003, when two other malls opened nearby: Short Pump Town Center and Stony Point Fashion Park, the latter also a Taubman property.[14]

References
  1. "Leasing information". Taubman Centers.
  2. Jr, Harry Kollatz (Feb 2, 2015). "Family Values". richmondmagazine.com. Retrieved Nov 29, 2019.
  3. http://www.accessmylibrary.com/coms2/summary_0286-8865008_ITM
  4. "Hecht's to open 4 units - former M&R Stores. (department stores Hecht's, Miller and Rhoads) - Daily News Record | HighBeam Research". Oct 22, 2012. Archived from the original on October 22, 2012. Retrieved Nov 29, 2019.
  5. HighBeam
  6. "Lender Reclaims Va. Mall After REIT Drops $72M Mortgage". Law360. January 5, 2012.
  7. Times-Dispatch, CAROL HAZARD Richmond. "Regency Square mall on cusp for major redevelopment". Richmond Times-Dispatch. Retrieved Nov 29, 2019.
  8. HALLMAN, RANDY. "Macy's closing three stores in Richmond - at Regency Square and Virginia Center Commons". Richmond Times-Dispatch. Retrieved Nov 29, 2019.
  9. GILLIGAN, GREGORY J. (June 6, 2017). "Sears to close Regency Square store in Henrico County". Richmond Times-Dispatch.
  10. "Bulldozers dig in for Regency Square revamp". Sep 12, 2017. Retrieved Nov 29, 2019.
  11. "Regency Square Mall getting facelift, new anchor". Jun 12, 2017. Retrieved Nov 29, 2019.
  12. Gilligan, Gregory J. (November 1, 2019). "Large tenant closing store at Regency mall; 320-unit apartment complex planned for former Sears store". Richmond Times-Dispatch. Richmond, Virginia: Berkshire Hathaway. Retrieved February 3, 2020.
  13. http://www.jcpenneyportfolio.com/uploads/1/3/2/3/132304625/jcpenney_-_phase_i-surplus_stores_for_sale.pdf
  14. Gilligan, Gregory J. (2003-09-03). "Richmond, Va., Developer Sees Massive Retail Center Idea to Completion". Retrieved 2008-11-03.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.