Cincinnati-based Macy’s Inc. (NYSE: M) has announced plans to close its store at the Glendale Town Center on the north side of Indianapolis. A spokesperson tells Inside INdiana Business the decision follows a review of the company’s real estate portfolio "to see if there are opportunities to improve the use of our assets."
A clearance sale is expected to begin later this month and last for 8-12 weeks. The company says regular, non-seasonal employees who are unable to relocate to nearby stores will be eligible for severance, including outplacement resources.
The Macy’s stores at Castleton Square Mall in Indy and Greenwood Park Mall remain open. The announcement comes a year after Macy’s closed its location in Terre Haute.
Indianapolis-based Kite Realty Group Trust (NYSE: KRG), which operates Glendale Town Center, says the 237,000 square feet of space will become available April 1. The company says it is looking at possible redevelopment of the space, which could include new retail offerings, multi-family uses, or innovative and community-focused uses.
"Glendale Town Center is a prime example of how great real estate has and will evolve in response to a dynamic retail landscape. We are excited for the opportunity to reimagine a center that has been a mainstay of the Indianapolis community for decades," said Tom McGowan, chief operating officer of Kite Realty. "This departure represents a significant mark-to-market opportunity and by reacquiring control of such a central part of the center we’re able to consider a wide variety of options and alternative uses to increase traffic, improve the visitor experience and maximize value of the asset."
The mall’s other anchor tenants include Target, Lowe’s and Landmark Theatres.