Confirming that Macy’s will be closing its store at Ridgmar Mall, GK Development Inc., the owner of the mall, announced Tuesday it is negotiating the purchase of additional space from anchor tenants for future mall redevelopment, according to the Barrington, Ill.-based firm.
“Macy’s announced last year that it will close 40 stores nationwide in 2016, and with Ridgmar Mall being one of them, we saw this as a perfect opportunity to put plans in place for a continued renovation of this property that align with shopping center trends across the country,” said Garo Kholamian, president of GK Development, commenting in a news release.
The developer is currently interviewing architects to incorporate space into a new mixed-use development. It recently launched a three-phase multimillion-dollar renovation of the property.
Phase one includes new paint, lighting and new railings on the second floor. Meanwhile, Cinemark also completed a $3-million remodel. Additionally, the first H&M store in Fort Worth opened last year at the mall in a 20,693-square-foot space.
The mall, located at the northwest corner of Interstate 30 and Green Oaks Road, is currently anchored by Macy’s, Dillard’s, JCPenney, Sears and Neiman Marcus and features about 126 retail stores.
“We are excited about the future of Ridgmar Mall,” said Kholamian. “Future phases in our renovation will include new 20,000 to 50,000 square foot tenants, more of a mixed-use feel to optimize our prime location in between the heart of Walsh Ranch and downtown Fort Worth and a new architectural design,” he said.
The firm acquired the mall in 2013 and hopes the revitalization will create “a superior shopping destination with the ultimate goal of enhancing the ultimate experience,” said Kholamian.
Macy’s announced in September it would close 40 stores in 2016 in an attempt to shore up profits. Macy’s has not formally announced the list of locations it plans to close. Neiman Marcus, another major retailer at Ridgmar Mall, will be closing in 2017, reopening in Clearfork development . – Additional reporting by Robert Francis