Going out of business

January 3, 2008
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Closed for BusinessSeveral stores are calling it quits at local malls. The highest profile is the Macy's at Washington Square. Other closings include Gap stores, a Limited Too and The Walking Co. Have you heard of others? What will these closings mean for the malls? Here's the rundown so far:


  • Gap is closing its stores at Greenwood Park and Washington Square by the end of January. The chain still has stores at Circle Centre, The Fashion Mall and Castleton Square.
  • Limited Too is closing at Circle Centre Mall but plans to stay open at Greenwood Park, Castleton Square and Metropolis. The store didn't make enough money to justify renewing its lease.
  • The Walking Co. is closing its clearance store at Castleton Square. The chain plans to open new stores in Greenwood and at Hamilton Town Center in the coming months. It already has stores at Circle Centre and The Fashion Mall.
  • Bombay, a furniture store, plans to close for good at Castleton Square.

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    • I wonder why the Gap is closing in Greenwood.......I would think the traffic would be there more so than Circle Centre
    • Don't forget Comp USA.
    • I'm surprised the Gap is closing in Greenwood too, that area has grown like crazy. I thought they'd want to stick around especially after the expansion of the Greenwood Park Mall. (I'm also surprised there are only 3 Gap's in Indy, I figurd there'd at least be one in Clay Terrace and Metropolis)

      Stores like Limited Too are pretty tacky and generic, so I don't mind it closing in Circle Centre, especially if a better retailer takes the space.
    • The Gap at Greenwood Park is terrible - small, limited selection, etc. I know several people who live on the south side who drive to Castleton or Keystone when they want to shop at the Gap. It's no wonder it's not a profitable location.
    • I heard a rumor that that the Forbidden City Buffet on 86th St is closing for good on February 15th.
    • And don't forget, the folks in the Greenwood area can run down to the Gap outlet in Edinburgh....

      I go to the one in Circle CIty frequently. The staff and selection are great and it seems plenty busy to me.
    • Ummm, has anyone considered the fact that this would be a sign of the times and point to the current economy? I doubt these stores had much choice. People are not shopping like they used to, mainly due to higher cost-of-living expenses... We can all thank federal spending for running our economy into the ground.
    • HMP, I think we can leave national politics off the blog. Any weakness in the local economy has mostly to do with the financial/mortgage climate and local real estate tax insanity.

      The nationwide credit crunch has nothing to do with federal spending, and neither does the local/state real estate tax mess.
    • Yes....I agree thundermutt. This has little to do with the federal government. America has one of the strongest economies in the world, yet we talk as if we're all going down with the ship. We just spent over 400 billion dollars on Christmas for crying out loud!
    • You should point out that Bombay is closing as part of its corporate bankruptcy, and all of its American stores are closing.
    • The southside may be growing like crazy, but its not with people that shop at stores like the Gap.
    • I agree with HMP. The National economy and policies of the US government ( this one and the prior) regarding so called free trade HAS impacted all of us by shipping good paying jobs out of the US. To those who want this type of discussion off this blog. Shame on you for being a censor of free discussion.
    • I've also read that the Gap corporation is not performing very well.......so that could have something to do with it
    • The Gap has been in decline for a long time. This is an example of a retailer specific problem.

      I don't see any reason to cry over any of these closings. They are chains every one, and this is part of the natural turnover of any retail development.
    • Jim, the economic data say differently regarding free trade and jobs. The US economy as a whole is growing and generating jobs and income to replace those lost manufacturing jobs.

      Indianapolis as a city is less dependent on manufacturing than other parts of Indiana; like most mid-major cities our biggest employers are health care (regional hospitals such as Methodist, IU, Riley), education (IUPUI and K-12) and local/state government. However, a significant part of our local manufacturing base (Allison and Rolls-Royce) benefits from the federal (military) spending that HMP was decrying. Another significant part of our corporate base gained some benefit from the new federal senior-citizen drug benefit (Lilly).

      So HMP's blanket assertion that federal spending priorities don't benefit Indianapolis is as mistaken as your point about jobs and economic growth.

      One of the good things about this blog is that it relies on facts and not feelings. Factual rebuttals aren't censorship.
    • Back on topic...

      Right on, Urbanophile. Economists call that process creative destruction and it is inherent in our economic structure: things change and firms either adapt or go extinct.
    • Add Talbots to your list.
    • Talbots Children and Men divisions only.
    • I didn't know that Talbots HAD a Men's division...as much as I dismay over the inane posts (and, I was just asking myself, with the presidential election coming up, how much does the White House effect the local economy?) I LOVE that fact-filled rebuttals! Thanks, guys!
    • Nick, add Talbots to what list? Are some of their stores closing?

      Also, Cory, in the restaurant arena, Bennigan's in Fishers has closed. Don't know when; drove past today and it says, Closed - For Lease.
    • Talbotts is closing the children's store at Keystone........All of the Men's and Children's stores for Talbotts are closing nationally.....not a big loss
    • The Bennigan's in Fishers closed Jan 1. (They were open the afternoon of Dec 31, because I ate lunch there) Good riddance, the franchisee was a terrible operator.

      I thought I also saw a sign in Castleton saying that the Sofa Express was also closing.
    • Damon's on the southside closed after only a year.
    • Grindstone Charleys closed on the eastside. Not that it was a loss
    • Any word on the Fashion Mall expansion? Is it for real or was it just announced by Simon to scare the Venu project? Why haven't we heard any tenants for the expansion yet?
    • Hey Cory, could you please compile a list of all the major building proposals you've reported on here. Such as the Penn Centre, Paramount Tower, 3 Mass Ave, that tall building off of Meridian Street, Merrill Street Tower, those two tiny buildings of South Meridian Street.

      That would be really amazing if you could do that! Updates would be nice too.

      Thank you...

      (im sure im not the only one who would like something like this)
    • Thanks for all the great tips on stores and restaurants closing!
    • Right on Frank Lloyd Wright. I would love to get an idea of all the happenings in downtown and if they are still on. There has been little update on them. As far as stores closing, it is part of a local and national market's life cycle. So I wouldn't worry too much about it. Anything that is closing in Greenwood, the suburbs, downtown, or north of E 82nd Street will get tenants pretty quickly.
    • 56 STREET SEAFOOD MARKET IS CLOSED....WE WILL MISS THESE GUYS.
    • Whats the scoop with Seven in Broad Ripple closing and opening as a country-western bar?!?! Definitely not what Broad Ripple needs is people coming up from the southside.
    • For the story on 7/Seven - you should ask Pete Watson who owns the building. He also owns the BW3s on the first level. I think he would have the final say on what goes there, and a C/W bar? puhhhlease.
    • Frank Lloyd Wright and Naptown guy: I'm working on updates on those major projects, but my anecdotal sense is that many of them have been slowed by the credit crunch and the introduction of a new mayor.
    • Cory, at the city level it's about not having economic development staff to review projects. There's no one to call yet.

      Plus, with property taxes up in the air, you can't plug an abatement or a TIF into a project pro-forma because there is no clue what it's worth until the General Assembly does something. Even without the credit crunch, there are too many open questions for bankers.
    • The IHOP in Castleton closed.

      Has anybody heard anything else about Forbidden City on 86th st.?

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    1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

    2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

    3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

    4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

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