The first store is expected to open in Indianapolis in March at Castleton Square, Simon Property Group and Green Growth Brands announced Monday.
One complication is that Sears—not Simon Property Group—controls the Castleton Square space.
Indianapolis-based Simon Property Group and other mall landlords actually might be looking forward to redeveloping Sears’ massive stores with more promising tenants as the once-mighty retailer enters bankruptcy.
City development officials said the plan should “respond to emerging challenges confronting the Castleton area, including evolving national shifts in commercial retailing and aging commercial, office and multifamily areas.”
The two-story location is one of 63 Sears that parent Sears Holdings announced Thursday were “non-profitable” and would be closing.
The Indianapolis store is among three in Indiana, and 16 total, that Sears plans to sell and lease back to generate cash for pension obligations.
The Indianapolis-based mall owner had sued Starbucks, attempting to stop the coffee giant from closing dozens of Teavana locations at its properties.
A Marion Superior Court judge has granted the Indianapolis-based mall giant’s request for a temporary injunction, at least for now preventing Starbucks from closing 77 Teavana stores in its properties nationwide.
The company said Wednesday that it wants to shift focus to its growing brands Old Navy and Athleta while jettisoning hundreds of stores under the Gap and Banana Republic flags.
Fragrance seller Perfumania has filed for bankruptcy protection, and plans to close 65 of its 230 stores as it focuses more on selling online.
A fresh round of sales declines at Macy’s Inc. and Kohl’s Corp., though less severe than Wall Street had feared, is renewing concerns that the department-store industry can’t pull out of a years-long slump.
Four of Teavana’s 379 locations—which will all shut down over the coming year—are in Indianapolis-area malls.
The purveyor of classic women’s styles isn’t the only fashion retailer planning to close its location in the downtown mall in the next week.
Macy’s on Wednesday announced plans to close 68 of its department stores and eliminate 10,000 jobs. Sears Holdings, meanwhile, is closing 108 Kmart stores and 42 Sears department stores.
The longtime clothing retailer shut the doors to its Circle Centre mall location Dec. 24, while the one at Castleton Square Mall is set to close Saturday.
The Circle Centre and Hamilton Town Center locations of struggling teen clothing retailer Wet Seal are among 338 stores that closed as of Wednesday.
The future of malls looks quite bright despite the rise of online shopping.
Love Culture Inc., the bankrupt clothing chain, won court permission to hold expedited store-closing sales, over the objection of unsecured creditors, including Indianapolis-based Simon Property Group Inc.