HENRICO COUNTY, Va. -- One day after Macy's announced it planned to close nearly 40 stores nationwide, including its Regency Square locations, the western Henrico mall offered details into its plan to remain a viable shopping destination.
"While we would love to see Macy's stay at Regency Square, we incorporated some departures into our overall investment analysis of Regency Square before purchasing the center," Mark Slusher, Senior Vice President for Thalhimer Realty Partners, said.
In addition to a planned $30 million renovation to the 40-year-old shopping mall, Regency's owners said it was "in negotiations with over 15 national retailers and entertainment companies interested in occupying the space being vacated by Macy’s as well as other locations within the mall."
Those new tenants would be announced later this year. Regency would also like to attract more local restaurants and businesses to the indoor shopping center.
"Regency Square is committed to promoting local business and a family-friendly retail environment," a Regency spokesperson wrote in a press release. "Both of which are important aspects of the ongoing strategy of creating a distinctive shopping and entertainment experience."
In addition to new shopping and dining options, Regency has asked the county to improve the roads around the mall.
They hope the county allows "road design improvements to Quioccasin Road and Parham Road which will improve overall traffic flow to the shopping center, create the opportunity for a new and expanded signature entrance into Regency Square, and enhance the property’s visibility."
"New stores facing outwardly toward Quioccasin will follow with openings in 2017 and a new prominent mall entrance will become the gateway for entertainment and restaurant uses to be added in 2018," the press release continued. "Existing retailers will remain open and operational during the phased renovation process, which will be actively managed to minimize inconvenience to their customers."
Unlike the recent and successful renovations that transformed The Shops at Willow Lawn from an indoor mall into an outdoor mall, Regency plans to stay covered.
"With so many outdoor shopping options in the Richmond area, Regency Square will remain predominantly an indoor shopping venue. The center will also include various outdoor amenities thereby creating its own unique shopping and dining experience," Julie Gordon, Regency Square’s Marketing Director, said. "Changes to the center will preserve what our customers love about Regency Square, while incorporating a fresh, updated look and modern approach to retailing."
Regency Square's General Manager Steven Bonniville said he hoped the changes would "breathe new life" into the shopping center.
"For example, Regency Square is considering interior renovations that incorporate more natural light creating an open-air feel," he said. "While the final tenant mix is still under review, our current expectation is that approximately 250,000 square feet of space will be ear-marked for fashion and service retailers; 20,000 square feet for health and fitness; and 150,000 square feet devoted to restaurants and family-friendly entertainment."