What is the Future of Providence Place Mall?
Monday, January 14, 2019
The decline of Providence Place Mall has been slow and painful over the past few years. With dozens of stores shuttering and with an overall decline of brick and mortar retail, the future of Providence Place and many other malls is bleak at best.
The closing of high-end retailer Nordstrom ten days ago was the most dramatic reminder that the once gem of the city is now in near free fall.
Nordstrom, Joe’s American Bar and Grill and literally dozens of other higher-tier retailers and restaurants have been replaced with lower-priced retailers or are vacant.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe 2018 retail sales numbers were supposed to be at a record level, but the first two major retailers to report holiday sales numbers were Macy’s and Kohls -- and both were busts.
Macy’s saw a morbid increase of 1.1 percent in sales during November-December at stores opened at least year. And, Kohl’s reported comparable sales increased just 1.2 percent, versus 6.9 percent in the previous year. Overall retail holiday numbers are expected to be delayed due to the federal government shutdown.
Macy’s is the anchor retailer for Providence Place and recently announced it is closing its location in Swansea, MA.
Providence Place Just One of Many for Owner
Providence Place is owned by Brookfield Properties which controls mall properties across 162 locations in 42 states and representing over 146 million square feet of retail space. In August, Brookfield acquired financially distressed General Growth Properties (GGP), Providence Place’s previous owners. GGP had filed for bankruptcy protection in 2009.
The post-merger Brookfield has more than $285 billion in property under management.
As Providence Place struggles and the future of the of the property becomes more in question, the implications to Providence are profound. Providence is already wrestling with the future of the decaying vacant Superman building. The thought of Providence Place’s further decline should send shudders through the economic development strategists at Commerce RI.
GoLocal looks at the trends in mall redevelopment and the challenges for the future of Providence Place Mall.
SEE FIVE SCENARIOS BELOW
Related Slideshow: What is the Future of Providence Place - 5 Scenarios - Jan, 2019
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