Plans Scrapped For A New JCPenney’s Store At Collin Creek Redevelopment Project
JCPenney’s dream of operating a modern, flagship store at Centurion American's Collin Creek Mall redevelopment project died on the vine during the retailer’s ongoing Chapter 11 bankruptcy reorganization process.
The department store confirmed Tuesday its intent to shutter Penney’s existing Collin Creek Mall location and to scrap plans for development of a new, stand-alone Penney’s store inside the redeveloped Collin Creek mixed-use project.
The existing store, operating since the early 1980s, is now slated to close in mid-November.
When Centurion American got the green light last year to redevelop the nearly 40-year-old Collin Creek Mall near Central Expressway in Plano, the developer agreed to schedule all construction activity around the mall's existing JCPenney store to keep it up and running. Centurion American had plans to build out a new stand-alone retail site just for Penney's to occupy on the future mixed-use site.
But, Plano-based JCPenney’s plans shifted in the wake of a tough retail environment and the coronavirus pandemic. In mid-May, the retailer officially filed for Chapter 11 bankruptcy reorganization, followed by a dramatic reduction in its brick-and-mortar store footprint.
The Collin Creek Mall store closing is part of a nationwide plan to close 152 underperforming sites. Even though Collin Creek Mall made the list of existing store closures, the future of Penney's stand-alone site at the future Collin Creek redevelopment project remained somewhat shrouded in mystery until Penney's confirmed it has no plans to open a store there in the future.
“Following a comprehensive evaluation of our retail footprint and a careful analysis of future strategic fit for the Company, JCPenney has decided to close its Collin Creek Mall store, which was previously planned for renovation alongside the Collin Creek Mall redevelopment,” a JCPenney spokesperson told Bisnow in a statement Tuesday.
Plano city officials told Bisnow that “at this time, it is still too early in the process to comment with any certainty,” when asked if construction plans for a new big-box retail site have been changed at Collin Creek. A spokesperson for the mall's developer referred all questions to JCPenney about the future store site and declined to answer how, or if, it intends to change its construction plans in light of this news.
“Liquidation will begin September 3, and the store will close to the public in mid-November. Our customers may shop our flagship store, jcp.com, or visit our nearby location — Stonebriar Mall in Frisco — where we have numerous safety precautions in place,” Penney’s said in a statement.
A few miles away, JCPenney's headquarters continues to operate as a tenant inside The Campus at Legacy West business park. Penney's has been at the site since moving into the building three decades ago. At the time, Legacy Business Park was up-and-coming, and Penney's owned the entire corporate campus in West Plano. In the late 1980s, the idea of wooing Penney's to Plano created a sharp shift in how corporate relocation specialists viewed the viability of the area.
“At the time, it was a huge win for DFW to get a corporate relocation from NYC,” ESRP Executive Managing Director of Site Selection Susan Arledge said. “It actually put Dallas on the map and led the way for other relocations.”
Dreien Opportunity Partners' Sam Ware acquired the former JCPenney's headquarters site a few years ago and kept Penney's on as a tenant as he redeveloped it into a multi-tenant campus.
