Howard Hughes Buys Landmark Mall Macy's, Announces Mall Closure
As it prepares to transform Alexandria's Landmark Mall into an open-air mixed-use development, Howard Hughes Corp has just purchased the Macy's on the site.
In addition to buying the Macy's, which announced plans to close the location last week, Howard Hughes announced the mall's interior would close later this month, the Washington Business Journal reports.
Occupants of the mall's interior stores have been told to vacate by the end of the month, but the fate of the mall's Sears — also engaging in a sell-off of locations — remains unknown.
The Dallas-based developer has plans to redevelop the mall into a 750k SF mixed-use village with multifamily, shopping, dining and entertainment components, including a 10-screen movie theater.
In a similar move, the owner of Tysons Galleria, General Growth Properties, bought the Macy's on that site in November and is considering a major redevelopment. After posting weak holiday sales, Macy's announced plans to close 65 stores this year as retail continues to shift away from the department store model. [WBJ]
