Rochester, NY, June 1, 2016 -- Wilmorite, announces that The Marketplace Mall in Henrietta, NY will convert to an outlet center. The mall will undergo capital improvements, remerchandising of the retail mix, and be rebranded as Marketplace Outlets.
This is a first-of-its-kind full conversion of an enclosed regional mall to an outlet center. Marketplace Outlets will fill a void in the Rochester market for outlet and value retail while repositioning this already successful shopping destination to take advantage of shifting market dynamics and consumer demand for brand-name merchandise at substantial savings.
Wilmorite has selected The Outlet Resource Group (TORG), a global alliance of experts in the outlet industry, to provide strategic guidance on the marketing and leasing of the center as it transitions to an outlet destination.
Preliminary discussions with tenants at the recent RECon convention in Las Vegas last week, were extremely positive. Retailer confidence in the conversion is reinforced by Aéropostale’s and New York & Company’s recent conversions of their stores in Marketplace from full price to outlet formats. The Limited will also complete theirs by June 20, 2016.
“We are fully committed to making this an extremely smooth and successful process,” said Dennis Wilmot, senior vice president of leasing and development for Wilmorite. “We are working hand-in-hand with our retail partners and TORG to explore opportunities to provide a dynamic mix of the most sought after brands to operate outlet stores in Marketplace Outlets.”
“TORG will apply extensive domestic and global experience in the outlet industry to achieve a positive result for the new Marketplace Outlets and the broader community,” Wilmot continued.
“Outlet shopping is the only growth sector in bricks and mortar retail due to its strong appeal to a wide range of demographic audiences from Millennials to shoppers in their mid-40’s and beyond,” said Lisa Wagner, principal of TORG.
“Marketplace presents the best possible combination of factors to support this first-of-its-kind full conversion to an outlet and value destination,” continued Wagner. “These factors include a location that is already well known, market demographics that align perfectly with those required for an outlet center and local ownership with deep ties to the Rochester community along with a stellar reputation and expertise in the shopping center business.”
Wilmorite is a leading commercial real estate development and management company. With more than seven decades of experience, the company has a reputation as one of America's top real estate developers, builders, and construction managers. Wilmorite has a long history of successful joint ventures and takes pride in the years of repeat business and strong relationships. It is a company that is continually looking for new and innovative ways to approach projects. This is apparent in the numerous diverse projects including: state-of-the-art shopping centers, academic facilities, standard dormitories, apartment-style student housing suites, mixed-use complexes, first-class hotels, casinos, resorts, and detailed renovations. For more information, visit www.wilmorite.com.
TORG is a global alliance of experts focused on the acquisition, management, marketing and leasing of outlet shopping centers around the world. TORG works with owners and developers to strategically reposition underperforming assets, maximize the performance of existing centers, develop new outlet center destinations and provide professional guidance on retail expansion. For more information, visit www.outletresource.com.