WHAT: Marketplace Outlets Acquires Macy’s Building, Announces Retailer Outlet Conversions
Wilmorite is pleased to announce that the Macy’s building at Marketplace Outlets has been purchased as a key step in the plan to convert the mall from a full price mall to an outlet center. The Macy’s building and parcel are considered critical to attracting prized restaurant and signature outlet retailers to the project. Preliminary plans contemplate partial demolition of the front of the building for two freestanding restaurants and a new entrance to the mall, flanked by retailers on both sides of the common areas.
Additionally, Express and LOFT have both announced that, in the coming months, they will convert their stores at Marketplace from full price to outlet formats utilizing their latest store prototypes. In conjunction with their conversion, Express Factory will relocate from the Dick’s Sporting Goods wing to Center Court, across from the new Victoria’s Secret. LOFT will convert and remodel to LOFT Outlet in place in the Dick’s Sporting Goods Wing.
“These positive announcements further demonstrate the strength of the Marketplace location, the dynamic Rochester market and the commitment from Wilmorite to transform the center into a regional outlet shopping destination,” said David Hinkle, principal of The Outlet Resource Group, a group of outlet retail experts working with Wilmorite to transform The Marketplace Mall to Marketplace Outlets.
Both Express Factory and LOFT Outlet are slated to open in the summer of 2017 and will join the list of current outlet retailers including New York & Company Outlet, Aéropostale Factory and Children’s Place Outlet.
About Wilmorite Management Group
Wilmorite owns and manages Eastview, The Marketplace Mall, The Mall at Greece Ridge, Pittsford Plaza. The Marketplace Mall is a 1 million square foot enclosed regional shopping center in Rochester, NY that will be transformed to Marketplace Outlets over the next year.
About The Outlet Resource Group (TORG)
TORG is the only global alliance of experts with a truly comprehensive approach to outlets. Our deep experience and understanding of the outlet industry’s every facet — including advisory services, finance, leasing, marketing and more — help us deliver informed, integrated solutions. Our knowledge spans international retail expertise to development and asset management, for a truly unparalleled group of experts wholly focused on maximizing stakeholder value.