Sears closure opens door to more possibilities ahead of Regency Square revamp

Struggling national retailer Sears announced plans to close 16 underperforming stores (along with 49 Kmart stores–its sister brand) this week. Among them is the Regency Square location, which will close sometime in September. Sears owns all of its buildings and the land upon which they’re built. The 12 acre site also includes a Sears Auto Center–a freestanding building separate from the mall.

The closure comes just before Regency Square is set to undergo a $30 million renovation which will update the look of the mall as well as diversify the tenant mix towards more experiential uses. A Regal Cinemas and indoor trampoline gym are among the tenants who plan to fill vacant space at the site.

The Sears closure does nothing but open the door to more opportunities for owner The Rebkee Company, as reported to the Richmond Times-Dispatch:

“Redevelopment of the Sears parcel has always been on our wish list,” said Rob Hargett, a principal with Chesterfield County-based The Rebkee Co., which bought Regency Square with Thalhimer Realty Partners in February 2015. […] “In order for (redevelopment) to happen, the Sears store has to close. We have not put the property under contract or anything like that. But certainly (closing the store) is the first step. It’s a positive step. Sears hasn’t been the strongest retailer as of late,” Hargett said.

No plans have been made for the space, but I’d put money on the idea that Rebkee will be first in line to purchase the property, which adjoins the mall, once it becomes available.

Read the full story here.