Howard Hughes Buys Landmark Mall Macy's, Announces Mall Closure
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.
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]