The Marketplace Mall has been a staple in its community since its opening doors back in 1982. Wilmorite Properties, the mall’s developer and operator, is well aware of the changing landscape of the retail marketplace, and is hoping to stay ahead of the curve with its latest decision.
Wilmorite plans to transform the mall, located at 1 Miracle Maker Drive in Rochester, New York, into a top-tier outlet center. The existing mall is about 85% leased, but the company is simply trying to be proactive in the face of changing times.
“It’s changing with consumer demand,” Dennis Wilmot told, Wilmorite’s VP of Leasing and Development.
While some full-price retail stores will continue to transact business onsite, the plan is for most of the existing stores to become outlet stores. Anchor tenants at the mall include Sears, Macy’s and JCPenney, and there is a veritable who’s who of other retailers onsite, including Abercrombie & Fitch, Pac Sun and Victoria’s Secret.
As consumer habits change and more of their shopping moves online, outlet shopping is still a way to attract guests due to the perceived value over full-price retail. The mall will be rebranded as Marketplace Outlets once the transition is complete, which will likely take place before Fall 2017.
“We are fully committed to making this an extremely smooth and successful process. 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,” Wilmot said.
In addition to the transition to an outlet center, the Marketplace Mall has also been ahead of the curve when it comes to the concept of retail as destination. Shoppers are increasingly seeking lifestyle and entertainment options to go hand-in-hand with their retail destinations, due to convenience and the enhancement of the overall experience. To that end, Marketplace Mall welcomed a Dave and Buster’s to its tenant roster this past year, and one of its featured eateries is The Melting Pot, a fondue-themed restaurant.
