The Marketplace Mall has been a staple in its community since its opening doors back in 1982.
The mall’s developer and operator, Wilmorite Properties, is cognizant of the evolving retail marketplace and aims to maintain a competitive edge 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. The mall boasts anchor tenants such as Sears, Macy’s, and JCPenney, alongside a diverse array of other retailers such as 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.
Beyond its transformation into an outlet center, the Marketplace Mall has pioneered the concept of retail as a destination. Consumers are increasingly gravitating towards lifestyle and entertainment options that complement their retail destinations, driven by convenience and the desire to enhance their 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.
