Beloved mall with Macy’s and JCPenney closing after 48 years – as retail expert says, you need to ‘stay relevant’

AN iconic mall is closing its doors after decades of shopping amid changes that have shaken the mall industry.

Lakeside Mall in Sterling Heights, Michigan will close on July 1, 2024.

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The mall, nearly a 40-minute drive north of downtown Detroit, will be demolished to make way for new development.

It will be replaced in the coming years by a mixed-use urban center, complete with parks, walking trails and new housing, according to Fox 2Detroit.

Mixed-use development is the concept of building housing, commercial areas, and other amenities close to one another.

While the classic 20th century mall requires shoppers to come from further afield to experience a unique shopping experience, a mixed-use community has residents who can shop closer to home in a walkable area.

Proponents of this type of land use say it helps build economic vitality and increases tax revenue for communities.

The closure of this mall will mark the end of the classic single-building shopping center experience in the area.

Lakeside Mall, which opened in the 1970s, currently has two major anchor stores – Macy’s and JCPenney.

It’s unclear whether any of them will remain open during the remodeling process, but a Macy’s store appears in artistic renderings of the new community.

US Sun has reached out to the property’s developer, Lionheart Capital, for comment.

PERMANENT RELEVANT

Retail expert Matthew Whitman Lazenby recently told The US Sun strategies malls can use to stay afloat. Lazenby has a master’s degree in real estate development and urban planning and comes from a long line of shopping mall developers.

“People have been talking forever about the death of malls,” he told consumer editor Joy Dumandan.

While many malls have closed, Lazenby said he sees a less uniform trend.

“The best properties are improving and some of the worst properties are disappearing,” he said.

While he didn’t comment specifically on Lakeside Mall or its plans, he suggested that mixing land uses could be a solution for many struggling retail developments.

The best properties are improving and some of the worst properties are disappearing.”

Matthew Whitman LazenbyCEO, Whitman Family Development

He said it was important to be “willing to introduce new concepts.”

“The idea of ​​mixing uses is not new, but I would say retail is probably one of the last frontiers where it is still predominantly single-use.”

Incorporating hotels, homes or offices can help create a more effective space.

For example, a traditional retail-only mall sits empty at night, while a mall with residents never closes.

This allows shopping and entertainment to extend into the evening, allowing for more sales on a property of the same size.

MALL MAYHEM

While some malls are changing their techniques, others are closing completely.

A mall in White Plains, New York, recently sold out of its last items.

The 1980s construction closed for good this spring.

The 20-acre property will likely be turned into housing.

A Massachusetts mall dating back to the 1960s also closed.

This closure occurred after Macy’s and Sears left the location.

A mall staple, clothing maker Express, is closing many stores after filing for bankruptcy.

One of the last Sears stores in the country recently closed.