The real estate investment trust Macerich‘s plan to turn around the troubled Shops at Atlas Place mall in Queens will hinge on a roster of retail tenants hawking low-cost goods.
That’s a significant turnaround for the shopping center at 8000 Cooper Avenue, which pleased the local Glendale population with a spiffy design and Regal Cinemas theater when it opened in 2006, but did not woo neighborhood shoppers to its stores. Macerich, which owns 80 malls across the country, bought the 25-acre shopping center out of bankruptcy for $54 million in early 2011.
Macerich is now preparing to open a Forever 21 and Charlotte Russe location in Atlas Place. Both appeal to young style-seekers on a budget. As Charlotte Russe says on its website, the merchandise is “fashion that’s trendy, not spendy.” Crain’s reported that imminent deals at the mall are expected with T.J. Maxx, Modell’s and Sephora.
Existing retail tenants at the Shops at Atlas Place include Claire’s, J. Jill, Jos. A. Bank and White House|Black Market. In addition to the new, low-cost shops, Macerich intends to add 10,000 square feet of outdoor space to the complex. Open-air concerts and other events will take place on the alfreso grounds.
In October, it was announced that Santa Monica, California-based Macerich had purchased the Kings Plaza Mall for $751 million in the midst of a $1.25 billion New York City mall campaign. The company already owns the Queens Center, just two miles away from the Shops at Atlas Place.
Representatives from Macerich could not be reached for comment.