Is the Macy’s at the Shops at Wiregrass mall off S.R. 56 on the chopping block?
The department store chain announced in August that it will be closing 100 stores by next year, and the news doesn’t seem to be good for the Macy’s location in Wiregrass.
Morningstar Credit Ratings has identified 28 Macy’s locations with sales below the company’s national average (for 2014, the most recent year information was available), putting the stores at a higher risk of being one of the 100 to be shuttered.
The Wiregrass Macy’s is No. 8 on that list. According to the report, Macy’s reported $118 in sales per square feet. The average for Macy’s overall in 2014 was $169 per sq. ft.
The Macy’s at Cottonwood Mall in Albuquerque, NM, is at the highest risk of closure, with only $76 in sales per square foot. The 28th, or last store on Morningstar’s list, is Marrimack Premium Outlets in New Hampshire, with $166 in sales per sq. ft.
The only other Macy’s on the list of 28 underperforming stores that is located in Florida is at the Lakeland Square Mall on U.S. Hwy. 98 in Lakeland.
Macy’s, which currently has 728 total stores nationwide, is one of the anchors — the “big name” stores that are generally considered paramount to a mall’s success — at the Shops at Wiregrass. Losing an anchor can have a big impact on a mall’s numbers, although it’s not usually a fatal effect.
The Morningstar report states, “However, if a mall is hit by two or more anchor closures, that’s typically the beginning of a downward spiral.”
In Other News…
North Tampa Behavioral Health (NTBH), located on S.R. 56, less than two miles east of the Shops at Wiregrass, broke ground on August 15, as the 53,000-sq.-ft. facility begins a 27,500-sq.-ft. expansion.
Representatives from the Pasco Economic Development Council (EDC) and the Greater Wesley Chapel Chamber of Commerce (WCCC) were on hand to mark the new construction.
According to the EDC, the project is expected to bring $10 million in investment and 50 jobs to Pasco County. The Pasco EDC assisted the company in obtaining expedited permitting.
“We are extremely excited to be able to meet the needs of our community through our expansion,’’ said Abbey Brown, director of business development for NTBH, in a press release. “From our veteran and active duty population, to our local area, this project will assist in offering additional services to our growing community.”
NTBH is a private, inpatient mental health and substance abuse treatment center. The facility currently has 75 beds and addresses a range of behavioral issues, including depression, anxiety, bipolar disorder, post-traumatic stress disorder and others.
The expansion will add 24 beds, with “shell” space for 24 additional beds in the future. The first phase is set to grow NTBH’s C.O.R.E. (“Challenge. Overcome. Restore. Empower”) program, which addresses the needs of the area’s veteran population.
Construction on the site actually began on August 22 and is expected to be complete in approximately nine months, or sometime around May 2017.
For additional information, visit NorthTampaBehavioralHealth.com.
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