Denise Richardson took her kids to Spring Hill Mall so often that at Christmas time, the Santa Claus there recognized them by name. She remembers when department stores moved out of downtown Elgin …
A shopper finds a last-minute bargain at the Spring Hill Mall in West Dundee, which is closing after 43 years, on Wednesday, March 20, 2024. Denise Richardson took her kids to Spring Hill Mall so often that at Christmas time, the Santa Claus there recognized them by name. She remembers when department stores moved out of downtown Elgin to the mall when it opened in West Dundee in 1980, and it was the place to be.
“Malls are no longer seen as desirable places for retailers,” the analysis found, reporting that mall vacancies are three times higher than for general retail. Retail was overbuilt through the 1990s, he said, but new development and vacancies are now at low points, helping to rebalance supply and demand. New owners who’ve bought malls at lower prices can now afford to reinvest since in most cases, the returns meet their expectations.At Old Orchard, owner Unibail-Rodamco-Westfield has brought on residential developer Focus to build 400 homes on top of new retail stores.
A real estate investment firm recently bought Chicago Ridge Mall, with promises for “substantial” spending to upgrade the site. The mall also has attracted newer anchor tenants, including Dick’s Sporting Goods and Burlington Coat Factory. Tony and Pamela Urback of Lake in the Hills take a last walk through Spring Hill Mall in West Dundee which is closing after 43 years, on Wednesday, March 20, 2024. Pamela worked at several stores in the mall in the early 1980s and the couple reflected on bringing their kids to the mall over the years. “It’s really sad, I just hate that it’s closing,” Urback said.
In neighboring Carpentersville, where the Kohl’s store in the mall will remain in business, Village Board members decided it wasn’t a good idea to buy distressed properties.
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