As it solidifies plans for a $30+ million renovation to the landmark Henrico County shopping destination, Regency Square says new tenant announcements are coming in the second and third quarters of 2016.
Regency Square is in negotiations with more than fifteen national retailers and entertainment companies interested in occupying the space being vacated by Macy’s as well as other locations within the mall. “While we would love to see Macy’s stay at Regency Square, we incorporated some departures into our overall investment analysis of Regency Square before purchasing the center.” said Mark Slusher, senior vice president for Thalhimer Realty Partners.
In addition to national and regional inquiries, Regency Square is capturing a unique position in the Richmond market by offering RVA’s Best in Class retailers and restauranteurs the opportunity to be a part of Regency Square’s future. Regency Square is committed to promoting local business and a family-friendly retail environment, both of which are important aspects of the ongoing strategy of creating a distinctive shopping and entertainment experience.
Regency Square is requesting Henrico County consider allowing road design improvements to Quioccasin Road and Parham Road which will improve overall traffic flow to the shopping center, create the opportunity for a new and expanded signature entrance into Regency Square, and enhance the property’s visibility.
The mall renovation will take advantage of this increased visibility by creating store facades and entrances facing outward toward Quioccasin Road. Regency Square is also creating opportunities for national restaurants, cafés, and other retailers to construct their own iconic buildings on the property. To showcase redevelopment plans to the general public, Regency Square has devoted a 1,200-square-foot space within the mall detailing its 40-year history and offering glimpses into the future redevelopment plans of the center.
The actual timing of the shopping center’s renovation and redevelopment will align with the strategic expansion plans of the prospective national retailers with commencement as early as the second quarter of 2016. New stores facing outwardly toward Quioccasin will follow with openings in 2017 and a new prominent mall entrance will become the gateway for entertainment and restaurant uses to be added in 2018. Existing retailers will remain open and operational during the phased renovation process, which will be actively managed to minimize inconvenience to their customers.
Discussions with the community are strongly in favor of Regency Square’s renovation plans, and customers overwhelmingly support the retention of an enclosed mall as a focal amenity of the shopping center. “With so many outdoor shopping options in the Richmond area, Regency Square will remain predominantly an indoor shopping venue. The center will also include various outdoor amenities, creating its own unique shopping and dining experience,” said Julie Gordon, Regency Square’s marketing director. “Changes to the center will preserve what our customers love about Regency Square, while incorporating a fresh, updated look and modern approach to retailing.”
“Over the next couple of years, customers will see major changes as we breathe new life into the center,” said Steven Bonniville, Regency Square’s general manager. “For example, Regency Square is considering interior renovations that incorporate more natural light creating an open-air feel.” “While the final tenant mix is still under review, our current expectation is that approximately 250,000 square feet of space will be earmarked for fashion and service retailers; 20,000 square feet for health and fitness; and 150,000 square feet devoted to restaurants and family-friendly entertainment.”