INDIANAPOLIS, Ind.-- The Macy's store at the Glendale Town Center is closing, Kite Realty Group announced Monday.
Kite says they will "recapture" the 237,000 square feet used by the store on April 1.
"Glendale Town Center is a prime example of how great real estate has and will evolve in a response to a dynamic retail landscape. We are excited for the opportunity to reimagine a center that has been a mainstay of the Indianapolis community for decades, "said President and COO Tom McGowan. "The departure represents a significant mark-to-market opportunity and by reacquiring control of such a central part of the center we're able to consider a wide variety of options and alternative uses to increase traffic, improve the visitor experience and maximize value of the asset."
Kite says it is considering new retail offerings, multi-family uses and innovative and community-focused uses for the space, which is in pre-development.
Macy's will have nine stores in the state after this closure, including locations at the Greenwood Park Mall and the Castleton Square Mall.
A clearance sale will begin in mid-January and will last 8-12 weeks.
Macy's issued this statement:
Macy’s, Inc. has been reviewing its real estate portfolio across the country to see if there are opportunities to improve the use of our assets. After careful consideration, Macy’s has decided to close its Glendale, Indiana store in early 2019. A clearance sale will begin in mid-January 2019 and will run for 8-12 weeks.
Macy’s has shared this information with our valued colleagues. Regular, non-seasonal employees who we are unable to place at nearby Macy’s stores will be eligible for severance, including outplacement resources.
The decision to close a store is always a difficult one, but Macy’s is delighted to have served the Glendale community over the past 25 years, and we look forward to continuing to do so at the Macy’s nearby in Castleton Square and online at macys.com.