The Lansing Mall Has New Owners – How Much Did They Pay?
Even before the pandemic, stores in malls or malls THEMSELVES closing was the norm. After Covid hit, it just seemed to kick things into overdrive. Let's review.
Let's start with the Meridian Mall in Okemos.
At the beginning of March OF THIS YEAR we told you about Gilbert Chocolates shutting their doors.
"You guys moving to a different location in the mall? In the city?"
"No. We're shutting this one down."
They let me know that you can still visit them at both locations in Jackson. And you can definitely order online. Even on Amazon (search Gilbert Chocolates). But Sunday was the last day to get this in Okemos.
We can't forget about Old Navy shutting down for good.
The Lansing State Journal is reporting that the Old Navy store in Meridian Mall is officially closed for good.
According to the report, the store last was open for business on January 26. Old Navy had been a tenant in Meridian Mall since 1998.
Even Ruby Tuesday.
Due to the coronavirus pandemic and facing the same long term challenges as other casual dining chains, Ruby Tuesday filed for Chapter 11 bankruptcy protection today. (Oct. 7)
Read More: Ruby Tuesday to Close 185 Restaurants
That's just the Meridian Mall.
We can't forget about Sears in Frandor shutting it's doors. They are now looking to develop that into something.
And it can all be yours. Depending on what you want to do with it. You can talk to the folks at Gillespie and haggle over the price (which we know won't be cheap).
Let's cruise over to the westside and take a look at the Lansing Mall where stores and other businesses have been suffering the same fate.
There was Overdrive (formerly Tequila Cowboy).
"Overdrive", the nightclub in the Lansing Mall that was in operation just over three months before complications from the COVID-19 pandemic caused the business to shut down temporarily is now looking at a permanent closure.
Read More: "Overdrive" Will Probably Not Reopen
We can add Houlihan's to the list as well.
Back in November we told you that The Lansing Mall was for sale.
Covid has had a staggering effect on the economy. Small businesses have been decimated. And it's even hit the big guys. With folks staying home and more online shopping taking over, people have been calling for the demise of the old MALL model for shopping for quite a while now.
Today, we are happy to tell you that we've got some good news.
The Lansing Mall HAS BEEN SOLD.
Your new owners?
Kohan Retail Investment Group, a company that’s been in the mall business for 20 years. The sale happened in early March for 9.2 million dollars. (WILX)
We're happy a local shopping hub has been saved. For now. Is $9.2 million a good price for a mall? Is it a wise investment? What are they going to do with it to bring back shoppers and businesses?
At $9.2 million, this feels like it's going to be an expensive game of wait and see.
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