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Providence Place Macy’s to stay open in ‘immediate future,’ improvements underway at the mall

By

Katie Castellani

-

12/03/2024

Macy's — THE MACY'S in the Providence Place mall is not closing anytime soon, according to the mall’s temporary receivers./ PBN PHOTO/WILLIAM HAMILTON

PROVIDENCE – The Macy’s in the Providence Place mall is not closing anytime soon, according to the mall’s temporary receivers. Attorneys W. Mark Russo and John Dorsey, who were appointed as the mall’s temporary receivers on Nov. 1, outlined their plans to keep Providence Place going in a press release Tuesday, which includes adding new

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PROVIDENCE – The Macy’s in the Providence Place mall is not closing anytime soon, according to the mall’s temporary receivers. Attorneys W. Mark Russo and John Dorsey, who were appointed as the mall’s temporary receivers on Nov. 1, outlined their plans to keep Providence Place going in a press release Tuesday, which includes adding new tenants. “While the mall’s many stores continue their offerings at Providence Place, we are actively pursuing opportunities to bring in exciting new tenants to further improve its appeal,” Russo said. “The mall’s prime location, high visibility, and established reputation make it an attractive destination for businesses looking to reach a diverse and dynamic customer base. The receivers say they have been working closely with Macy’s management, confirming there are plans for the Providence location to stay open for the “immediate future.” This confirmation comes as there have been questions whether Macy’s – an anchor tenant in the mall occupying more than 200,000 square feet – will vacate its location in Providence. The department store chain has been rumored to be planning to close the Providence Place store since the summer, when a bond rating agency disclosed that it had been told that the mall was on a list of Macy’s locations planned for closure. In February Macy’s announced plans to close 150 stores – more than 50 by early 2025 and the rest over the next two years. The company has declined to say which stores will close In recent weeks Russo told PBN he was in contact with Macy’s and was told that no final decisions have been made on whether the Providence store will close. In fact, Russo said, Macy’s is “looking at longer-term plans for Providence Place.” In November, media outlets reported that the Macy’s Providence location has been listed as available by a commercial real estate agency. Details of the listing of the 206,000-square-foot store were unclear. Russo and Dorsey also offered new details on improvements underway at the mall. These include addressing security protocols, improving housekeeping, making facility repairs and fixing or replacing some equipment. They said parking improvements will also begin in the new year. As more improvement needs are found, the temporary receivers say they are starting to meet with the mall’s tenants and community leaders as well as develop a plan for more community engagement opportunities. “We’re committed to doing all we can to make Providence Place Mall a reinvigorated destination and key asset for our city and state,” Dorsey said. Russo and Dorsey have been working with Centennial Real Estate Management LLC under a one-year property management and leasing agreement. The receivers hired the Texas-based company to run the mall on Oct. 15. The mall was placed under receivership – a state-level version of bankruptcy – on Nov. 1 after the mall owner, Brookfield Properties, failed to make payments on a $259 million loan. A hearing on a permanent receivership plan is scheduled for Dec. 4. Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.