WASHINGTON COUNTY, Md. — PREIT sprinkled some tidbits about additional improvements at the Valley Mall in Hagerstown on Thursday in between some information we already knew.
Regal Cinemas will remodel its Hagerstown movieplex, PREIT announced, by installing “luxury reclining seats in a stadium seating format and modernized aesthetics.”
That announcement would seem to hint that Regal will sign on to extend its lease beyond 2020.
As I mentioned before, Regal is renovating theaters across the country by installing king-sized recliners, upgrading projectors, screens, sound systems and in some places, reducing screens and building a bar lounge. Anything beyond technology upgrades and recliners coming to the Valley Mall will remain to be seen.
The press release also formalized other announcements: Tilt Studio and Onelife Fitness will replace Macy’s and Belk will have an October 2018 opening date. Bon-Ton is already in liquidation mode after the holidays with signs for “all sales final” around the store. They should be closing up shop come February.
Here’s an excerpt from the release covering Tilt and Onelife:
Tilt Studio and Onelife Fitness will occupy the former Macy’s box in a total of 118,000 square feet, bringing differentiated and sought-after uses to the property. These advancements at the area’s dominant regional mall represent PREIT’s commitment to cultivating a diversified mall experience, where shoppers will have access to fashion, fitness, fun and food.
Tilt Studio offers a variety of attractions, including rides, bowling, black light laser tag, black light golf, arcade games and space for parties, groups and private events. Tilt Studio will occupy 48,000 square feet at Valley Mall. Tilt currently operates over 40 locations across the country, however this will be one of only 10 Tilt Studio locations.
Onelife Fitness will open its third Maryland location in 70,000 square feet at Valley Mall. Onelife Fitness operates 29 locations today – its clubs are innovative, community-focused, convenient, friendly and affordable, offering vast amenities. The Valley Mall location will feature indoor and outdoor pools – significantly reinventing the traditional mall platform.
Tilt Studio and Onelife Fitness will join Belk, which who will replace the proactively recaptured Bon-Ton store. Belk, which will open October 2018, offers an assortment of national brands and private-label fashion, shoes and accessories for the entire family, along with top-name cosmetics, a wedding registry and southern style for the home.
Again, we are still waiting to see what plays out with the two other big box spaces.
Seritage Growth Properties has not unveiled what it will do with the shuttered Sears space and J.C. Penney’s lease ends in 2019. I would not count Penney’s out at the mall. Penney’s saw a boost in same-store performance across its portfolio for November and December, CNBC reported. If the company can continue its strength on beauty, women’s, kids and new appliance segments, there’s hope for a stronger turnaround.