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Retail center set to refresh its offerings

Burl Rolett February 28, 2014 0
A rendering of the planned main entrance. (Images courtesy of Short Pump Town Center)

A rendering of the planned main entrance. (Images courtesy of Short Pump Town Center)

One of Richmond’s busiest malls is ready for a facelift.

Owners of 10-year-old Short Pump Town Center on Thursday announced millions of dollars in planned upgrades and a slate of new retailers for the Henrico County shopping complex.

Plans call for a walkway spanning the mall’s main plaza, a new elevator, additional landscaping, a communal fireplace and more than a dozen new and recently added retailers and restaurants.

Mall spokeswoman Pam Howland would not estimate the costs of the renovations, saying only that it would be a “multimillion”-dollar endeavor.

The mall's plans call for a new elevator.

The mall’s plans call for a new elevator.

“At this point, we still haven’t gone through the whole scope of the project,” she said.

Work will take place over the next six to nine months, Howland said, with the goal of finishing in time for the all-important holiday shopping season. The mall will fill 62,000 square feet of space with its list of new tenants.

New-to-Richmond retailers Michael Kors, Versona Accessories, Vans and Kate Spade New York are among the new tenats. Rock Bottom Restaurant and Brewery and Cooper’s Hawk Winery & Restaurant will also move in.

Short Pump’s additions come as another area mall saw two tenants pull out recently: Starbucks and Champps Americana closed this month at Stony Point Fashion Park.

Tentative renovation plans for Short Pump Town Center were announced in June 2013 as mall co-owner Forest City prepared to sell off part of its stake in the property to Australian investment firm QIC. The owners at the time asked shoppers to suggest tenants they’d like to see added.

The 1.3 million-square-foot mall is owned by QIC, Forest City and local developers Pruitt Associates. Each owns about one-third of the mall after QIC bought in last September. Tommy Pruitt of Pruitt Associates did not return a phone message by press time. Howland would not comment on how the mall’s three owners would divvy up the improvement costs.

Cushman & Wakefield | Thalhimer broker Alicia Farrell said retail space in the Short Pump area leases for $28 to $36 per square foot. A CBRE | Richmond market report for the last quarter of 2013 put the overall retail vacancy rate in the Short Pump market at 5.3 percent.

The mall, which opened in 2003, generated about $352.2 million in revenue – or $270 per square foot – in 2012, according to Henrico County.

The full list of new or recently added retailers:

American Eagle Outfitters/aerie (renovating its current space)
Athleta (now open)
Cooper’s Hawk Winery & Restaurants
Free People
Gymboree (now open)
Justice & Brothers
kate spade new york
Madewell
Michael Kors
Oakley
Rock Bottom Restaurant & Brewery
True Religion
TUMI
Vans
Versona Accessories

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