CBL & Associates Properties announced that department store operator Dillard’s, Inc. will open a new store in the former Macy’s location at Layton Hills Mall, near Salt Lake City. Construction is set to begin in April, with an anticipated grand opening in fall 2017.
“We are excited to announce that Dillard’s will replace Macy’s at Layton Hills Mall, just a few weeks after the announcement of Macy’s closure,” said Stephen Lebovitz, president and CEO of the Chattanooga-based REIT.
“The speed at which we were able to fill the availability demonstrates Layton Hill’s excellent location and strong draw. Dillard’s will be a terrific addition to the center with its strong brand presence in the market and great operations. We are confident that they will complement the dynamic tenant mix at Layton Hills and will dramatically transform that wing of the center.”
The 160,000-square-foot store will feature a premium lineup of brands specifically tailored to the fashion preferences of Dillard’s Salt Lake City area customers.
CBL has already bought back some of the anchor stores at its malls to conduct similar transactions.
Macy's has been shuttering mall stores across the country, leading some arbitragers to try to convince CBL or another REIT to buy the retail chain outright, sources say.