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Dillard’s has teamed up with mixed-use developer Trademark Property Co. to buy the Longview Mall in eastern Texas from WPG, the companies said Monday. Trademark now leads operations and leasing for the 646,000-square-foot property, where the regional department store is an anchor.
“Dillard’s and Trademark will be good owners going forward,” WPG CEO Chris Conlon said by email. “Good outcome for us and Dillard’s.”
The investment, for an undisclosed amount, is the latest turn of good news for aging shopping malls. The center isn’t among the A malls that a few years ago were thought to be the only ones that could survive the steady decline of the model. Yet it’s what Conlon calls an “evergreen mall,” with longevity tied to location and other factors. Longview is the only enclosed regional mall within a 45-mile radius, and, as Trademark founder and CEO Terry Montesi put it in a statement, “a vital part of the region’s retail landscape.”
Indeed, Longview is already a strong center for Dillard’s, according to a statement from Chief Executive Officer William Dillard. The plan is to upgrade the property as well as the tenant roster, Trademark’s senior vice president of leasing, Daniel Goldware, said in a statement.
Tenants now include, in addition to Dillard’s, Dick’s Sporting Goods, J.C. Penney, HomeGoods, Bath & Body Works, Foot Locker, H&M, Kay Jewelers, Auntie Anne’s, Chick-fil-A and Chuck E. Cheese. Longview, which is in the heart of town, gets more than 3.7 million visitors annually.
“We believe this community will support better retailers and more offerings from Dillard’s and deserves a higher-level regional shopping destination,” Goldware said.
Trademark previously overhauled La Palmera in Corpus Christi, Texas, another Dillard’s-anchored mall. Within two years, “Trademark successfully transformed the property, establishing it as one of the top-performing tertiary market malls nationwide,” the company said.
This class of mall of late is attracting attention and investment from various players. Early this year, Walmart revealed it had bought a mall in the Pittsburgh area, and Simon Property Group announced it will refurbish many of its B malls.