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Two growing national retail brands plan to open new stores at Glendale Town Center as the shopping center looks to revamp following the departure of Macy’s in 2019.
Ross Stores and Five Below have filed permits with the state for construction on spaces at Glendale.
Ross, a discount clothing store, plans to occupy 24,385 square feet, according to a filing from MCG Architecture. The California-based retailer has 11 stores in central Indiana, including in Greenwood, Speedway, Castleton and the far-east side of Indianapolis.
Ross is generally outperforming its peers in the industry, including TJ Maxx and Burlington Stores, and is on an expansion kick. The company recently opened a store in Plainfield, one of more than 60 that opened in 2020.
Despite the pandemic, Ross reported a $131 million profit in the third quarter on $3.8 billion in revenue.
Five Below, another discount brand, expects to take about 9,570 square feet, per a filing from APD Engineering & Architecture.
The company has 26 stores in Indiana, including nine in the Indianapolis area. The most recent to open was in Noblesville, as part of a new strip mall near Hamilton Town Center.
Five Below reported a profit of $20.4 million in the third quarter on sales of $476.6 million, up from $10.2 million in profit and $377.4 million in revenue in the same period of 2019. The company has opened 108 stores in 2020.
Kite has been looking for new uses for a large portion of the Glendale center after Macy’s left in spring 2o19. That company occupied 237,456 square feet across three levels—about 45% of the mall’s square footage.
Kite announced in 2019 it planned to spend about $15 million to split at least 50,000 square feet from the former department store into four storefronts, in hopes of attracting new users. It’s not clear whether these two stores will occupy part of that new configuration.
The firm will also have to backfill the Glendale branch of the Indianapolis Public Library in the coming years, as the branch moves to a new home. The library occupies about 25,000 square feet.
The renovation to the Macy’s space comes as Kite and partner Milhaus move forward on a $40 million apartment project at Glendale. Construction began in May, with first tenants expected to move in fall 2021.
The two projects fetched about $7.1 million in tax-increment financing from the city of Indianapolis, which will supplement the overall development.
The local real estate investment trust purchased Glendale in 1999 for an estimated $20 million and spent about $45 million on a major renovation completed in 2000. Further renovations over the following eight years converted the mall back into an open-air “lifestyle center.”
A representative for Kite did not immediately return messages seeking comment Wednesday.
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Meh. 2 cheap stores that devalue the surrounding property. Yeah, its better than nothing, but this is the best they could do?! Color me unimpressed.
Not my first pic either. But, for example – I don’t think the Ross and Five Below are devaluing anything at the Whitestown exit. I’m more concerned in regards to how Kite intends to activate Keystone Ave. For example: tearing down the former O’Charleys and replacing it with a potential Culver’s. Filling in other empty bays with perhaps a swim academy, Biggby Coffee and a gymnastics studio or gym would be fantastic. Now, if they really wanted to think outside of the box though. Pave over a large portion of the parking lot in front of the current library and make it into a pocket park. Host food trucks – events etc / make it into a true destination.
Brandon, that’s all roses and rainbows, until you realize that doesn’t make any sense.
Murry R. (Bro you lack vision). See you at Culver’s in 2021!
The death of Glendale continues. Better find an institutional buyer/tenant before the horses knock the cart free.
Just a ray of positivity
Or, just a lack of naivete.
And it begins: Finally this week, we have news of a new Culver’s restaurant coming to Glendale Town Center.
— The restaurant will be at 6111 N. Keystone Ave. It’s the same site previously occupied by the casual dining chain O’Charley’s, which closed the Glendale location in June 2019.
Culver’s franchisee Jeffrey Meyer of Noblesville, who operates 12 Culver’s locations in Indiana, Ohio and Georgia, said he plans to demolish the former O’Charley’s building and build a 4,500-square-foot Culver’s in its place. Construction should start in the next several weeks, and the restaurant is expected to open by June.
Meyer had acquired the O’Charley’s site in October 2019 for $1.7 million, but he had to work through some issues with O’Charley’s before he could move forward with demolition and construction.
Based in Prairie du Sac, Wisconsin, Culver’s is a fast-food chain best known for its burgers and frozen custard.
Culver’s is one of a couple of other retailers that are set to join Glendale Town Center. On Wednesday, IBJ reported that youth-oriented discount chain Five Below and discount department chain Ross Dress for Less are also planning to open there.
Kite is way too smart with deep pockets to let the Glendale asset with high traffic counts fail.
Great things are on the horizon.
Brandon I like your creativity. We need more of that. I’d like to see Glendale survive as a reinvented multi-use area.
the 7.1 million is not the first money KITE has received from the city for the Glendale Center. Milhaus receives cash every time they hold their hand out. Your property taxes go up to pay for this kind if development. TIF comes from property tax funds.
Indeed. Thy know how to play the game.