Another Massive Mall Now Closes After 48 Years in Business

Another massive mall now closes after 48 years in business amid the fast-paced changes rattling the industry, experts explain.

Lakeside Mall in Sterling Heights, Michigan, will close on July 1, 2024.

The mall, a nearly 40 minute drive north of Detroit’s city center, will be demolished to make room for a new development.

It will be replaced in the coming years with a mixed-use town center, complete with parks, hiking trails, and new housing, according to Fox 2 Detroit.

Mixed-use development is the concept of building housing, commercial areas and other amenities close together.

While the classic 20th-century mall requires shoppers to drive from farther away to experience a one-stop shopping experience, a mixed use community has residents who can shop closer to home in a walkable area.

Proponents of this type of land use say that it helps build economic vitality and boosts tax revenues for communities.

This mall’s closure will mark the end of the classic one-building mall experience in the area.

Lakeside Mall, which first opened in the 1970s, currently has two major anchor stores — Macy’s and JCPenney.

It’s unclear whether either will stay open through the redevelopment process, but a Macy’s store appears in the artists’ renderings of the new community.

Retail expert Matthew Whitman Lazenby recently told The U.S. Sun strategies malls can use to keep themselves afloat.

Lazenby has a master’s in real estate development and urbanism, and comes from a long line of mall developers.

“People have been talking about the death of malls forever,” he told consumer editor Joy Dumandan.

While many malls have shut down, Lazenby said he saw a less uniform trend.

“The best properties are getting better, and some of the worst properties are going away,” he said.

While he did not comment specifically on Lakeside Mall or its plans, he suggested that mixing land uses could be a solution for many struggling retail developments, reports The-Sun.

He said it was important to be “willing to introduce new concepts.”

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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

Market News Today - Another Massive Mall Now Closes After 48 Years in Business.
Market News Today – Another Massive Mall Now Closes After 48 Years in Business.

A popular Italian restaurant now announces an unexpected closure after nine years in business, according to an email sent to customers.

Italian Eatery, located in south Minneapolis, Minnesota, told its long-time customers that it planned to shut its doors.

The beloved restaurant, also known as ie, also plans to close its sister restaurant un dito, known for its Sicilian seaside street food, per The US Sun.

They have not announced a closing date but are expected to close between late May and mid-June, according to Bring Me The News.

“As we prepare to close our doors at ie and un dito, we’d like to extend a heartfelt invitation for you to join us for our final months of service,” an email to customers from Carrara $ Co. read.

“Gather with us at the table and let us reminisce over the incredible memories we’ve created together and cherish the moments shared over the past nine years.”

Italian Eatery has been a popular spot since its opening in 2016 and is known for its full-service drinks and dining near Lake Nokomis.

Un dito is a 400-square-foot space that specializes in sips and snacks or afternoon gatherings like you would see in Italy, according to its website.

The restaurant’s “Last Supper” reservations will be released every week and shared in weekly newsletters, according to its website.

“As always, we will continue to reserve walk-in tables at both ie + un dito for our beloved neighborhood,” the announcement read, according to the outlet.

Carrara & Co. also owns due, a focacceria and Italian market in St. Paul, Minnesota that the company calls “Italian Eatery’s spawn, aka quirky little brother,” according to its website.

Despite the Minneapolis closures, due will remain open.

“I’m pleased to inform you that all other Carrara & Co operations remain unaffected, including Due Focacceria, and we are even expanding our services,” according to a statement, reported by NBC affiliate KARE.

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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

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Market News Today - Another Massive Mall Now Closes After 48 Years in Business.
Market News Today – Another Massive Mall Now Closes After 48 Years in Business.

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