Simon Property Group is overseeing big changes at Orland Square Mall, the latest example of a mall operator working within the broader challenges of an industry beset by the competition of e-commerce.
The regional Orland Square Mall in the southwest suburbs lost two of its four anchors in recent years — Sears and Carson’s. Now, Von Maur is set to open a new department store in the old Carson’s space by Thanksgiving, according to the Daily Southtown.
Simon is asking Orland Park village officials for permission to build a two-acre outdoor park near the southeast entrance of the mall. The move reflects the growing trend for shopping mall landlords to bring non-retail uses to their properties to help buffer the blow of losing tenants like Carson’s and Sears.
The company that bought the Carson’s brand after its bankruptcy has started opening new locations. It expects to throw open the doors in the next couple of weeks on a store on Orland Park mall property but in a new site.
The village will consider the request and will vote on Seritage Growth Properties’ plans to put a 10-screen AMC theater in the former Sears anchor space at Orland Square.
Simon posted a record fourth quarter at the end of 2018, with CEO crediting the REIT’s performance in part to the growing diversification. Simon reports its first-quarter numbers Tuesday. [Daily Southtown] — John O’Brien