it’s a shrunken kingdom, but regency still reigns

With all the talk about dead malls these days, it’s hard to fathom that the enclosed mall is anything but an endangered species. There are precious few of these places being built these days and their numbers are dwindling as a whole.

In Richmond, there were two large regional “lifestyle centers” built in a single year, endangering the retail life of the region’s dominant enclosed malls. The premier enclosed property in the Richmond market, Regency Square, had the most to lose, as the two new centers were decidedly upscale in market orientation.

Both Stony Point Fashion Park and Short Pump Town Center put the kibosh on Regency. Stony Point snagged several prominent stores from Regency, while Short Pump took mostly prestige and popularity. The newer, fresher approach to shopping with large outdoor spaces, multiple upmarket food options, and diverse tenant mixes seems to resonate with Richmond shoppers who were used to more typical malls like Regency and Chesterfield Towne Center.

Rather than give up, Regency Square has adapted to the new shopping trends. The mall was renovated this past year, with new soft seating areas and a substantially renovated food court, slowly eradicating what had been a very dark and dated shopping environment. By taking a proactive approach, Regency has not declined to the extent that so many of its enclosed peers have. In fact the crowds at the mall on this past Saturday were still robust.

The tenant mix is still dominated by the upscale, as proven by stores like Brooks Brothers, Ann Taylor, Williams-Sonoma, Sephora, and Lindt Chocolatier, New stores, somewhat less upscale than the premier merchants previously favored, have given the mall a little more flavor. The addition of Finish Line alone is cause for celebration; Regency never was a great place to buy sneakers before.

The kingdom has shrunken somewhat; but Regency Square is still the dominant enclosed mall in Richmond.

Fun Facts:
--Regency Square’s Sears store is one of the retailer’s few three-level locations.
--JCPenney has no exterior entrances on its lower level because of the site’s topography.
--Hecht’s has three locations at Regency Square, a North store selling men’s and children’s clothes and home items, a South store with women’s apparel, and a separate Furniture Gallery across Quiocassin Road in an adjacent shopping center.
--Regency Square and the newer Stony Point Fashion Park are owned by the same company, Taubman Centers, The two centers, five miles apart, share management, marketing and advertising.