Walmart went shopping and came back with the Monroeville Mall, about 20 miles east of Pittsburgh, according to information from the Pittsburgh Post-Gazette. CBL Properties sold the property at a bargain price of $34 million. Spread over almost 81 hectares, an enclosed shopping center of more than one million square meters and a separate Annex and District shopping center.
Walmart spokesman Mark Rickel said it’s too early in the process to reveal plans or timelines for the mall, but to redevelop and manage the site, it has partnered with Cypress Equities, which has worked with Walmart to build about 25 stores nationwide.
“Walmart is very interested in being part of any future redevelopment of this site,” he hinted. There is no Walmart in sight. The nearest one is about four miles away.
“Walmart is working with Cypress on mall operations and potential redevelopment of the site. We cannot share any specific plans at this time,” Rickel continued.
An iconic Pittsburgh landmark is set for a makeover
Located at the busy intersection of the Pennsylvania Turnpike, Route 22, Route 48 and I-376 Parkway heading downtown, the two-story Monroeville Mall opened in 1969.
The mall consists of stores such as Macy’s, Dick’s Sporting Goods and JCPenney, with a Barnes & Noble, Guitar Center and Best Buy outside. In the retail area, there is an H&M, Forever 21, Kay Jewelers, American Eagle, Victoria’s Secret, Claire’s and other specialty stores.
For experiences, there is a Cinemark movie theater, Coast and Main Seafood and Chop House, Saga Hibachi Steakhouse and Sushi Bar, a food court, and a variety of community and personal service offerings.
The mall was the prime location for the 1978 classic horror film Dawn of the Dead and houses the “Living Dead Museum and Gift Shop” for zombie fans. It was also the setting for a scene in the 1983 film Flashdance.
The mall is ripe for renovation, as the last major renovation happened in 2003, shortly after which CBL acquired the property for about $230 million.
The birth of Walmart Shopping Centers is approaching
In 2018, Walmart announced plans to develop shopping centers around its stores, called Town Centers. LB Johnson, then and now Walmart’s vice president of real estate operations in the United States, shared:
“We want to offer pedestrian connectivity from our site to the planned experience zones in our space. We want to expand these experiences and activities with more food and beverage, health and fitness, essential services and entertainment.”
At the time, Johnson said the company had identified several locations for the Town Center development, including one in Loveland, Colorado and Henderson, Nevada; However, those plans never came to fruition. Other things got in the way, such as the Covid-19 pandemic.
Now Walmart appears to be resurrecting the concept with the acquisition and remodeling of the Monroeville Mall.
In an interview with the Post-Gazette, Cypress CEO Chris Maguire said the company will work closely with public officials and community members to determine the “highest and best” use of the property.
The vision is to develop the property into a “new mixed-use retail and commercial destination,” including hospitality, retail and possibly residential development.
“We’d like to get out of there as quickly as possible,” Maguire said. “I think it’s in everyone’s best interest for the redevelopment to be up to current standards and what the community deserves.
“We look forward to bringing it back to its glory days,” he concluded.
Benefits of Shopping Centers
For buyers:
- Variety of products
They offer a wide variety of products, from basic necessities to technology, toys, fashion, cosmetics and beauty treatments.
- Additional services
They offer other services, such as movie theaters and restaurants.
- Activities for All Ages
They offer activities for all ages, from recreational areas for children to relaxation areas for adults.
- Easy Access
They are complexes with easy access, with public and private transport, and parking areas.
For businesses:
- Increased security and human trafficking
Establishing your business in a shopping center can offer multiple advantages, one of the most important being greater security and foot traffic.
- Joint marketing strategies
Shopping malls provide marketing strategies in conjunction with the shopping mall.
