Washington Prime Group (WPG) is actively engaged in a strategic initiative to divest its real estate assets, resulting in the sale of approximately half of its property portfolio over the past year. The remaining properties are either currently on the market or will soon be listed. This includes around 70 malls and shopping centers across the United States, such as the Polaris Fashion Place in Columbus. However, the Fairfield Commons Mall, owned by MFC Beavercreek, LLC, has not yet been put up for sale, with the company withholding any timeline regarding a potential listing.
The sale of a retail property does not automatically imply business closure. Historical precedents, such as the foreclosure of Greene Town Center in Beavercreek, have shown minimal impact on customer experience despite ownership changes. The Mall at Fairfield Commons, located near I-675, features numerous stores around anchor tenants like Morris Home Furnishings, JCPenney, and the recently opened Dick’s House of Sport. Other well-known retailers, a food court, several restaurants, and hotels are also part of the mall’s complex.
In related developments, Washington Prime Group has announced layoffs at its corporate office, affecting seven senior vice presidents and 11 vice presidents, while sparing positions at Fairfield Mall itself. Employees have been informed of these changes for some time, with the company offering severance packages and outplacement services. Following its Chapter 11 bankruptcy filing in 2021, from which it emerged later that year, WPG recently sold the former Elder-Beerman store at Dayton Mall to Miamisburg Springboro Mall Anchor LLC for $2.5 million. This property was initially acquired by WPG in 2019 for $3.6 million, and it has remained vacant since the closure of Elder-Beerman in 2018.
The Evolving Landscape
These ongoing developments within Washington Prime Group illustrate a broader trend in the retail industry, where asset management and ownership transitions are common strategies to enhance financial health and operational focus. For consumers, changes in mall ownership typically do not disrupt the shopping experience, as new owners often aim to maintain or improve upon existing services and offerings to retain customer loyalty and foot traffic.
For communities, the sale and potential redevelopment of retail properties can lead to significant local economic impacts, both positive and negative. While new investments can revitalize shopping areas, there is also a risk of temporary disruptions or changes in employment dynamics. Businesses housed within these properties may experience varying levels of uncertainty, although continuity is generally a priority for new owners to safeguard community relationships and economic stability.