STAYING WITH THE STORY
Since the sale of Towne Mall Galleria more than one year ago, The Journal-News has covered the latest developments of the deal with in-depth stories. Count on us to continue this coverage of the mall and its impact on the Butler County economy.
One of the major retail stores in the Towne Mall Galleria has closed.
The Finish Line, a sporting goods stores that has been in the mall for about 15 years, has closed after not renewing its lease, according to one of the mall owners, George Ragheb, of SA Mary Ohio, which purchased the mall in October 2012.
Ragheb said reported sales at the Finish Line in the mall were “strong.”
Dianna L. Boyce, senior director of corporate communications for the Finish Line, said the closing of the Towne Mall location was “part of our normal course of business as we open and close stores based on results and demand in the market.”
On Tuesday, workers were cleaning out the store, but they declined to comment.
Ragheb said the Finish Line location was about 2,000 square feet. There are 660 Finish Line locations in 47 states.
The closing of the Finish Line came just weeks after Ragheb said potential major tenants were “holding back” on signing leases because Target, located across the street from the mall at 6775 Roosevelt Parkway, was closing. Target announced it was closing eight stores later this year, including Middletown and Trotwood locations.
Ragheb said he was hoping to sign several major tenants to fill the space in the former Dillard’s location, one of the mall’s anchors. He said negotiations are continuing with those tenants.
Finish Line is the second tenant to recently leave the mall. Ragheb said Wigs For A Change, one of the 11 new businesses that opened last year, has left the mall, and other retailers haven’t renewed their leases. He said another merchant signed a new lease, at a higher rate, and four tenants are considering opening mall locations.
On Tuesday, Ragheb said soon he would have “very good news” to announce regarding the future of the Towne Mall.
Ragheb said his company remains committed to the Towne Mall. The group has spent $3.3 million purchasing the 465,451-square-foot mall and other properties. They spent $850,000 on the mall, $1.2 million on Dillard’s and $1.25 million on Elder-Beerman. The land and building were valued at $9.48 million, according to the Warren County Auditor’s office said.
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