Landmark Mall in Alexandria Losing Lord & Talor Anchor Tenant
Landmark Mall in Alexandria, Virginia is losing its Lord & Taylor store. Lord & Taylor is anchor tenant in the mall. The Washington Postsays analysts are not surprised by Lord & Taylor's decision to exit the Landmark Mall.
Analysts said they were not surprised by Lord & Taylor's decision. Landmark Mall is owned by General Growth Properties, which last month filed for Chapter 11 bankruptcy protection. Landmark, a 44-year-old mall that was renovated in 1990, was among the company's individual properties that filed for bankruptcy protection on its own.
Gregory H. Leisch, chief executive of Delta Associates, a real estate and research firm in Alexandria, said the mall has a growing vacancy rate and is no longer a good fit for the store.
"The demographics of the trade area have changed. . . . It is no longer upscale," Leisch said. "The mall has deteriorated terribly going back before General Growth owned it."
