Chesapeake Square Foreclosure Affecting Mall Traffic

by San Antonio Attorney

Established in 1989, Chesapeake Square measures 717,282 square feet and is located in the Hampton Roads area of Virginia.

Chesapeake Square used to have a hundred stores, six anchors such as Burlington, Cinemark Theatres, JCPenney, Target and Macy’s.  Macy’s recently closed last month.

Other eateries in Chesapeake’s Square food court include Chick-Fil-A & Nori Japan.  There are also two restaurants located near the mall’s main entrance: Tilted Kilt and the Big Woody’s.

Chesapeake Square has an occupancy rate of 86.5% and is owned by WP Glimcher.  However, this structure is facing foreclosure.

Brent Lewis, the manager of Collector’s Heaven, a sports apparel store, did not expect Chesapeake Square to foreclose.

Lewis said that the time period was an unlikely time for sales but mall traffic has weakened since Chesapeake square filed for foreclosure.

Chesapeake square faced its recent challenges of losing big-time clients such as Macy’s and Sears.  Lewis revealed that customers have been lesser since the foreclosure became public, due to a misinterpretation that his store is also closing.

Lewis is frequently bombarded with questions if his store’s last day was going to be the date of foreclosure or what is Collector’s Heaven’s official last day prior to closure.

In response, Lewis explains to his customers the mechanics of foreclosure and it doesn’t necessarily mean that the store is closed.

Amber Caudell, the Marketing Director of Chesapeake Square, revealed that they have a new activity titled, ‘Street Shopping Night’, the stores extend their operating hours to accommodate customers after a dinner at a food rodeo cart.

Caudell added that they are not closing but just making a few modifications to the management.  In conclusion, Chesapeake Square is open to spending a future with a potential investor.

The potential buyers and investors have not been listed in the upcoming auction.

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