Business leaders optimistic despite Peabody Place struggles - WMC Action News 5 - Memphis, Tennessee

Reported by Kontji Anthony

Business leaders optimistic despite Peabody Place struggles

Peabody Place Mall opened six and a half years ago with ten tenants and a movie theater. Five of those tenants are now gone and four spaces have remained empty from the beginning.
The latest two retailers to leave Peabody Place are Sydnie's Gifts and Napoli Pizza.

This comes on the heels of Ann Taylor Loft closing in July, Isaac Hayes Restaurant in April and the mall anchor, Tower Records, closing in October 2006.

So what's to come of Peabody Place?

"I think some of what you're seeing at peabody Place is by design.  That there is a desire on the part of management, management reading the marketplace to reformat to retenant," Jeff Sanford of the Center City Commission said.
Sanford said there are big plans on the horizon, but he couldn't say what.
"It's obviously not my news to give except I can say that there will be some announcements forthcoming if not in the weeks, certainly in the months ahead," Sanford said.

Downtown Memphis is part of City Councilman Myron Lowery's district.

"This is just a small bump in the road for the development of downtown losing a few stores in Peabody Place.  Other stores will come back and the reason they're going to comeback is downtown is booming," Lowery said.

In fact, he said, three billion dollars in downtown development is underway.

One Beale will offer luxury condos, a Hyatt Hotel and office space.

A new Hilton is coming to the old Chisca Plaza.

And a retail, parking, and an apartment complex is coming to Main and Gayoso.

Click here to e-mail Kontji Anthony.

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