Colorado Springs mall to lose original anchor tenant
COLORADO SPRINGS, Colorado ” The 27-year-old Chapel Hills Mall in Colorado Springs will lose an original anchor tenant when the facility’s Kmart store shuts its doors for good.
Sears Holdings spokeswoman Kim Freely says the company is closing the store for “business reasons,” and that 49 employees will lose their jobs.
Two Kmart stores will remain in Colorado Springs. Chapel Hills Mall has five other anchor tenants, including Sears, Macy’s and J.C. Penney.
Kmart acquired Sears in 2005, prompting many retail industry analysts to predict one of the brands would eventually disappear. The Gazette reports Chapel Hills Mall was the only Colorado Springs retail development with both stores.
The Chapel Hills Kmart opened with the mall in 1982.
No closing date has been announced.
The Vail Valley’s real estate market has long been an unusual one, with very expensive sales accounting for a large share of the market’s dollar volume. That means a few sales can have a large impact on volume.