American Eagle quits mall
Staff Report | January 22,2013
The Diamond Run Mall has lost another major retailer.
American Eagle Outfitters closed its store Monday after a dozen years at the mall.
“The mall has a low occupancy rate of 60 percent and per our current strategy plan, we seek to return great results to our shareholders and one of those ways is to re-evaluate our store footprint,” company spokeswoman Iris Yen said in an email. “We look at closing/moving stores in underperforming locations.”
The 19-year-old mall has seen a steady decline in business as one retailer after another has abandoned the area’s only indoor shopping center.
Mall owner, Gemini Real Estate Advisors, is surrendering ownership of the property to its major creditor, an investment trust.
Gemini purchased the mall in 2007 from Zamias Services, which was recently hired to oversee management of the 400,000 square-foot mall.
American Eagle operates two other stores in Vermont, one on Church Street in Burlington and one in the University Mall in South Burlington.