The city of Hoover will commission a $200,000 market assessment study to help chart the future of the Riverchase Galleria, facing challenges from online shopping. Mayor Frank Brocato announced the study during his State of the City address, emphasizing the need for reinvention to ensure the mall's continued relevance. The study will involve all eight property owners and examine factors like redevelopment potential and current market conditions.
The city of Hoover will commission a study to help chart the future of one the area’s largest commercial centers, Mayor Frank Brocato said today.
“Whether it’s shopping for groceries, clothing, home décor, these days, you can get just about anything from the internet. And while the convenience is great, the reality is – it’s hurting malls throughout the country.”The mayor stressed that the Galleria remains a thriving mall, but leaders realize that change must occur on the property to remain relevant.
The mall opened in 1986 and grew to become Alabama’s largest retail destination. Major competition entered the market in 1997 with the opening of the Summit along U.S 280 in Birmingham.The department store is shedding locations all around the country as Macy’s and other venerable companies struggle to survive in the age of internet competition.
MALLS RETAIL ECONOMY HOOVER ALABAMA
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