Springfield’s Upper Valley Mall is now under new management, and city officials are hoping the change will give the shopping center a new lease on life.
Wells Fargo Bank initiated court action against the Upper Valley Mall and the Simon Management Associates in June seeking to have it placed in receivership. The bank claimed Simon defaulted on a $47 million loan.
The mall opened in 1971, and Horton Hobbs with the Springfield Chamber of Commerce, believes for the most part, the Simon Group did a good job of running it.
The Boonshoft Museum of Discovery's satellite operation in Springfield's Upper Valley Mall will be moving into a much larger space in November. The former Elder-Beerman site in the mall will now house the museum.
Boonshoft opened in the Upper Valley Mall in early March with a short term lease to run through the end of August. The plan was to see if the Clark County area would warm up to the museum's only satellite
Plans for the Boonshoft Museum of Discovery to open a satellite operation in Springfield's Upper Valley Mall are ahead of schedule. The museum is now on pace to open in early March.
Boonshoft's vice-president of external relations Diane Farrell, says the museum received an overwhelming positive response by Clark County residents and mall management when the idea of locating at the Upper Valley Mall was proposed.
Farrell says the satellite museum will be an interactive experience designed for family fun.
Springfield's Elder-Beerman store, located in the Upper Valley Mall will close its doors at the end of January when its lease expires. The store's parent company, Bon-Ton Incorporated cited declining sales revenue as the reason to cease operations.
Elder Beerman has been an anchor store in the Upper Valley Mall for nearly 20 years. Greater Springfield Commerce officials say the mall is the largest sales tax generator in Clark County.
Officials say that Springfield retains $46 out of every $100 spent at a national chain located in Clark County.
Springfield's Upper Valley Mall has struggled to survive in the past decade, but a new mega shoe store may give the shopping center a much needed boost and bring more jobs and tax revenue to the local economy.
"The store is called Encore, and the space itself is 31,500 square feet. So it's going to be the largest shoe store in the state of Ohio," says Brenda LaBonte, manager of the Upper Valley Mall. She says the store will bring thousands of shoppers and employ between 20 and 100 people.