Regency Square to get new owner

By Ben Garbarek - bio | email

HENRICO, VA (WWBT) - Regency Square Mall in Henrico County will soon have a new owner. The Michigan company that owns the mall says it's going to cut its losses and hand it over to the bank that finances it.

The company that owns Regency Square says it simply isn't making enough money.

Some shoppers say they don't want whoever buys the mall to make any big changes.

"My concern would be if they changed owners, what would it become?," asked lifelong Regency Square shopper Suzanne Axtell.  "Living in the area, I have a concern for quality of the mall. I've seen other malls go downhill in the area and we'd just hate to see this mall do the same thing."

Taubman Centers is the company that currently owns Regency Square.  A spokeswoman for the company told NBC12 its decision to give up ownership has nothing to do with newer malls like Stony Point or Short Pump Town Center moving into the area. The company says the poor economy is to blame.

Some shoppers say they like having Regency Square close to home.

"I like bringing my kids here," said Maria Henrichs.  "I tell them how things used to be. I think it's a part of Richmond and a part of the West End. You never leave your roots."

Others say they hope whoever buys the mall keeps things the same.

"The hope is that nothing changes with the design and the attitude of people here and the stores all remain the same," said Felecia Redd.  " I like it. It's in my neighborhood."

Some admit they just don't like change.

"Richmonders don't like change I guess," said Axtell.  "(I) hate to admit that."

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