General Growth needs the Macy's property to proceed with a planned $63 million facelift on the 30-year-old, 150-shop retail center. The planned renovation would be the second for the mall in three years, according to the report.
The renovations are needed to compete with a blizzard of nearby new and existing retail centers and the exiting of several national chain stores from Cumberland Mall since General Growth bought the center in 1998, the report states.
The Macy's store has been vacant since April. General Growth sees a niche market for Cumberland Mall by targeting its renovated property to some 100,000 residents who live or work near the mall's site at the Interstate 75 North-Interstate 285 interchange, about 20 minutes from Downtown Atlanta, according to the report.
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