IRVINE, CA—Irvine Company plans a major $150-million reinvestment in Irvine Spectrum Center—celebrating its 20th anniversary—that will feature more than 20 new stores, new landscaping, outdoor seating and shade areas, state-of-the-art amenities, and circulation and parking-garage improvements.

At the heart of the popular center's reinvestment will be more than 20 carefully-curated stores located within two new buildings on the current site of Macy's, which announced earlier this week the closure of 40 stores nationwide, including the one at Irvine Spectrum Center.

"The Macy's closing has been contemplated for months and has provided us with a unique opportunity to rebalance Irvine Spectrum Center with additional retail stores to ensure that it continues as one of Southern California's premier shopping, dining and entertainment lifestyle destinations," said Easther Liu, chief marketing officer for Irvine Company Retail Properties. "As a master-planning company and long-term owner, we are always exploring how we evolve Irvine Spectrum Center's vibrancy and relevancy to marry with our customers' evolving tastes."