LAKE COUNTY, Ohio — Mentor city officials released a statement, addressing the sale of Great Lakes Mall, located in Lake County, and one of the few regional malls within northeast Ohio.
“The City of Mentor has learned that the Washington Prime Group, owners of the Great Lakes Mall, is preparing to sell its entire portfolio of over 70 properties, including the Great Lakes Mall,” the city said in a release. “There is currently no indication of when such sale will take place and the process for disposition. The city believes in the viability of the Mall as an important retail center and will continue to support efforts for investment and diversification of use to serve our residents and visitors.”
The city said efforts include project development in the surrounding area.
Great Lakes Mall measures 1,249,450 square feet and has approximately 5.2 million visits annually. Per guest each year, Washington Prime Group said there are 7.15 average visits. Most visitors spend on average 65 minutes within the mall as well.
Washington Prime Group currently lists 50 properties on its website.
“As part of WPG’s multi-year journey, the company continues to sell assets in its portfolio, with about half of WPG’s properties sold in the past year, while the remainder of the portfolio is or will soon be on the market,” a spokesperson for WPG said. “As a result, WPG is reducing its headcount to reflect the downsized organization.”
The spokesperson said the company’s strategy has been communicated internally for some time, with employees being connected to resources and support to help them.
WPG is offering a severance package, access to outplacement services and a development program to affected employees. Through the services, employees can receive help with job search assistance, join resume workshops and receive professional headshots.
The development program was launched last summer to help teach new skills, obtain certifiations and degrees to help prepare for work after WPG.
Madison MacArthur
Source link