Several retailers are moving out of Circle Centre Mall after receiving notices that their leases would be terminated at the end of the year, raising questions about whether the mall will remain operating in the near future.
Three business owners with stores inside Circle Centre Mall told IndyStar they received lease terminations from Hendricks, the mall’s owner, that said they would need to move out by Dec. 31. The tenants said they were under the impression that all of the half dozen or so remaining open stores received the same message, indicating the mall may have no retail tenants come the first day of the new year.
The news comes as Hendricks Commercial Properties inches closer to a massive overhaul of the mall that could take years to complete.
The lease terminations mark the end of an era of retail operating in Circle Centre Mall and a yearslong decline for the shopping center that was considered a downtown mecca when it opened in 1995.
IndyStar counted seven open storefronts on a recent Wednesday, not including an additional few holdouts in the food court. Open retail stores include: Circle City Souvenirs, the Collector’s Den, Freestyle, Hot Topic, WNS Apparel, Aeropostale and Indy Jewelers. IndyStar’s office also remains in the mall.
The owners of Circle City Souvenirs, Collector’s Den and WNS Apparel told IndyStar they were told to leave the mall by Dec. 31. Representatives for the other four stores could not be reached or did not respond to an IndyStar request for comment before the publication of this article.
A Hendricks representative did not respond to IndyStar questions asking about the lease terminations or when the mall will close permanently for redevelopment.
When Hendricks bought the mall from JLL in 2024, the Wisconsin-based developer behind Bottleworks and Ironworks announced plans to completely redevelop the space in phases. Hendricks closed the south end of the mall in April to begin pre-construction work, relocating many tenants to the north end.
Some retail tenants, including the owners of WNS Apparel and Circle City Souvenirs, said they thought moving to the north end would allow them to stay longer and they forked up thousands of dollars to renovate empty spaces. Now, they have to move again after only around eight months.
“Ten years, I’ve been in downtown Circle Centre Mall for 10 years,” said Daki Glumac, owner of WNS Apparel. “It just sucks that back in April we were told we would be safe here for another four years because the plan was to remodel the mall in phases, and something along the way has changed.”
Kim White, owner of Circle City Souvenirs, received an official termination notice Nov. 4, saying she had to vacate her storefront inside Circle Centre Mall by the end of the year. In the email notice reviewed by IndyStar, a Hendricks representative did not give a reason for terminating the agreement.
Before the written notice, White said she had a call from a Hendricks representative who suggested other retailers in the mall faced the same fate as her.
“They said the mall was dying, and they were going to close it,” White recalled. “It wasn’t like a conversation.”
Circle City Souvenirs, which originally opened as a kiosk in the mall in 2017, did not have a long-term lease but was on a month-to-month basis, White said.
The souvenir shop is moving to a first floor storefront inside the PNC Center at 1 S. Capitol Ave. which shares a lobby with the Hyatt Regency. White hopes to open the new location by Dec. 1. As White packs up the souvenirs and moves out, she feels bittersweet about the mall.
“What they are going to do, it’s going to be amazing, I have no doubt in my mind,” White said. “They just could have done it so much better.”
Hendricks bought the mall in early 2024, unveiling extensive plans to essentially overhaul the building and demolish much of what makes it recognizably today. The project was widely celebrated by stakeholders downtown as the mall was in desperate need of investment when Hendricks took over.
But the plan’s complex details spelled out disruption for an important two blocks of downtown as the mall has historically served as an artery for convention goers and thousands of hotel guests.
Renderings for the $650 million-plus redevelopment released in April show an open-air retail floor on what is now the second floor of Circle Centre Mall. Offices, apartments and an entertainment venue were included in initial renderings, but plans could change before construction officially starts.
The project is expected to have to go before the Indianapolis Historic Preservation Commission at some point before construction begins due to its location within the Mile Square district.
Collector’s Den co-owner Matt Hanlon said he has “known for awhile” the store would eventually have to move out of the downtown mall, but he only recently got a solid date that he would have to move out by Dec. 31 at the latest.
“We hope to be moved out well before then,” Hanlon said.
Alysa Guffey writes business, health and development stories for IndyStar. Have a story tip? Contact her at amguffey@usatodayco.com or on X: @AlysaGuffeyNews.
This article originally appeared on Indianapolis Star: Is this the end for Circle Centre Mall? Retailers receive lease terminations
Reporting by Alysa Guffey, Indianapolis Star / Indianapolis Star
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