Three weeks ago word began spreading that the Rainbow at Terrace Mall (36th and Cty Road 81) would be closing.
Since then the rumor mill has been cranking away! From North Memorial taking over the whole mall, to Rainbow being forced out.
Mayor Murphy and I met with Terrace Mall property manager last week and he helped answer some questions for us.
Rainbow will be closing in mid-April as their parent owner Roundy’s declined to renew the lease. Grocery has seen a tremendous amount of new competition lately (Target, WalMart, even Walgreens) and Roundy’s has chosen to close a few stores as the leases expire.
There have been a significant number of companies looking at the property, and several serious conversations. The property manager could not comment on specifics as nothing was finalized. He did indicate that the space would very likely be split into two or three separate spaces. The era of the “big box” store has seemingly come to an end, with everyone from Best Buy, Office Max and even Home Depot and Lowes shrinking the square footage of their stores.
While they have regular meetings with North Memorial, they have not shown interest in expanding their space in the Terrace Mall at this time.
We will be continuing to stay in contact with the property manager, and he promised to let us know if a lease gets signed.
If you have any great leads, or suggestions for what you would like to see there drop me a line and I will pass the word along!