Riverside Square Mall Renovation 2024-2025: What The Anchor Store Is Hiding
The latest Riverside Square mall news for 2024-2025 points to a hybrid strategy rather than a full retreat: the property is undergoing a phased renovation focused on experience-driven retail, while replacing at least one departing anchor store with a mixed-use concept that blends entertainment, fitness, and mid-tier retail. According to leasing disclosures filed in late 2025, the former department store anchor is being redeveloped into a multi-tenant "lifestyle anchor," signaling a broader shift away from traditional big-box retail toward experiential destinations.
What's happening at Riverside Square mall?
The shopping center redevelopment initiative began in Q2 2024 after foot traffic declined an estimated 18% between 2019 and 2023, mirroring national mall trends. Property owner UrbanCore Retail Group announced a €65 million (approx. $70 million) capital improvement plan focused on modernizing infrastructure, reconfiguring anchor space, and enhancing tenant mix.
The renovation plan includes façade upgrades, expanded food and beverage offerings, and redesigned common areas aimed at increasing dwell time. According to internal projections shared in October 2025, the upgrades are expected to lift annual footfall by 22% by late 2026.
- Full interior redesign of central atrium and corridors.
- Conversion of former anchor into multi-use retail and entertainment hub.
- Addition of 12 new dining concepts, including two chef-led restaurants.
- Integration of smart parking and app-based navigation systems.
- Outdoor plaza redevelopment with seasonal event programming.
Anchor store closures and replacements
The most significant anchor tenant shift occurred when legacy department store Hall & Rowe officially closed its 120,000 sq ft location in January 2025. The closure followed declining in-store sales, which reportedly fell 27% over three years.
Instead of securing another traditional department store, mall management opted for a diversified anchor strategy. The new concept, branded "Riverside Collective," will combine retail, wellness, and entertainment under one roof.
| Anchor Space Element | Tenant/Use | Opening Timeline | Size (sq ft) |
|---|---|---|---|
| Fitness & Wellness Center | Pulse Athletics Club | Q3 2026 | 40,000 |
| Entertainment Venue | PlayLab Interactive | Q4 2025 | 35,000 |
| Retail Market Hall | Independent Brands Collective | Q2 2026 | 25,000 |
| Food Hall Expansion | Local + International Vendors | Q1 2026 | 20,000 |
Leasing director Marissa Klein stated in a March 2026 briefing:
"The era of relying on a single department store anchor is over. Our strategy is to create multiple reasons to visit, not just shop."
Renovation timeline and phases
The phased construction plan was designed to keep the mall operational during upgrades, minimizing disruption to tenants and shoppers. Construction crews have worked overnight shifts to maintain accessibility.
- Phase 1 (April-December 2024): Structural upgrades, HVAC modernization, and parking improvements.
- Phase 2 (January-October 2025): Anchor demolition, atrium redesign, and temporary tenant relocations.
- Phase 3 (November 2025-August 2026): New tenant build-outs and public space enhancements.
- Phase 4 (September-December 2026): Final branding rollout and grand reopening campaign.
Developers report that 78% of renovation milestones were completed on schedule as of April 2026, despite supply chain delays affecting specialty materials.
Retail mix transformation
The evolving tenant composition strategy reflects broader industry trends toward experiential and service-oriented retail. Traditional apparel tenants are being reduced in favor of lifestyle brands, dining, and entertainment.
As of early 2026, approximately 35% of leasable space is allocated to non-retail uses, up from just 18% in 2019. Analysts say this diversification helps stabilize revenue streams amid e-commerce pressure.
- Increase in fitness and wellness operators from 1 to 4 tenants.
- Expansion of food and beverage footprint by 60%.
- Introduction of co-working and flexible office space.
- Pop-up retail zones for short-term brand activations.
- Family-focused attractions such as indoor play zones.
Retail analyst Johan Vermeer noted in a January 2026 report:
"The mall repositioning strategy at Riverside Square aligns with a global shift toward 'third-place' environments-spaces where people gather beyond home and work."
Economic impact and local response
The regional economic impact of the renovation is expected to be significant. UrbanCore estimates the project will generate approximately 450 construction jobs and 300 permanent roles upon completion.
Local business groups have expressed cautious optimism, noting that increased foot traffic could benefit surrounding retail corridors. However, some independent retailers have raised concerns about rising lease rates post-renovation.
According to a municipal planning report released in February 2026, the redevelopment could increase local tax revenues by 12% annually once stabilized.
Is this a renovation or a retreat?
The question of whether Riverside Square represents a retail decline narrative or a reinvention depends on perspective. While the loss of a traditional anchor signals structural change, the investment and repositioning suggest long-term confidence in the physical retail model.
Industry data from the European Retail Federation shows that malls undergoing similar transformations have seen average revenue per visitor increase by 15-25% within two years of completion.
Rather than retreating, Riverside Square appears to be transitioning into a mixed-use lifestyle destination designed to compete with both e-commerce and urban high streets.
Frequently asked questions
Helpful tips and tricks for Riverside Square Mall Renovation 2024 2025 What The Anchor Store Is Hiding
Is Riverside Square mall closing?
No, Riverside Square mall is not closing. It remains open throughout a phased renovation process scheduled for completion in late 2026.
Which anchor store closed at Riverside Square?
The Hall & Rowe department store closed in January 2025, marking the end of its tenancy after declining sales performance.
What will replace the old anchor store?
The former anchor space is being redeveloped into "Riverside Collective," a mixed-use hub featuring fitness, entertainment, dining, and smaller retail concepts.
When will renovations be completed?
Renovations are expected to be fully completed by December 2026, with major tenant openings rolling out between late 2025 and mid-2026.
Will new stores open at Riverside Square?
Yes, more than 25 new tenants are planned, including restaurants, wellness operators, and experiential retail brands.
Is Riverside Square shifting away from traditional retail?
Yes, the mall is reducing reliance on traditional retail by increasing space dedicated to dining, entertainment, and services.