(Mike Pare)CBL & Associates Properties, Inc. has been working to breathe new life into the 42 year old mall since the company purchased it from the General Growth Properties for $11.5 million in cash in 2011. CBL is going to open a 63,000 square foot store in JCPenney’s old store. A representative of the Hixson Council of the Chattanooga Area Chamber of Commerce said, “He imagines the Penny closing will hurt, but said it will free up space for future development.”
The company operates 1,100 mid-market department stores in the United States, and is trying to win back shoppers after suffering from a 25% drop in sales. CBL said that “Other than the other locations under redevelopment, it has no vacant anchor locations in its core portfolio.” CBL is one of the largest owners and developers of the malls and shopping centers in the city.
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