Purchase Date: MARCH 1999
Regency Mall was a traditional dumbbell small market mall in need of redevelopment. At the time of acquisition in 1998, the center's anchor stores, Montgomery Ward and Hills Department Store, were either in bankruptcy or on the verge of declaring bankruptcy.
Libby recognized that the long-term success of the mall required a drastic change and made the decision to demolish the mall to start from the ground up. Libby also recognized that catering to the student population located at nearby Indiana University of Pennsylvania would be crucial to the projects success. Focusing on food, value, and convenience retailing, a new 60,000 square foot, state of the art Giant Foods Supermarket was brought in and quickly replaced the trade area's other grocery stores as the preferred supermarket.
Although still a work in progress, Regency has a bright future with the addition of Dollar Tree, Ollie's Bargain Outlet and a new Giant Foods fuel center. Regency's value was almost doubled over the purchase price in 1998. Regency Mall is positioned perfectly to take advantage of the growth of the Indiana University campus.