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Virgin Megastore to close at Arizona Mills
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The Virgin Megastore at Arizona Mills, one of only eight stores the nation, will close.
The entertainment media retail chain, founded by flamboyant British entrepreneur Richard Branson, has stores in Hollywood, San Francisco, New York City, as well as the United Kingdom, France and Japan.
The chain’s North American operations were reportedly acquired by New York-based real estate developers The Related Companies and Vornado Realty Trust in late 2007.
According to a June Reuters article, Sandeep Mathrani, Vornado’s executive vice president and real estate division chief, said the firm purchased the chain with the intention to “wind it (Virgin Megastores) down to get a hold of the real estate.”
The article said Vornado intends to also close the Virgin Megastore in New York City’s Times Square in the first quarter of 2009.
Nat Handler, Arizona Mills’ director of marketing and business development, said he thinks the store may close as early as January, but “I don’t know the exact date,” he said.
Officials at Related Companies and Vornado Realty Trust didn’t return phone calls for comment.
Virgin is located in a key area in the center of the mall, linking the east and west sides.
Handler said the store is considered an anchor to the mall and occupies about 30,000 square feet.
He said he doesn’t know who will take the space.
“We’ve been very lucky in that we’re a very desirable mall,” he said. “There’s been no shortage of retailers who want to be here, so our hope is that we will be able to find the right fit and the right retailer and that well be able to fill that spot as quickly as possible.”
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