Cary, NC – JCPenney announced this week it will be closing its Cary Towne Center store, making it the third major retail anchor to leave the local mall. This sale coincides with the mall selling to a new owner
JCPenney announced it would close stores around the country at the start of this year, with some projections that as many as 100 locations could close soon. One of those locations closing in the near future is the Cary Towne Center store.
“This decision is the result of an ongoing review of our store portfolio, which includes assessing locations that may not meet our required financial targets or represent an opportunity to capitalize on a beneficial real estate asset. It’s never easy taking actions that directly impact our valued associates and customers, however we feel this is a necessary business decision,” JCPenney said in a statement.
Their statement also said the final day will be Sunday, May 5, 2019.
JCPenney is the third anchor to close at Cary Towne Center after Sears and Macy’s. JCPenney opened at Cary Towne Center in 1991.
In some respects, it seems this closure was expected for some time. Back in 2017, when there were preliminary plans for Cary Towne Center’s redevelopment, Belk and Dillard’s were shown still standing while JCPenney was gone.
The news about JCPenney comes at the same time that Cary Towne Center sells to Turnbridge Equities, a real estate and development firm. This month alone, Turnbridge has also bought a one million square foot industrial site in Newark and a ten acre industrial site in New York City.
Cary Mayor Harold Weinbrecht hinted the mall would be sold soon in his latest State of the Town address.
WNCN is the first to report on the Turnbridge sale, reporting that Turnbridge said their plan is to continue mall operations as is while the site is evaluated.
Story by Michael Papich. Photos by Michael Papich and the Town of Cary.