TGI Fridays closed at Monmouth Mall. Find out what is staying as mall transforms.
EATONTOWN - Last week TGI Fridays abruptly closed its restaurant location at Monmouth Mall's ring road, which circles the mall's perimeter.
While the mall tenant occupancy rate has been dropping due to the long-anticipated redevelopment of the 103-acre property which will finally start this spring, TGI Fridays' closing had more to do with a corporate decision that saw the chain close 36 "underperforming" locations in 12 states.
Meanwhile the inside of the mall looks like a ghost town, particularly the second-floor wing which will be demolished during mall's redevelopment. Most of the retailers on this wing, which includes the two floors between the escalators and Boscov's, had packed up last year but a few hung on for the Christmas rush.
Last week, the close-out sales began in earnest for the few that remained. On Thursday, bargain hunters sifted through cardboard boxes stuffed with the last of Forever 21's merchandise during a clearance sale as the clothing store prepares to close its Monmouth Mall location. Similar sights could be seen at Aeropostale, Furniture Outlet, Champions and the few others.
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Whether these stores, and about 40 others that are in the main wing such as major brands Old Navy and Victoria's Secret, will be here in the future, is not immediately clear.
The mall's tenancy is in a state of flux in anticipation of what will be a significant restructuring of not just the mall, but its surrounding property. Owner Kushner Cos. will add 1,000 apartments, outdoor public areas and three miles of pedestrian walkways in its effort to rebrand the mall as Monmouth Square.
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Who's staying
While the mall is being redesigned, several major stores, entertainment venues and eateries will remain open during the redevelopment process, Michael Sommer, Kushner's chief development officer, confirmed to the Asbury Park Press.
"All of the anchors will remain — Macy’s, Boscov’s and AMC (movie theaters). Buffalo Wild Wings will remain, as well," Sommer said.
Barnes & Noble will remain too, but will be moving to a new location at the mall, as its current space will be converted to a Whole Foods grocery store.
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The outparcels on the ring road are all remaining. Currently the parcels are occupied by Chili's, Jared’s, Chipotle and Shake Shack, which will be staying barring any corporate decisions to shutter locations. The interior food court will be redesigned and redeveloped as a modern food hall with new offerings. Sommer said.
"We are in discussions with various existing tenants to potentially extend their leases. In addition to Whole Foods, we are having active discussions with other exciting potential tenants." Sommer said.
Rebranding the mall
Kushner Cos. started down the road to redevelop the mall in 2015. The impetus has been driven by economics as brick-and-mortar stores have struggled to keep up with e-commerce.
Over that time, Kushner has presented several designs to the town, but has settled on a final plan to create a residential community to balance the retail and commercial attractions. Along the way it won a lawsuit brought on by residents opposed to part of the plan, which at the time included seven-story apartments along the perimeter.
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Three years ago Kushner bought out its partner Brookfield Properties to take full control of the mall. And most recently it agreed to drop several years' worth of tax appeals it filed against the borough of Eatontown after the two parties agreed to a 30-year tax break for the final site plan, which was approved in December by the Borough Council and Planning Board.
In the final plan, the renamed Monmouth Square will retain about 900,000 square feet of retail and commercial space that will be occupied by restaurants and retailers and entertainment venues, such as the movie theater.
Parts of the mall will be demolished to make way for outdoor pedestrian corridors and the apartments, which will mostly be placed near the center of the property. The apartment building heights will be limited to four stories and a total of eight apartment buildings will be constructed. Seven will be in the center, while one building will be on the perimeter.
What's coming this year? These stores closed in 2023 in Monmouth and Ocean counties. Search is on for replacements.
The mall traces its history back to 1960, when it opened as an outdoor shopping center. It was expanded and enclosed in 1975.
When Jersey Shore native Dan Radel is not reporting the news, you can find him in a college classroom where he is a history professor. Reach him @danielradelapp; 732-643-4072; dradel@gannettnj.com.
This article originally appeared on Asbury Park Press: Monmouth Mall: What stores will stay open as mall is partly torn down?
