Could Regency come back to life like Willow Lawn has?

Posted at 10:08 PM, Oct 01, 2014
and last updated 2014-10-01 22:08:49-04

HENRICO COUNTY, Va. -- At the intersection of Parham and Quioccasin, it looks like business is booming at nearly every corner.

But at one corner, it seems to be struggling.

"It's almost like there's no life.  It looks dead," said James Clark.

Regency Square will soon be on the market.

According to Richmond, the giant retailer has seen its sales drop by nearly 60 percent over the last 10 years.

And that could be a big draw for potential buyers trying to get the best deal.

"Whoever buys it, I hope that they do something different," said Clark.

James Clark has worked in retail for more than 20 years, and believes this mall could use a major face lift, similar to what developers did at the Shops of Willow Lawn.

"I think when something is open and people see activity, there's life and that attracts you," said Clark.

But Richmond's Bizsense says the challenge for Regency Square is that it's a two-story mall, with a parking deck with Sears and JCPenney surrounding the mall, which will make it more difficult to demolish or renovate into an open-air shopping center.

Still, shoppers like Ellen Saba will tell you this design is a lot better.

"I think it looks more modern and inviting.  I like that the outside feel of it," said Ellen Saba. "They have some nice shops and…you know…there's more parking."

CBS 6 reached out to mall management at Regency Square for comment on the possible sale and potential buyers, but they have not returned our phone calls.