Peabody Place (Memphis, Tennessee)

Peabody Place is a mixed use residential, retail, and office redevelopment project located in Downtown Memphis, Tennessee that covers eight city blocks.

The development was planned for years, and the first building was to appear in 1993.

In 2012 the Economic Development Growth Engine (EDGE) announced that it would establish its headquarters in the Tower at Peabody Place, taking about 4,931 square feet (458.1 m²) of space on the 11th floor.

An enclosed mall, with 300,000 square feet (28,000 m²) of space, was opened in 2001 and was initially anchored by a 22 screen Muvico cinema, Jillian's, and Tower Records; other chain stores, such as Ann Taylor and Gap joined. While it was initially successful, the excitement quickly fizzled out and the enclosed mall proved to be unable to compete with more convenient suburban alternatives in more affluent neighborhoods that were perceived as safer, due to their demographics. The Jillian's was a 60,000-square-foot (5,600 m²), three floor entertainment lounge.

Over several years, most of the stores in the indoor mall were closed. A few were replaced by new establishments, such as Encore restaurant, and Primetime Sports Bar, but those were also unable to gain traction and eventually closed. While the rest of Peabody Place and the Downtown area in general had been performing well, the enclosed mall failed. Many considered the fundamental concept of an enclosed mall to be somewhat antiquated and particularly inappropriate in dense urban areas, criticizing Belz for its lack of urban expertise.

In late 2005 the Encore Restaurant and Bar opened at 150 Peabody Place. In November 2006 Muvico closed eight of its screens. Afterwards, Ann Taylor Loft moved from Peabody Place to Germantown, Tennessee, Tower Records went into liquidation, and Napoli Pizza and Subs closed. In early 2004 the Isaac Hayes Restaurant closed, and since then the Sports Avenue store sales figures had significantly decreased. The Jillian's had higher sales in 2007 than in 2006, and Owen Reed, the assistant general manager, said that business was robust especially while games occurred at the FedEx Forum and while concerts occurred in Downtown Memphis. Reed said "We dictate the volume at this mall. With the exception of the movie theater, we define foot traffic."

...
Wikipedia