Old Navy at the Steeplegate Mall closing at the end of January

Last modified: Saturday, January 10, 2015
Old Navy is closing its Concord location, the smallest of the four major anchors at Steeplegate Mall.

The store will remain open until Jan. 25.

A spokesman for Old Navy’s parent company, Gap Inc., confirmed the closure in a statement, adding, “we are constantly evaluating our store fleet to ensure we have the right stores in the right locations to best serve our customers. The decision to close a store is always a difficult one – a number of factors can impact the decision, including store location, store performance and number of stores in the market.”

Thomas Lavigne, general manager of Steeplegate Mall for Colliers International Commercial Real Estate, could not be reached for comment yesterday.

Teen-oriented retailers Aeropostale and Abercrombie & Fitch closed their doors last January. Both of those retailers had announced poor national sales in the quarter immediately before closing the Concord locations.

Gap Inc., however, is in strong financial position; on Monday, three separate Wall Street firms upgraded their expectations for the company’s holiday earnings, and one changed the stock’s rating from “hold” to “buy.”

Steeplegate Mall opened in 1990 and is owned by Rouse Properties, which acquired the mall in 2011 when General Growth Properties spun off 30 shopping malls that were described as not among their top-performing sites.

Steeplegate had a 66 percent occupancy rate at the end of September, according to Rouse Properties’ last quarterly report. That’s down from 72 percent at the same time last year.

Rouse defaulted on the mall’s mortgage last year, and the property is headed for receivership.

(Sarah Palermo can be reached at 369-3322 or spalermo@cmonitor.com or on Twitter @SPalermoNews.)