Now That J.C. Penney’s Closing in Poughkeepsie, Who’s Moving In?
J.C. Penney announced yesterday that they would be closing their store in Poughkeepsie. But the location may not be vacant for long.
In 2015 the retail company closed its store at the Hudson Valley Mall in Kingston. Since then, there have been numerous closings and layoffs across the country, including the shuttering of the Palisades Center location in 2017. Now, with the Poughkeepsie Galleria location closing, the only store left will be in Middletown at the Galleria at Crystal Run.
But this may not be all bad news for the Poughkeepsie location. There are reportedly as many as three buyers who are looking to take over some of the soon-to-close J.C. Penney stores closing across the country.
As we reported last month, Amazon is rumored to be seriously looking at buying up old J.C. Penney locations for a presumed launch of their own retail chain. The tech giant is said to have a team in place at J.C. Penney headquarters discussing the purchase. During the pandemic, Amazon has found itself in a position to use its war chest to pick up distressed companies at a deep discount. The company is also rumored to be purchasing AMC Theaters.
If not Amazon, there are two other buyers that may want to swoop in and purchase the store. Forbes is reporting that a hedge fund and a partnership of shopping malls may also be interested in the properties. Sycamore Partners is known for its purchasing of troubled retailers. They may be a possible buyer, swooping in to turn around the business and start making a profit. Another interesting possibility is a group of retailers who have joined together to save the department store chain. Although not likely, they may decide to save many of the locations that are now slated to close across the country.
Of course, many Hudson Valley shoppers have their own ideas for what store would be best to take over the closing J.C. Penney location in Poughkeepsie. We'd love to hear what you think about the closure, and what new retailer you hope will fill its space once it closes. You can leave your thoughts in the comments section below or on our Facebook page.
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