Lakeforest Mall

Lakeforest Mall first opened September 12, 1978.[1] At that time, the mall's anchor stores were JCPenney, Sears, Woodward & Lothrop, and Hecht's. The mall was one of the first in the United States to feature an indoor ice skating rink on the lower level, in the "H section". The rink has since been superseded first by a multi-theater movie complex, then by a food court, which now occupies the place.[2]

In 1995, the Woodward & Lothrop at the mall closed and was replaced by Lord & Taylor.[3] Lakeforest was host to a Friendly's and a Long John Silver's during the 1990s;[4][5] they have since closed down.

Originally developed, owned and operated by Taubman Centers, the Simon Property Group owned and managed the mall from 2007, when it purchased former owner and manager Mills Corporation. The company defaulted on its mortgage in 2011 and the mall was put up for sale after.[6][1][7]

In 2012, the mall took in $14,680,000 in net income.[8]

In 2013, Five Mile Capital Partners hired real estate developer Hines to "map out a long-term plan for Lakeforest".[9] The children's play area and nearby fountain were removed and tiled over that year.[10]

In 2016, the mall took in $6,180,000 in net income.[8]

On August 22, 2017, Gaithersburg's Lakeforest Mall was sold at auction for $19.1 million, a fraction of the $100 million price tag from 2012. The auction came after the mall's owner, Five Mile Capital, went into foreclosure.[11]

As of August 2017, the mall's general manager is Paul DeMarco.[12] The Annapolis-based Petrie Richardson Ventures has Lakeforest under contract, which would not include the anchor stores in a potential purchase, but as of February 2018 the deal has not been closed.[13]

On February 28, 2019 it was announced that JCPenney would be closing as part of a plan to close 27 stores in the U.S.; the store closed on July 5, 2019.[14]

On June 5, 2019, Gaithersburg City Councilmember, Ryan Spiegel, tweeted that Lord & Taylor plans to close its Lakeforest Mall location on September 15, 2019. This would leave Macy's and Sears as the only anchor stores left open before any redevelopment, as publicly desired by the Gaithersburg municipal government, can be considered. The store closed on September 15, 2019 as scheduled.[15][16][17]

In 2019, WRS Inc. Real Estate Investments purchased the mall from U.S. Bank, which had bought it in 2018.[18][19][20][21][22]

On August 31, 2019 it was announced that Sears would be closing its location at Lakeforest Mall as part of a plan to close 92 stores across the U.S.; the store closed on December 1, 2019. This leaves Macy's as the only anchor left.[23]

• Macy's (2006–present)

• Hecht's (1978–2006)
• JCPenney (1978–2019)
• Lord & Taylor (1995–2019)
• Sears (1978–2019)
• Woodward & Lothrop (1978–1995)