Share “Von Maur department store to open at Quail...”

Von Maur department store to open at Quail Springs in 2014

The 150,000-square-foot store will fill the space vacated by Sears.
by Jennifer Palmer Modified: February 27, 2013 at 8:31 pm •  Published: February 27, 2013

Von Maur announced Wednesday it will open a store at Quail Springs Mall after the city of Oklahoma City approved a sales tax incentive worth $2 million over 10 years.

The Davenport, Iowa, based department store is just the second retail outfit offered such a deal by the city as a way to increase its sales tax base. The Outlet Shoppes at Oklahoma City, which opened in August 2011, is eligible to receive up to $5.5 million in reimbursements for regional marketing costs over 10 years.

Von Maur said the 150,000-square-foot Oklahoma City store will open in the fall of 2014 and will be the first in the state. It is expected to generate $40 million in annual sales, city documents show.

In its agreement with the city, Von Maur can receive a sales tax rebate of up to $225,000 the first year and $275,000 by the eighth year. To qualify, the retailer's sales must be at least $27.5 million the first year and $30 million each year after for the remainder of the agreement.

Von Maur will replace Sears as an anchor tenant at Quail Springs Mall; the Sears closed Feb. 1. A subsidiary of General Growth Properties, which owns the mall, agreed to spend at least $15 million buying and remodeling the space as part of the tax incentive agreement. County records show $8 million was spent purchasing the property from Sears.

Continue reading this story on the...

by Jennifer Palmer
Investigative Reporter
Jennifer Palmer joined The Oklahoman staff in 2008 and, after five years on the business desk, is now digging deeper through investigative work. She's been recognized with awards in public service reporting and personal column writing. Prior to...
+ show more


AROUND THE WEB

  1. 1
    OKC Thunder's Russell Westbrook marries Nina Earl in star-studded Beverly Hills ceremony
  2. 2
    Obama Renames Mt. McKinley 'Denali' Ahead of Alaska Trip
  3. 3
    2015 US Open -- Maria Sharapova announces she will not play
  4. 4
    Neurologist and Writer Oliver Sacks Dies at 82
  5. 5
    What "Games Of Thrones" Characters Look Like In The Books
+ show more

FEATURED JOBS



× Trending business Article