Why the Stores Keep Opening Around Florence Mall

"There are five owners, well, one that owns the mall proper and four anchors, and they all have to agree on what to do. That isn't easy." That's how Florence Mayor Julie Aubuchon described the mall's situation in a July interview with the NKyTribune.

Since then, an IKEA design studio has opened across Mall Road, a furniture superstore has moved into an empty big box on Burlington Pike, and a wine retailer was announced for a shopping center that its leasing agent says is now completely full. If you drive past Florence Mall every week, the obvious reading is that the mall is fading while everything around it does fine in spite of it. The mayor's account points somewhere else. The busy land around the mall and the stuck building in the middle come from the same business model.

One Owner Can Sign an Outlot Lease. Five Have to Agree on the Mall.

The mayor told the NKyTribune that the city can't redevelop the mall because the city doesn't own it. Namdar owns the main mall building, and four other parties own the anchor buildings. Any plan for the whole site needs all of them to agree. She said the city has worked with several developers over the years, and that none of them "seem to make it to the finish line because of how cumbersome the agreement has to be between all the parties to get a deal done."

An outlot works differently. A pad site along Mall Road or a strip center across the street can sign a tenant with one landlord's signature. That difference in who has to sign explains most of what has happened along this corridor in 2026.

The Owner's Model Puts the Outlots First

In the same interview, the mayor laid out how Namdar operates: "they buy real estate in the form of a mall, and they develop the outlots around them, and then they typically sell." She said the company is now "starting to get some return on investment" and is "thinking about whether or not they want to sell."

Under that model, new businesses on the edges of the property are what you'd expect to see, not a sign of trouble. The mayor also described the other half of the cycle: "the more the mall deteriorates, the more the price is driven down, and that makes it more attractive for re-development."

So two things are moving at the same time. The ring around the mall keeps filling with tenants. And as of July, two of the four anchor buildings, the former Sears and Macy's, were being marketed for sale. We found no reporting since then that either building has sold.

What Opened or Was Announced Around the Mall This Fall

Here's the fall's activity in and near the Mall Road area, with each item's status as of October 12, 2026:

IKEA is the clearest example of the pattern. LINK nky reported that the 4,200-square-foot store is in Florence Square, "directly across from the Florence Mall." It isn't a warehouse store. You can meet one-on-one with an IKEA employee to plan kitchens, bedrooms and bathrooms, place orders for delivery, and pick up orders. IKEA's store page lists the location as now open at 7739 Mall Rd. Before this, getting that level of kitchen-planning help from IKEA meant driving to a full-size store.

Big Sandy Superstore took over a big box that had been sitting empty. LINK nky reported its Sept. 3 ribbon cutting at the former Value City Furniture building on Burlington Pike. Inside the mall, an empty anchor needs a deal among several owners before anything changes. On Burlington Pike, one building found one new tenant.

Total Wine & More is the number to watch. The Cincinnati Business Courier, via Local 12, reported that the chain planned a Sept. 24 grand opening for its first Northern Kentucky store, at 7646 Mall Road in Village at the Mall. The landlord's broker said the lease brought Village at the Mall to 100% occupancy. Florence Pulse described the planned store as 15,000 square feet with about 8,000 wines. We couldn't find coverage written after the opening date, so check before you make a special trip. Still, a shopping center named for the mall reached full occupancy in the same season the mall's own anchors were for sale.

Publix sits outside the mall area, but it fits the same picture. It opened Oct. 7 at Farmview Commons on US 42. LINK nky reported that it's the company's 10th Kentucky store, with a 58,817-square-foot supermarket and a Publix Liquors next door. The mayor made the same point in her interview: "In some places, when the mall closes, the whole area dies. That's definitely not the case here."

Houston Road Has More on the Way

The same one-landlord, one-tenant pattern is showing up on the restaurant side, mostly along Houston Road.

• Lita's Tacos opened at 4973 Houston Road in February 2026, according to the city's first-quarter economic development report.
• Biscuit Belly, the brunch chain, was scheduled to open Sept. 1 at 6785 Houston Road, Local 12 reported. We haven't found confirmation that it opened on that date.
• Dutch Bros had its plan for an outlot at 7606–7654 Mall Road approved by the Boone County Planning Commission in March, LINK nky reported. That approval covers the plan, not an opening.
• The former Smokey Bones now belongs to Bluegrass Hospitality Group, the mayor told the NKyTribune. The group runs Drake's, Malone's and Aqua Sushi, and the mayor said one of its brands is coming to the site. As of the latest reporting we found, the company hasn't said which one or when.

The biggest project in the pipeline is Athena Hospitality's proposal for 3700 Houston Road. The roughly $100 million plan includes two hotels, a 14,000-square-foot restaurant and the company's headquarters. The Boone County Planning Commission voted unanimously on Sept. 3 to recommend approval, LINK nky reported, and the restaurant brand hadn't been chosen yet. Florence City Council has the final say on the zoning. The city's meeting archive shows no meetings on Sept. 8 or Sept. 22 and lists the next business meeting for Oct. 13.

What Happens Next for the Mall Building

Getting the main building redeveloped is harder than any of these projects. When the NKyTribune asked about the mall's future, the mayor said "As a mall, I don't know. As a redevelopment of some form, absolutely. It's just too valuable of land." She pointed to its interstate frontage and to Florence's draw for shoppers from Cincinnati, Grant County and farther south. She also said a project of that size would need "retail, hospitality, hotels, entertainment, economic centers, office buildings, and even medical" working together.

The city does hold one lever. It doesn't own the mall, but it controls the zoning. Any plan would go from the Boone County Planning Commission to the Florence Planning Committee, then to City Council for a vote. The city has also announced a reserve investment strategy expected to earn about $2.6 million a year in interest. City leaders listed parks, infrastructure and possible future projects such as Florence Mall redevelopment as uses for that money, NKyTribune reported.

For now, the building is still open. The NKyTribune's July story listed stores still operating there, including Hot Topic, JCPenney, Build-A-Bear, Aeropostale, Bath & Body Works and Spencer's. It also mentioned the food court and two levels of flat, climate-controlled walking space. The mall's events page has its holiday schedule up:

1. Santa Photos, Nov. 20 through Dec. 24
2. Pet Parties with Santa, Nov. 23 through 30
3. Ugly Sweater Party with Santa, Nov. 24 and Dec. 8
4. Pajama Party with Santa, Dec. 1 and Dec. 15
5. Santa Cares, Dec. 6
6. Pet Photos with Santa, Dec. 7 through 21

Do you own a home near Mall Road or Houston Road and want to know how this fall's openings and pending projects affect what nearby homes are selling for? Call or text Martha Larsen to schedule a free consultation. Martha follows Florence's planning agendas and sales data and can walk you through a valuation for your street.