One of southeast Houston’s most visible retail dead zones is getting a second act. Read King, a Houston-based commercial real estate firm, is moving ahead with plans to convert the long-closed Macy’s at Almeda Mall into an indoor marketplace dubbed The Market at Almeda Mall. The project would reuse the former department store shell, add a grocery anchor, restaurants and a fitness center, and reopen portions of the upper floor for new tenants.
Developer’s plan
According to ConnectCRE, Read King is in talks with a grocer, a fitness concept and a beauty school as part of the redevelopment lineup. The grocery store is slated to take about 65,000 square feet on the first floor. Roughly 44,000 square feet on the second floor would be carved up for smaller tenants, with the rest of the upstairs reserved for utilities and building systems.
ConnectCRE also reports that Read King acquired the 23-acre Macy’s parcel last year. The rest of Almeda Mall is still hanging on with roughly a dozen retailers and a food court, so a fresh anchor could be a lifeline for what remains of the property.
Where the market would sit
The project centers on the former Macy’s footprint at 100 Almeda Mall, a roughly 290,000-square-foot store shell flanked by surface parking and vacant land. A property listing on LoopNet markets the redevelopment as “The Market at Almeda” and lays out available space along with a proposed renovation timeline.
Why Macy’s left
Macy’s pulled out earlier this year as part of a broader shake-up that saw 66 locations close nationwide, a move aimed at shutting underperforming stores and redirecting investment to stronger markets. The Almeda Mall store appears on that closure list, according to Business Insider, leaving the anchor box empty and ripe for repurposing.
How this fits a broader trend
Across the country, developers have been snapping up similar big-box corpses and turning them into grocery-anchored centers and other mixed-use retail concepts. Property owners are increasingly focused on squeezing new value out of excess retail space and luring shoppers back with more everyday needs and services, a trend highlighted by Bisnow.
Permitting and the building’s future
Instead of demolishing the old Foley’s-era structure, plans call for keeping the building in place and reworking the interior. A building permit has already been issued to convert the former department store into mixed-use space, according to Houston Historic Retail. Marketing materials tied to the project also show several new surface retail pads penciled in for the surrounding parking area.
Timeline and what’s next
Marketing documents attached to the listing outline renovation phases and space allocations that point to work stretching into 2026. The LoopNet property page notes a 1985 build date for the existing structure and lists 2026 as the renovation year, in line with the project brochure. Leasing contacts are posted on the listing, and Read King is expected to lock in a construction schedule as tenant negotiations solidify, per the LoopNet materials…