Macy's in Troy is closing. Here's what could take its place

TROY, Mich. (FOX 2) - Deals are everywhere at the Macy's outlet in the Oakland Mall in Troy, where another big box clothes retailer is shutting down.

The Macy's will close by the end of March, the latest in a series of closings for the massive store brand. While some fret about the changing business landscape, others see opportunity.

What we know:

Macy's announced in January it would be closing 66 underperforming stores, including four in Michigan. Two of those locations were in Metro Detroit - in Sterling Heights and in Troy.

The Oakland Mall location will be closed by the end of March, becoming another footnote in the changing business landscape that has seen malls fade while online shopping continues to ramp up.

"It's really like a nationwide phenomenon and Macy's isn't just closing stores in Michigan," said Oakland University professor John Stavick. "I think this evolution is part of a healthy functioning economy to be able to change from one land-use type to another."

He pointed to future plans at the former Lakeside Mall Property in Sterling Heights, which shut down over the summer. A major mixed-use development is expected to follow, including apartments, restaurants, and officers.

"The land that these malls sit on, it remains very valuable," he said.

What we don't know:

Questions that follow the shuttering of Macy's include what will take its place. 

Malls are increasingly home to vacant space as stores close up. But what will move in remains a mystery. The mayor of Troy hinted at something possibly entertainment-related.

It's being spearheaded by the mall's owner: Mario Kiezi.

"Malls are evolving, cities are evolving. Everything's going to change a little bit. I think Mario's got a great big focus on entertainment, and family-type activities that he can bring there, so I wouldn't be surprised to see something of that nature," he said.

What they're saying:

While a sad moment for fans of the old mall spot, the Troy mayor is excited about what's to come.

"I think the upside of having something new and exciting there is going to be far far better for everybody and I think that will win in the end," said Ethan Baker.