Colony Square Mall
Colony Square Mall is an enclosed shopping mall in Zanesville, Ohio, owned by Time Equities, Inc.
Last updated August 25, 2026
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Overview
Colony Square Mall is an enclosed shopping center in Zanesville, Ohio, serving the retail and entertainment needs of the surrounding community. The mall opened on March 18, 1981, beginning with approximately 40 stores and two major anchors, JCPenney and Sears. Its tenant mix later expanded through the addition of department stores and other large-format retailers, including Elder-Beerman in 1985 and Lazarus in 1987. The property has changed substantially as the U.S. department-store sector evolved. Lazarus closed in 2002, and its former building was demolished in 2005 to make way for a movie theater. Sears, another original anchor, closed in 2013; the space was subsequently converted for Dunham's Sports. Elder-Beerman, which occupied another anchor location, is now represented by a vacant former anchor space. Other historical changes included the closure of Old Navy in 2008. The mall is part of a broader retail area that also saw nearby commercial development, including the opening of Lowe's Home Improvement in 1995 and Sam's Club in 2006. In January 2017, Time Equities, Inc., a New York-based real-estate company, acquired the mall. Following the acquisition, the property added or renewed leases involving retailers and service businesses such as TJ Maxx, Shoe Carnival, and Planet Fitness. The current tenant and attraction mix includes Cinemark Theatres, Dunham's Sports, Planet Fitness, TJ Maxx, Five Below, Jo-Ann Fabrics, and JCPenney, alongside other mall and area businesses. Colony Square Mall therefore functions less as a single-product consumer brand than as a local retail destination combining department-store shopping, specialty retail, fitness, entertainment, and services. Its positioning depends on providing a consolidated shopping and leisure venue for Zanesville and nearby communities, while adapting its tenant roster to changes in department stores, value retail, and experiential uses.
History
Colony Square Mall opened in Zanesville, Ohio, on March 18, 1981. The enclosed shopping center began operations with about 40 stores, anchored by JCPenney and Sears. Its original format reflected the prevailing American suburban-mall model, in which department stores served as major traffic drivers and smaller specialty retailers occupied the interior concourse. The property expanded its anchor roster during the 1980s. Elder-Beerman joined the mall in 1985, followed by Lazarus in 1987. These additions strengthened the center's department-store profile and broadened its appeal to shoppers in the Zanesville area. The mall also benefited from nearby retail development rather than operating as an isolated property. Lowe's Home Improvement opened in the surrounding area in 1995, and Sam's Club opened nearby in 2006, adding large-format retail destinations to the local commercial district. Like many enclosed malls, Colony Square Mall later experienced the effects of department-store consolidation and changing shopping patterns. Lazarus closed in 2002. Its former building was demolished in 2005 and replaced by a movie theater, shifting part of the property's offer from traditional department-store retail toward entertainment. Old Navy closed in 2008. Sears, one of the center's original anchors, closed in 2013, after which its space was adapted for Dunham's Sports. Elder-Beerman also ultimately ceased operating at the property, leaving a vacant former anchor space. A significant ownership change occurred in January 2017, when Time Equities, Inc., a New York-based real-estate company, purchased Colony Square Mall. The new ownership was associated with efforts to refresh the tenant base and maintain the property's relevance. New or renewed leases included TJ Maxx, Shoe Carnival, and Planet Fitness. The current anchor and major-tenant mix identified in reference material includes Cinemark Theatres, Dunham's Sports, Planet Fitness, TJ Maxx, Five Below, Jo-Ann Fabrics, and JCPenney, while one former Elder-Beerman anchor remains vacant. Colony Square Mall's history is consequently one of adaptation rather than uninterrupted expansion. The center began as a conventional department-store-anchored mall, then incorporated cinema, value-oriented retail, specialty merchandise, fitness, and craft retail as older anchors disappeared. Its continuing role is that of a local and regional shopping destination in Zanesville, with a business model based on leasing space to multiple independent retail and service operators rather than selling products under a single corporate brand.
- 2017
Time Equities acquisition
[1]Time Equities, Inc. purchased the property and pursued additional or renewed leases.
- 2013
Sears closes
[1]Sears ended its tenancy; the former anchor space was later converted for Dunham's Sports.
- 2006
Sam's Club opens nearby
[1]Sam's Club opened to the public in the surrounding commercial area.
- 2005
Cinema redevelopment
[1]The former Lazarus building was demolished and redeveloped for a movie theater.
- 2002
Lazarus closes
[1]The Lazarus anchor location ceased operations.
- 1995
Lowe's opens nearby
[1]A Lowe's Home Improvement store opened in the surrounding retail area.
- 1987
Lazarus added
[1]Lazarus joined the mall's anchor lineup.
- 1985
Elder-Beerman added
[1]Elder-Beerman became an additional anchor tenant.
- 1981
Mall opens
[1]Colony Square Mall opened in Zanesville on March 18 with approximately 40 stores and JCPenney and Sears as anchors.
Products and positioning
A community-oriented enclosed shopping mall and mixed retail-and-entertainment destination in Zanesville, Ohio.
Department store · 1981
JCPenney
JCPenney is one of Colony Square Mall's original anchor tenants, having been present when the enclosed center opened in 1981. Its department-store format provides apparel, accessories, home merchandise, and related consumer goods, subject to the tenant's current assortment and operating status.
Off-price department store
TJ Maxx
TJ Maxx is an off-price retailer occupying a major role in the mall's post-2017 tenant mix. Its value-oriented assortment typically centers on apparel, accessories, home goods, and seasonal merchandise, complementing the center's other discount and specialty retailers.
Sporting-goods retailer · 2013
Dunham's Sports
Dunham's Sports occupies the former Sears anchor space. Its large-format sporting-goods offer gives the mall a specialized destination for sports equipment, apparel, footwear, and outdoor-related merchandise.
Cinema and entertainment · 2005
Cinemark Theatres
Cinemark Theatres provides the mall with an entertainment component created through the redevelopment of the former Lazarus site. The cinema broadens the property beyond conventional shopping and supports evening and leisure visits.
Fitness services
Planet Fitness
Planet Fitness adds a membership-based fitness use to the mall's tenant mix. Its presence reflects the property's broader effort to combine retail with recurring service and lifestyle visits.
Value retail
Five Below
Five Below contributes a value-focused specialty-retail offer aimed at youth, family, seasonal, and discretionary purchases. It complements the mall's other price-conscious tenants.
Craft and home retail
Jo-Ann Fabrics
Jo-Ann Fabrics serves sewing, fabric, craft, and related home-project needs. The store adds a specialized destination category that is distinct from the mall's apparel, department-store, and entertainment uses.
Brand decisions
2017
Acquire Colony Square MallM&ABackground
Time Equities, Inc. purchased the property in January 2017 amid continuing changes in the U.S. enclosed-mall and department-store sectors.
Action taken
Time Equities acquired Colony Square Mall and pursued new or renewed leases, including TJ Maxx, Shoe Carnival, and Planet Fitness.
Aftermath
The acquisition placed the property under a real-estate owner focused on repositioning its tenant mix and maintaining the center as a local retail destination.
Acquisition price. 31500000 (January 2017)
2013
Convert former Sears space for Dunham's SportsStrategyBackground
Sears, an original anchor, closed its Colony Square Mall location.
Action taken
The former Sears anchor space was converted for Dunham's Sports.
Aftermath
The change preserved a large-format retail use while replacing a declining department-store anchor with a sporting-goods retailer.
2005
Redevelop former Lazarus anchor as a movie theaterStrategyBackground
Lazarus had closed in 2002, leaving a former department-store anchor available for reuse.
Action taken
The former Lazarus building was demolished and the site was redeveloped for a movie theater, introducing an entertainment use to the property.
Aftermath
The redevelopment diversified the mall's offer beyond department-store retail.
Recent events
- 2017
Time Equities acquires Colony Square Mall[1]
M&A
Time Equities, Inc. acquired the Zanesville mall in January 2017 and subsequently pursued new or renewed leases, including TJ Maxx, Shoe Carnival, and Planet Fitness.
- 2013
Sears closes and space is converted for Dunham's Sports[1]
Product generation
Sears closed its anchor location, which was later converted into a Dunham's Sports store.
- 2008
Old Navy closes at Colony Square Mall[1]
Other
Old Navy ended its presence at the mall as the tenant mix continued to change.
- 2005
Former Lazarus building demolished for cinema redevelopment[1]
Product launch
The former Lazarus building was demolished three years after the store closed, and the site was redeveloped for a movie theater.
- 2002
Lazarus anchor closes[1]
Other
Lazarus, which had been added as an anchor in 1987, closed its Colony Square Mall location.
- 1981
Colony Square Mall opens in Zanesville[1]
Other
The enclosed mall opened on March 18 with approximately 40 stores and JCPenney and Sears as anchor tenants.
Sources2 sources
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