Is Restoration Hardware International Plaza's new mystery tenant?
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 9, 2014

This is what we know for sure: International Plaza has signed a tenant that requires a major redevelopment of the Bay Street wing.

The mall's ownership, Michigan-based Taubman, says the new tenant "will open in the later part of 2015." Taubman representatives declined comment beyond a provided written statement, but the rumor mill offers some glimpses at what could possibly be headed for Westshore.

The former Champp's Americana space and another 1,326-square-foot space - a total of 9,888 square feet - would be demolished to make way for a new building, according to plans the city is reviewing. The new building would be 46,980 feet, for a net gain of 37,092 square feet.

A number of names have circulated, among them Dave & Buster's, a restaurant-and-arcade concept that has been long rumored to be searching for a Westshore location. One problem with that rumor: The plans filed with the city state that existing parking meets the requirements of the retailer.

If the new business were an entertainment or food concept, the proposal would likely include more parking, because as one industry observer pointed out, parking is already tight on that end of the mall.

One rumored name that might be more plausible? Luxury retailer Restoration Hardware, which has a Tampa location in Hyde Park Village and has been moving stores into new locations across the country for the last few years.

A spokeswoman for the retailer declined comment Monday afternoon.

Restoration Hardware has been building multistory "design galleries" - branded as RH - across the country, and is under construction on several, including one in Denver in another Taubman-owned property. The new concept stores, which the retailer calls "Full Line Design Galleries," are much bigger than the former stores, allowing more room for furniture and fully staged room displays, as well and children's and baby departments.

CEO Gary Friedman told Bloomberg in February that the new stores could see average sales of $30 million per year, and some will include "wine bars and restaurants, performance spaces and rooftop gardens."

In that interview, Friedman said six had opened and that the company would eventually replace all 62 existing locations.

As of June, the company had signed leases for six of the new stores and was in negotiations for more than 25 additional locations.

"Once our real estate transformation is complete in North America, we believe we will deliver $4 billion to $5 billion in annual sales, achieve mid-teens operating margins, and generate significant free cash flow,” Friedman said on the second quarter earnings call.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.