After nearly 25 years as an anchor at The Shops at Willow Bend, Dillard's will close its Plano store in early 2026, with 93 employees laid off between January 12 and January 25, 2026. While signs at the store thank customers "for the memories," this closure represents far more than retail nostalgia—it's a pivotal moment that could reshape West Plano's real estate landscape for decades to come.
The Mall That Couldn't Catch a Break
The Shops at Willow Bend opened on August 3, 2001, with four anchor stores and an estimated 250,000 visitors during opening weekend. The timing was unfortunate—the mall opened shortly before the September 11 attacks when nationwide retail sales slowed considerably.
What followed was a slow exodus of big-name retailers. Lord & Taylor closed in 2005, Saks Fifth Avenue announced closure in 2010, and the departures continued. Macy's closed earlier this year and Neiman Marcus is set to close by the beginning of 2027, leaving Crate & Barrel as the only remaining anchor.
The numbers tell the story: by 2022, occupancy fell below 70%, about the same level as when it opened. Despite multiple ownership changes and attempted renovations, the 1.4-million-square-foot property never quite found its footing in an era dominated by outdoor lifestyle centers and e-commerce.
The Billion-Dollar Plot Twist
Here’s where this story becomes especially compelling from a real estate perspective. This isn’t simply about retail decline or a struggling property, it’s about land repositioning and what high-value sites can become when vision, capital, and timing align.
Centennial Real Estate acquired the property in 2022 with a long-term strategy in mind, securing city approval for an ambitious redevelopment plan known as The Bend. The proposal calls for the demolition of more than 500,000 square feet of outdated retail space to make way for a modern, mixed-use destination, blending apartments, office space, green areas, and thoughtfully curated retail designed for how people live and work today.
But an even larger opportunity may be taking shape.
The 107-acre site has emerged as a leading contender for a future Dallas Stars arena, elevating the property from a redevelopment project to a potential regional economic anchor. As the Stars explore options beyond the American Airlines Center when their lease expires in 2031, this location has reportedly risen to the top of the list, ahead of other North Texas cities.
From a real estate standpoint, this is significant. According to reporting by The Dallas Morning News, the Stars are seeking at least 75 acres for a new arena and surrounding development — signaling interest in a fully integrated district, not a standalone venue. If selected, timelines suggest a decision could be made within six to eight months, with construction beginning as early as 2028 or 2029.
Team leadership has emphasized the desire for “365-day revenue” — the ability to activate the surrounding real estate year-round rather than relying solely on event nights. For the market, this kind of development typically drives increased demand, infrastructure investment, and long-term value well beyond the boundaries of the site itself.
For Buyers: Position Before the Announcement
Smart buyers understand that the best time to invest is before major announcements, not after. If the Stars arena becomes reality, we're talking about a transformational development that could include:
- A professional sports arena hosting 41+ hockey games annually
- Nearly 1,000 apartments in a reconfigured, walkable layout
- Restaurants, retail, and entertainment venues
- A potential hotel component
Neighborhoods within a 2-3 mile radius—Willow Bend Estates, West Plano, and parts of Legacy—could see significant appreciation as the area transforms from a struggling mall zone into a vibrant live-work-play district.
For Sellers: Timing Is Everything
If you live near Willow Bend, your messaging matters. Yes, there's construction uncertainty ahead. But uncertainty for one buyer is opportunity for another. The narrative isn't "a mall is dying"—it's "your neighborhood is about to become home to a billion-dollar mixed-use development and potentially a professional sports venue."
The Infrastructure Question
One concern worth noting: while the shopping center is on a Dallas Area Rapid Transit bus route, there are no train stops in that area, and Plano is one of DART's 13 member cities, but the city council could soon decide if it will hold an election next May to withdraw from the regional transit agency.
However, if Plano leaves the DART system, the funds it contributes to that service could be used to entice the Stars to the city. DART is funded through a 1% sales tax in each of its member cities, and Plano regularly contributes more than $100 million in sales tax collections to the agency each year.
Looking at Comparable Transformations
The Stars are reportedly looking to The Battery Atlanta as an example for future development, with restaurants, apartments, a hotel and a brick-and-mortar Hall of Fame. The Battery transformed a suburban Atlanta area into one of the region's hottest destinations, combining the Atlanta Braves' stadium with mixed-use development.
Closer to home, look at what The Star in Frisco did for property values in that area when the Dallas Cowboys relocated their headquarters and practice facility there. Mixed-use sports developments don't just bring game-day traffic—they create year-round economic engines.
The Broader Plano Market Context
This transformation is happening against a backdrop of Plano's already strong real estate fundamentals:
- Plano closed 2,267 home sales in 2025, exceeding both 2024 and 2023, with median prices increasing
- The 2025 median home price in Plano was $540,000, representing a modest 0.4% increase from 2024
- Plano outperformed its Collin County neighbors as the only major city where median prices didn't decline year-over-year
The West Plano market where Willow Bend sits is particularly strong, with ZIP code 75093 commanding the highest median at $790,000. With most of the homes selling in the 1 million plus range.
The Bottom Line
The closure of Dillard's at Willow Bend marks the end of traditional enclosed mall retail in this part of Plano. But endings create space for new beginnings. Whether it's "just" a transformative mixed-use development or becomes home to a billion-dollar sports and entertainment complex, this 107-acre property sits at the center of West Plano's next chapter.
The opportunity is clear: understand the transformation, educate yourself, and benefit from what could be one of North Texas's most significant redevelopment stories of the decade.
The memories are closing. The future is just getting started.
Let's Connect
The Willow Bend redevelopment is creating opportunities right now—not five years from now. If you are ready to leap and grab these opportunities Brandon and I are here to help. If you want to discuss how the Willow Bend transformation could impact your real estate strategy, let's connect.
Brandon Hawkins: (214) 206-7778
Email: brandon@
Tiffany Hawkins: (972) 979-0978 Email: tiffany@
The Hawkins Group | Douglas Elliman
Luxury Real Estate in Dallas–Fort Worth
