The Greendale Mall, Worcester’s only enclosed shopping mall, is scheduled to be auctioned off on May 26.
According to an article in Worcester Business Journal, the move comes after the mall, which is only 80 percent occupied, could not generate enough revenue “to cover the $45 million commercial mortgage-backed securities (CMBS) loan on the property.”
While we remain hopeful for the future of the mall and believe there are reasons for hope, it is another reminder about the changing face of retail. Indeed, considering the events of the last 50 years it can be said that retailing has been in a constant state of evolution.
Harkening back to the 1950s, ’60s and early ’70s, stores such as Denholms, Ware Pratt, The Mart, Woolworth’s, Barnard’s, Lujon’s and Grant’s made downtown retailing vibrant.
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