Tough Economy Fuels Granite Run Mall Rumors
MEDIA, Pa. (CBS) – The tough economic times in the retail industry is fueling speculation that a suburban Philadelphia mall may be forced to close its doors to shoppers.
From the parking lot you can’t see the trouble that is facing a local shopping mecca, but inside, empty storefronts paint a grim picture for the future of the Granite Run Mall in Media.
The Wall Street Journal reported that the nearly 700,000 square foot retail giant may be sold or forfeited. The real estate investment trust that currently owns the property is more than 30 days behind on the mortgage.
To customers who frequent the mall like Jennifer Kapanjie, the store front closings have already begun to interrupt their routine.
”Gymboree is a store that I have shopped at with my son, and um that’s closed and I’m disappointed about that because I have a gift card there,” said Kapanjie.
If the mall does close, shoppers say they will be forced to go to other area malls. No rumors have been confirmed, and Main Line Health has denied any possibility that they are planning of buying the property.
Reported by Brad Segall, KYW Newsradio