Not only the anchors but also the inline tenants are pulling out. These new deserters join JB Robinson Jewelers and Build-A-Bear which closed in December.
http://bangordailynews.com/2018/01/16/business/starbucks-in-bangor-mall-to-close-this-week/
What.can. be done?
Next step is Simon defaulting and turning over the keys to its lenders. I imagine it will be in the same boat as Steeplegate. The mall is already assessed at 77% less than it was a decade or so ago; we certainly haven't seen the bottom yet. The Aroostook Centre Mall, which is slightly larger than the Bangor Mall, couldn't find a buyer at its recent auction and was taken over by Wells Fargo for a mere $4 million.
Quote from: retailisking on January 17, 2018, 09:40:58 AM
Next step is Simon defaulting and turning over the keys to its lenders. I imagine it will be in the same boat as Steeplegate. The mall is already assessed at 77% less than it was a decade or so ago; we certainly haven't seen the bottom yet. The Aroostook Centre Mall, which is slightly larger than the Bangor Mall, couldn't find a buyer at its recent auction and was taken over by Wells Fargo for a mere $4 million.
what will a buyer do the bangor mall. I feel its worth saving as its the only mall within 100 mi. presque isle mall id worse.
Quote from: retailisking on January 17, 2018, 09:40:58 AM
Next step is Simon defaulting and turning over the keys to its lenders. I imagine it will be in the same boat as Steeplegate. The mall is already assessed at 77% less than it was a decade or so ago; we certainly haven't seen the bottom yet. The Aroostook Centre Mall, which is slightly larger than the Bangor Mall, couldn't find a buyer at its recent auction and was taken over by Wells Fargo for a mere $4 million.
This story does have an eerily similar feel to Century III Mall here in Pittsburgh.
Sounds like the death rattle is becoming worse.
https://bangordailynews.com/2018/01/18/business/bangor-mall-may-have-new-owner-by-march/
Meanwhile, the former Macy's has been sold to a Miami-based developer
https://bangordailynews.com/2018/01/18/business/miami-real-estate-developer-buys-former-bangor-macys/
Quote from: retailisking on January 18, 2018, 09:01:04 PM
Meanwhile, the former Macy's has been sold to a Miami-based developer
https://bangordailynews.com/2018/01/18/business/miami-real-estate-developer-buys-former-bangor-macys/
What will happen to the Bangor Mall ya think???? and Toys rt us near it is closing. EVERYONE IS LEAVING BANGOR IT SEEMS.