The modern day shopping mall came to be in the 1950s. Anchored by large department stores, and surrounded by smaller retailers, the indoor mall also served as a social space especially for younger generations. By the 1960s, there were more than 4,500 of them.
But in recent years, e-commerce has sent their popularity on a downward trend.
In Syracuse, New York, Destiny USA’s appraised value fell from $710 million in 2014 to $203 million near the end of 2020. The mall’s overall occupancy rate fell from 85.1% in 2014 to 62.6% in November 2020.
What’s next for New York’s largest mall? Is a friendly foreclosure in the future for Destiny USA? Or will Pyramid work out a deal with lenders that allows it to continue owning and operating the mall?