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Granite Run Mall, just outside of Media, Delaware County is slowly dying. Empty stores and few shoppers is not a good sign of things to come. Simon Property Group Inc. and Macerich Co. are the owners of Granite Run Mall.
Granite Run Mall may be up for a short sale or a take over by its lender because of a very late $115 million mortgage payment. Simon appears to have lost interest in dumping more money into the mall. Malls across America are struggling as consumers have turned to strip malls, outlet malls and big box retail complexes. If Granite Run fails, it will be the largest mall to be sold or forfeited to a lender since the current recession started.
Granite Run is a two-level, super-regional mall with 1,033,000 square feet of retail space. The three anchor stores are JC Penney, Sears and Boscov’s. Kohl’s is located outside the mall, along the perimeter, to make a fourth large department store at the mall complex. The mall opened in 1974 and was remodeled in 1984 and 1994.