Palm Beach Mall - West Palm Beach, Florida - Indoor Shopping Mall

The story of the Palm Beach Mall isn't over, but it's at a point where it could go either way - a pile of rubble, or a Phoenix rising from the ashes. Typical of what is happening to enclosed shopping malls in Florida, its life is on the line and it will take time to see if it survives and in what capacity.

The last half of 2008 through the first quarter of 2009 was a bad time for the Palm Beach Mall. Dillard's abruptly closed on October 31, 2008. Macy's closed January 8, 2009 and on March 9, the mall reduced their hours. On April 14, 2009 JPMorgan Chase filed a foreclosure suit against the owners of the Palm Beach Mall for failure to repay a loan that had been used for the shopping center. The proposed foreclosure wants the mall sold to cover the mortgage.

Then it got worse. A June 7, 2009 article in the Palm Beach Post states: "Good news for tenants and customers of the Palm Beach Mall. A Palm Beach County Circuit Court judge has appointed a caretaker to temporarily oversee the 41-year-old West Palm Beach shopping center.''

This might seem unimportant, except that the power company was set to turn the power off because the bill hadn't been paid. Having a caretaker is supposed to keep this from happening again.

Located in West Palm Beach, Florida, this mall was the first enclosed shopping mall in Palm Beach County. There is a history of support from the community to try and keep this mall viable in some form. In June of 2009 it looked like a loosing battle. Left with only a few stores open, JC Penny's and Sears are still there. One mall reviewer said that the rest of the area is filled with unrecognizable merchants and empty storefronts.

Why is the mall struggling? There are several factors. Local newspapers site competition from other malls as one reason, with the current economic trend favoring outdoor shopping centers. The papers also point to high crime rates in and around the mall, pushing the facility into decline.

Simon Property Group, Inc owns Palm Beach Mall. This S&P 500 Company is the largest public U.S. real estate company. They currently own or have an interest in three hundred and eighty six properties in North America, Europe and Asia. Simon Property Group, Inc. is headquartered in Indianapolis, Indiana and employs more than five thousand people worldwide.

One of the executives for Simon hinted to the community that there is a workable plan that would "include more than a million square feet of general retail space, a 290,000-square-foot furniture store, 300,000 square feet of offices and 500 residential units.'' The Simon spokesman wouldn't elaborate on the plans or discuss possible tenants, but community leaders say the furniture store is Ikea.

If the mall is developed into a mixed-use development, area residents feel there is hope. West Palm Beach Mayor Lois Frankel said Simon would likely turn the mall into an outdoor plaza but keep anchors JCPenney and Sears. He also suggested that the work would be done in phases so the mall could stay open during construction.

Cynthia Cohen, head of a national retail-consulting firm in Miami, said Ikea would be a "real game-changer" for the center. Other analysts agree.

If you plan to visit Palm Beach Mall in the near future, call ahead, talk to locals, and find out what is open and the state of the mall.