Western New York’s Largest Shopping Mall In Major Financial Trouble

With the warm weather shopping season underway all over the nation, retail outlets around the country are looking forward to people piling into their stores to pick up the things they need for summer.

Once a mainstay of American culture, shopping malls were often a one-stop shop for people looking to get anything they needed or looking for a place to find some entertainment. However, as online shopping has become more common, the need for massive shopping centers has decreased. You don't need to look any further than right here in Western New York, as several malls in the region have either undergone huge consolidations or flat-out closed their doors.

It also seems these economic changes have had another impact on the mall industry, as the largest shopping center in Western New York is in a bit of financial trouble after missing a massive mortgage payment.

Buffalo's Walden Galleria Mall Is In Foreclosure

Originally built more than 35 years ago in 1989, the sprawling Walden Galleria Mall has more than 170 retail and entertainment outlets across more than 1.6 million square feet of retail space. Spanning across two levels, there is a huge food court and a 16-screen movie theatre along with several other food options in other outbuildings on the complex that sits on more than 120 acres of land.

The last few years have been rough for Pyramid Management Group as they navigate some financial trouble after missing a massive mortgage payment.

According to The Buffalo News, the mall missed a $220 million loan payment last month, and its lender, Wells Fargo, has started foreclosure proceedings. Other properties that are owned by Pyramid have gone into foreclosure in recent years, with malls in Plattsburgh and Lake George being lost to the company.

For business owners and shoppers, things should be business as usual for the near future as the mall is expected to continue operating for a while, but if the legal process drags on, we may see things changing inside the shopping center.