Chesterfield Mall is one of the oldest shopping centers in the area, and shoppers said the age is showing.
"There are a lot stores that are closing. It's kind of a dying mall," said Nancy Brown, from Webster Groves.
Months ago, the company that owned the mall, Tennessee-based CBL Properties stopped making mortgage payments on the mall, according to Libbey Tucker, the assistant city administrator for the City of Chesterfield. Since then, Tucker said, another company Madison Marquette, has managed the mall and is trying to sell it.
"The city is concerned about the condition of the mall and we know there are stores that are leaving as their leases come due. But, they’re also working to attract new stores," Tucker said.
Tucker said there is interest from potential buyers, and one possibility is to turn the mall into a mixed-use development, with housing, retail, and entertainment venues.
"We know there is a lot of interest because it has a great location, great household incomes all around it, and at the center of everything," Tucker said.
There is no timeline for a sale or development, and the process could take years, Tucker said.
Business analysts said the mall has struggled in recent years due to a lack of marketing, and competition from newer retail options in the area.
"And there were a lot of people went in, but there was nothing to draw them back again," said Juli Neimann, an analyst with Smith Moore.
