Thursday, April 16, 2009

The Maine Mall... bankrupt.

More accurately, the Mall's owners, General Growth Properties, whose business consists entirely of owning and operating hundreds of shopping malls nationwide, is bankrupt, thanks to crushing debt from over-inflated real estate speculations and plummeting enthusiasm for Made-In-China pap.

That's the thing about a recession. Why go to the Gap or Hot Topic to feel insecure about yourself, when you can merely contemplate your employment situation, for free?

So what's this mean for South Portland's wasteland of junk-food franchises and big box stores? The Mall itself will likely be sold at a bargain-basement price to satisfy General Growth's jilted creditors. But the outlook for the neighborhood doesn't look good. The old Circuit City, which has been abandoned for only a few weeks, already looks like a transplant from Chernobyl. Here's a good overview of the direction in which our malls are headed...

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