Greendale Mall
Retailer / private label
UnclaimedA formerly enclosed shopping mall in Worcester, Massachusetts, that operated from 1987 until its permanent closure in 2020.
Last updated August 25, 2026
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Overview
Greendale Mall was an enclosed shopping mall in Worcester, Massachusetts, near the junction of Interstates 290 and 190. It opened in 1987 with Lechmere and Marshalls as its principal anchor stores and served the Worcester-area retail market for more than three decades. Over time, its anchor lineup changed substantially: Lechmere closed in 1997 and its space was subsequently occupied by Best Buy; Marshalls closed in 2007 and the former space later became a Big Lots store in 2010; and a TJ Maxx 'N More location added in the late 1990s evolved into a combined TJ Maxx and HomeGoods operation. DSW was also among the mall's major anchor retailers. The property entered a long period of financial and operational decline. Simon Property Group acquired the mall in 1999, but by October 2015 the company had stopped making payments on the property's debt. The noteholder then took control of the mall. Contemporary valuation figures illustrated the property's deterioration: in November 2015, the mall was appraised at $14.7 million against a loan value of $45 million. In June 2016, the mortgage holder acquired the property at auction for $11.8 million after receiving no competing bids. KeyPoint Partners, based in Burlington, Massachusetts, was subsequently identified as the management company representing the new ownership, and it stated in September 2016 that the mall would remain open. The remaining anchor base continued to weaken. Big Lots announced in December 2018 that it would close its Greendale Mall store in January 2019. Best Buy announced in September 2019 that it would leave in November of that year. In December 2019, a Boston-area developer acquired the deteriorating property and initially proposed demolishing the 33-year-old mall for a mixed-use development containing retail, apartments, and offices. The redevelopment concept later changed to an Amazon delivery station project. The mall closed permanently in 2020. TJ Maxx and HomeGoods, the last major occupants, announced a move to Lincoln Plaza effective April 24, 2021, leaving the former mall fully vacant. The building was demolished in summer 2021. Greendale Mall therefore survives as a former retail property and redevelopment site rather than an operating consumer brand.
History
Greendale Mall opened in 1987 in Worcester, Massachusetts, close to the intersection of Interstates 290 and 190. The enclosed center initially relied on Lechmere and Marshalls as its anchor tenants. It was designed to serve the Worcester-area market through a conventional regional-mall model, combining large-format stores with smaller retail and service tenants inside an enclosed building. The tenant roster changed as the American department-store and specialty-retail sectors evolved. Lechmere closed in 1997, and its former space was later occupied by Best Buy. During the late 1990s, a TJ Maxx 'N More store was added; it subsequently became a combined TJ Maxx and HomeGoods location. Marshalls operated until 2007, after which the space eventually became a Big Lots store in 2010. DSW was also one of the mall's significant anchor retailers. These changes shifted the center toward discount, off-price, electronics, home-goods, and footwear retail rather than the traditional department-store mix associated with its opening period. Simon Property Group purchased Greendale Mall in 1999. By the middle of the following decade, however, the property was performing poorly and faced severe financial pressure. Simon stopped paying the mall's debt in October 2015, allowing the noteholder to take ownership. A November 2015 appraisal placed the property at $14.7 million, substantially below the reported $45 million loan value. In June 2016, the mortgage holder, Chicago law firm Seyfarth Shaw LLP, acquired the mall at auction for $11.8 million after no competing bids were submitted. KeyPoint Partners, a Burlington, Massachusetts-based real-estate company, later announced that it represented the new owners and would manage the building. In September 2016, it said Worcester's only enclosed shopping mall would remain open. The center's commercial decline continued. Big Lots announced in December 2018 that it would close its store in January 2019. Best Buy followed with an announcement in September 2019 that its location would close in November. The departure of these stores reduced the mall's remaining anchor strength and reinforced its reputation as an underperforming property. In December 2019, a Boston developer purchased the deteriorating mall. The initial redevelopment proposal called for demolition of the 33-year-old shopping center and construction of a mixed-use project incorporating retail, apartments, and office space. The plan was later revised, with an Amazon delivery station becoming the proposed replacement use. Greendale Mall closed permanently in 2020. TJ Maxx and HomeGoods, the last major occupants, announced that they would relocate to Lincoln Plaza on April 24, 2021. The former mall was left vacant and was demolished in summer 2021. Its history reflects the broader transition of many enclosed American malls from regional shopping destinations to distressed properties requiring alternative commercial or logistics uses.
- 2021
Last major tenants relocate and building is demolished
[1]TJ Maxx and HomeGoods relocate to Lincoln Plaza, and the former mall is demolished during summer 2021.
- 2020
Mall closes permanently
[1]Greendale Mall ceases operations.
- 2019
Best Buy announces closure and property is sold
[1]Best Buy announces its departure, and a Boston developer acquires the mall for redevelopment.
- 2018
Big Lots announces closure
[1]Big Lots announces that its store will close in January 2019.
- 2016
Mall sold at auction
[1]Seyfarth Shaw LLP acquires the property at auction for $11.8 million, with KeyPoint Partners later managing the building for the new ownership.
- 2015
Debt distress leads to noteholder takeover
[1]Simon stops paying the mall's debt, and the noteholder assumes ownership after the property's value declines sharply.
- 2010
Big Lots occupies former Marshalls space
[1]Big Lots opens in the former Marshalls location.
- 2007
Marshalls closes
[1]Marshalls leaves the property; its former space later becomes a Big Lots location.
- 1999
Simon Property Group acquires the mall
[1]Simon Property Group purchases Greendale Mall.
- 1997
Lechmere closes
[1]Lechmere leaves the mall; the former anchor space later becomes a Best Buy store.
Products and positioning
A regional enclosed shopping center serving Worcester and nearby communities, with a tenant mix built around discount, department-store, electronics, home-goods, apparel, and footwear retailers. Its later positioning was undermined by anchor departures, declining performance, debt distress, and eventual redevelopment.
Retail property · 1987
Enclosed shopping mall
Greendale Mall's core offering was an enclosed retail environment serving Worcester and surrounding communities. It combined anchor stores with smaller shops, services, and customer circulation areas typical of a regional shopping center. Its tenant mix changed over time as department-store, discount, electronics, home-goods, and footwear retailers replaced earlier occupants.
Retail · 1987
Anchor retail stores
The property's major stores included Lechmere, Marshalls, TJ Maxx, HomeGoods, Best Buy, Big Lots, and DSW at different points in its history. These tenants provided the principal reasons for customer visits and shaped the mall's positioning in the Worcester retail market.
Brand decisions
2019
Redevelopment replaces the enclosed-mall conceptStrategyBackground
Following anchor-store closures and prolonged underperformance, a Boston developer acquired the deteriorating property.
Action taken
The developer first proposed demolishing the mall for a mixed-use retail, residential, and office project, then revised the concept toward an Amazon delivery station.
Aftermath
The mall closed permanently in 2020 and was demolished in summer 2021.
2016
Auction acquisition by the mortgage holderM&ABackground
The mall was under financial stress after Simon Property Group stopped paying the property's debt and the noteholder took control.
Action taken
Seyfarth Shaw LLP acquired the property at auction for $11.8 million after no other bids were received.
Aftermath
KeyPoint Partners represented the new ownership and managed the property, which remained open for several more years.
Auction purchase price. $11.8 million (June 2016)
Recent events
Sources3 sources
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