Gaithersburg, MD

45-Year Old Major U.S. Mall Closing at the End of March; Plans Include Demolition and Residential Housing in its Place.

Joel Eisenberg

The mall is the latest high-profile shopping outlet to shutter in recent months.

https://img.particlenews.com/image.php?url=2cYFkw_0kKr6mPv00
Lakeforest Mall in GaithersburgPhoto byAdobe Stock

Author’s Note

This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: BestLifeOnline.com, Google.com, and BethesdaMagazine.com.

Introduction

I have written extensively of late about the prevalence of recent mall closures for NewsBreak. My January 18th article, “80% of U.S. Shopping Malls Estimated by Industry Analysts to Permanently Close Within 10 Years,” is particularly relevant to this current piece due to shining a light upon those widespread industry expectations.

The following is excerpted from the article: As a targeted Google search will verify, common industry analyst reasons for the sharp downtown of U.S. malls include the pandemic — though foot traffic had been widely decreasing nationwide for several years prior — and subsequent popularity of online shopping, cultural shifts including further advances in technology and readily available recreation and shopping options, and even political polarization.

Now comes word that a high-profile mall in Maryland is the latest such site to permanently shutter. Though no date has been announced, the closure will reportedly occur at the end of March.

Let us explore further.

Shopping Malls, 2023

According to a January 19th report from BethesdaMagazine.com, entitled “After 45 Years, Lakeforest Mall to Close at the End of March,” the 45-year old Maryland location is permanently shuttering due to its loss of anchor stores and continuing increase in crime.

From the report: Lakeforest Mall in Gaithersburg will permanently close at the end of March, officials announced at a City of Gaithersburg Mayor and City Council meeting Tuesday evening. Bob Dalrymple, partner at the law firm Selzer Gurvitch and land use counsel to South Carolina developer WRS Inc., said they want to begin the demolition process as soon as possible. However, financing on the mall requires it to remain for now. If redevelopment plans fall through, the goal would be to look at re-tenanting the mall. 

WRS Inc., as of press time, hopes to demolish the mall by 2024. 

The report further states: According to officials, the master plan will be rezoned to include residential and commercial development, as well as green space. The redevelopment also proposes a new transit center and an outdoor entertainment district.

Macy’s, which pulled out earlier this month, was Lakeforest Mall’s last remaining anchor store.

Conclusion

This is a developing story. In the event of pertinent updates, I will share them here on NewsBreak.

Thank you for reading.

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I am an award-winning author, screenwriter for film and television, and producer. My mission on News Break is to share socially important perspectives on both culture and pop-culture. Member of PEN America, and the WGA.

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