These 6 Chicago-Area Malls Face 'Financial Distress': Report

VERNON HILLS, IL — Chicago-area malls are still standing despite years of pressure from bankruptcies, COVID-era foot traffic declines and falling property values, but many are now considered financially vulnerable.

Green Street, a real estate information company, assigns letter grades to malls around the country, which is based on such factors as tenancy, foot traffic and estimated sales. As part of its analysis, Green Street warns a B-minus or lower is at risk of entering a “death loop,” where declining occupancy and sales lead to deeper financial distress, according to Crain's Chicago Business.

There are six malls Green Street that received lower than a B- from Green Street. Those are:

• Golf Mall Shopping Center, Niles: C
• Lincolnwood Town Center, Lincolnwood: B-
• Hawthorn Mall, Vernon Hills: C+
• North Riverside Park Mall, North Riverside: B-
• Louis Joliet Mall, Joliet: C+
• River Oaks Center, Calumet City: D

The strongest-performing properties have stabilized, but many older malls are now surviving only by shifting towardmixed-use redevelopment that includes housing, entertainment, medical space or offices. Hawthorn Mall is a key example, with a $252 million redevelopment plan that includes apartments, townhouses, and demolition of the Carson’s. In addition, Sears and Barnes & Noble left the mall in 2018.

Green Street's ratings are not comprehensive, do not include every mall in the Chicago area and do not include a standardized way to look at mall undergoing revitalization efforts, according to Crain's.

Not all malls have survived amid an ever-changing economy.

Spring Hill Mall in West Dundee closed its last store in January 2025 as demolition efforts got underway late last year. Only the Cinemark Theater remains open on the 70-acre property located near West Main Street and North 8th Street.

• Suburban Mall Demolition Continues: What's Next For Spring Hill Mall Property?

In 2017, Charlestowne Mall in St. Charles closed most of the stores inside the mall as well as the enclosed indoor space. At that time, some of the mall's anchor stores remained open but were only accessible from the outside.

City officials are continuing to explore redevelopment options for the site, according to city documents.