Nearly 50-Year-Old Business Hub in Des Moines Faces Foreclosure
Hearing about malls closing surprises virtually no one at this point. With delivery sites like Amazon and even major brick-and-mortar brands like Wal-Mart and Target offering delivery services, you can pretty much get anything you need on your doorstep.
To quote the great comedian Tom Segura,
Do you ever really process that you don’t have to leave your home to buy anything? You’re like, 'Yeah, I order some things online.' No, no, no. You can sit on your couch, pull up your phone, and if you want to, just be like,' 'I want bananas. And I want hammers. And…I want an eagle’s beak.' -And then… Amazon’s like, [blows raspberry] 'It’s on your f****n’ doorstep.'
Even one of the more premier shopping destinations in central Iowa is susceptible to online delivery and American laziness.
Considering the booming amount of business the Valley West Mall brought West Des Moines, its looming foreclosure still comes as a surprise to many who went shopping before the drastic levels of convenience we experience today.
The reasoning for the shopping location's foreclosure may come as a bit of a shock to everyone, though.
According to KCCI, "Court documents filed by U.S. Bank show the mall hasn't made a payment on its $50 million loan since last May.
The bank notified the mall owners in April of their default on the loan and says the entire loan, along with other fees, need to be paid in full. The total amount owed is more than $41 million."
The opening of Jordan Creek Mall in 2004 less than five miles away from Valley West immediately made an impact on the amount of traffic that came through the original mall, but Valley West remained viable in the meantime. That's until just a bit after the turn of the decade in 2010.
Of course, when the COVID-19 pandemic in 2020 caused the closure of businesses throughout Iowa, Valley West took a hit as well. However, even before that, the mall had issues with vacant store areas inside. According to the Des Moines Register, two big hits came at the hands of Younkers and Von Maur leaving the location -- Younkers' departure opened up 200,000 square feet of empty space and Von Maur had been a financial anchor since there since 1976.
KCCI adds this of the closure: "U.S. Bank could sell the mall once a judge rules on the foreclosure. The mall's owners are able to delay that sale for up to two months."