Atlantic City shopping mall casualty of declining business

Apr 25, 2011 9:37 AM

It sounded like a good idea a few years ago when developers decided to expand the Atlantic City shopping area on the pier outside Caesars casino that juts out into the ocean.

Nationally-recognized mall developer Taubman Centers moved in with a project that local officials felt would become a major attraction for New Jersey’s major gambling center.

But, with the decline in the number of tourists visiting Atlantic City over the past two years, the Pier Shops, that brought luxury shopping and designer glitz to a Boardwalk best known for T-shirts and pizza joints, failed to buck the trend.

Taubman Centers said it will continue to operate the site until a foreclosure sale is held.

According to The Press of Atlantic City, Taubman’s total debt on the mall is $149.7 million.