MILWAUKEE -- The start of the holiday shopping season is just a couple weeks away and analysts said that the future of one of the areas largest malls is up in the air.

Mayfair Mall Could Be Sold

The credit crunch is affecting the owner of the Mayfair Mall. General Growth Properties is mired under a mountain of debt.

In fact, the company could be forced to seek bankruptcy protection.

The news comes at a time when a new report shows that retailers around Milwaukee are closing stores at a rapid rate.

A spokesman for General Growth Properties said the company is facing billions of dollars in debt and that all options are being considered, including the possibility of selling Mayfair.

"I think in the long term Mayfair Mall as we know it is going to be fine,” Biz Times Milwaukee Executive Editor Steve Jagler said.

Jagler said that even if Mayfair changes hands, shoppers are unlikely to notice.

"I don't think it makes much difference to shoppers when they go there what corporate entity from where-ever, what real estate investment trust owns the mall,” Jagler said.

He said that Mayfair is actually one of that company's most successful malls. It has full occupancy, and would be very attractive if it were on the market.

Jagler said he expects nothing to change from the consumers’ perspective.

However, he did say that there are other concerns for area malls and shoppers.

A New York-based real estate analyst released a report that shows an increased vacancy rate in storefronts in the Milwaukee area. The report shows a nearly 2 percent increase in the second quarter of the year.

Major retailer Linens and Things recently left the Grand Avenue shopping center. A mall spokesperson called it a tough hit during the holiday season, but says the mall is not concerned about filling that space.

Shoppers that WISN talked with said they didn’t think the tight economy will keep them away from the malls.

However, Jagler said the short term outlook for area malls and their stores is not good.

“Let's put it this way, we have not seen the bottom of this yet. There will be more pain in 2009,” Jagler said.

Perhaps the one bright spot for consumers in the tight economy is that area malls and retailers are likely to be going out of their way to get you in the door.

There will be plenty of sales and incentives to take advantage of.