Ald. Byron Sigcho-Lopez, 25th, who has been advocating for the vendors, said Novak Development, the new owner, increased the rent for operators, making it “impossible” for them to continue selling at the mall.
Kocoy Malagon, 48, works inside her store at the Little Village Discount Mall on Feb. 14, 2023.
“There’s no agreement unless all the businesses that are willing to stay, are accommodated,” he said. “Otherwise, these improvements, or investment, in the so-called best interest of the community is simply not the case when we are displacing half of the small business vendors in the Discount Mall.
Marta Torres, who manages the side of the Discount Mall that will be closing, sent a letter Thursday to the vendors confirming that their area will be closing, and that the last day of occupancy will be March 26. The new lease that will allow for Park to continue to license spaces to vendors runs 10 years, with three five-year options, for a potential total of 25 years.
revealed that Novak had acquired the property for $17.5 million and planned to bring in national retailers.Since then, tension and rumors have sometimes overshadowed the economic power and even beauty of its culture, said Juan Zarate, whose family has three stores on the side of the mall that will be closing.While most vendors welcome renovations, others question at what expense they’ll be, he added.An image St.
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