The nearly deserted Hudson Valley Mall has lost yet another retailer, as GameStop permanently closed on Saturday, Jan. 4. The video game retailer’s shuttering is part of a series of GameStop closings across the United States.
In January 2017, Hull Property Group acquired the Hudson Valley Mall in the Town of Ulster, New York, for $8.1 million after its previous owners defaulted on $50 million of debt. At the time, GameStop had been operating at the mall since 2008 after its takeover of EB Games, which was already a popular location for many local video game players to eagerly acquire hardware and software to fuel their passion.
Following the purchase of the mall, Hull Property Group negotiated a significant reduction in the property’s assessed value for tax purposes. The Town of Ulster and the Kingston City School District agreed to lower the mall’s assessment by approximately 90%, reducing it from $66 million to align more closely with the purchase price. As part of the agreement, local taxing authorities were required to refund a total of $1.4 million in overpaid taxes for that year.
This tax relief was intended to facilitate Hull Property Group’s plans to invest in and revitalize the mall, with the goal of retaining current occupants and attracting new tenants to the property. Though they did attract an emergency health care facility and a handful of new tenants, retailers otherwise left the mall in droves. Bix-box retailer Target was retained, but other flagship retailers such as Sears and Best Buy were lost, along with numerous smaller retailers.
GameStop’s closure is suprising in that it didn’t happen sooner. Known for its selection of new and pre-owned video games, consoles, and accessories, GameStop has seen sales drop precipitiously over the years. As directly distributed digital gaming continues to dominate the industry, the company is shuttering an estimated 150 stores in this wave of closures. Over 700 stores have been closed since 2020.
The company’s struggles became a high-profile story in 2020 when a surge in stock value — driven by retail investors and viral social media — catapulted its share price to $500. That dramatic event inspired the 2023 film Dumb Money.
Though no film is yet planned to tell the story of the Hudson Valley Mall, A-list film celebrity Mandy Patinkin did make a short video expressing his astonishment at its overwhelming emptiness.
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