The tentative deal to refinance the Walden Galleria’s massive debt not only staves off foreclosure, but it gives owner Pyramid Management Group breathing room to keep control of Western New York’s largest enclosed shopping center and continue efforts to modernize it, as traditional malls face increasing pressure to evolve.

With the region’s other malls hollowed out − such as at the Boulevard and Eastern Hills malls − or in disarray like McKinley, the Galleria’s improved financial footing could provide much-needed retail stability in Western New York.

But the refinancing isn’t finalized, and if the deal falls through, Pyramid could find itself right back on the brink.

For now, it means shoppers can expect the mall to remain under familiar management, with a focus on improvement.

As part

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