Square One Mall
A Simon Property Group shopping mall on U.S. Route 1 in Saugus, Massachusetts.
Last updated August 24, 2026
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Overview
Square One Mall is an enclosed shopping center located on U.S. Route 1, also known as Broadway, in Saugus, Massachusetts, between Main Street and Essex Street. The property serves communities north of Boston and combines department-store, specialty-retail, footwear, beauty, sporting-goods, electronics, and off-price merchandise tenants. Its listed anchor stores include Macy's, Dick's Sporting Goods, Best Buy, and TJ Maxx, while other retailers have included Old Navy, Famous Footwear, and Bath & Body Works. The site has a longer retail history than the current mall. In 1955, Alan and Milton Green acquired the former town farm property with plans for a major shopping development. The New England Shopping Center opened there in 1961 with W. T. Grant, Touraine's, and what was described as the largest Sears store in New England. During the 1980s, New England Development Corporation acquired the property and pursued a redevelopment into a modern enclosed mall. Financing difficulties delayed the project, but construction began in 1993 after funding was arranged through several banks. Square One Mall opened to customers on August 17, 1994. The development incorporated the existing Sears structure into the new complex, creating visible differences in building materials between the retained Sears section and the newer mall construction. Its original anchors were Sears, Service Merchandise, Filene's, Filene's Basement, and Lechmere. The tenant roster subsequently changed as department-store and specialty-retail chains consolidated or failed. Lechmere was replaced by TJ Maxx in 1998. New England Development sold Square One Mall and 13 other malls to Simon Property Group in 1999 in a transaction valued at $1.725 billion for the portfolio. Further changes followed in the 2000s and 2010s. Best Buy acquired the mall's former Service Merchandise location in 2002 as part of a transaction involving six Service Merchandise stores. Dick's Sporting Goods became an anchor in 2004 after a new space was constructed. Filene's Basement entered bankruptcy protection in 2009 and was later acquired by Syms Corporation; an agreement with Simon kept the Square One location operating, along with several other Massachusetts stores, through the end of 2011. Sears was moved into a smaller lower-level footprint in 2017 after Sears Holdings transferred ownership of the underlying real estate to Seritage Growth Properties in 2015. Sears subsequently announced the closure of the Square One store in 2020, and the location shut on September 13 of that year. The mall remains an active retail property under Simon Property Group. Its identity is based on serving as a regional shopping destination rather than on selling products under a single consumer-goods brand. Its tenant mix and anchor changes reflect broader structural shifts in American shopping centers, including the decline of traditional department stores, the expansion of off-price and specialty retailers, and the repositioning of former large-format spaces.
History
Square One Mall occupies a retail site with roots extending to the mid-twentieth century. In 1955, Alan and Milton Green purchased the former Saugus town farm property and proposed a large shopping center. The New England Shopping Center was completed in 1961. Its early tenants included W. T. Grant, Touraine's, and a Sears store promoted at the time as the largest Sears in New England. During the 1980s, New England Development Corporation acquired the property and began planning a substantial redevelopment into an enclosed shopping mall. The project was delayed by difficulties obtaining financing. After financing was secured from several banks, construction began in 1993. The design incorporated the existing Sears structure rather than replacing it entirely, resulting in a visible contrast between the materials used in the older Sears building and those used in the newer mall sections. The redeveloped Square One Mall opened on August 17, 1994. Its original anchor lineup consisted of Sears, Service Merchandise, Filene's, Filene's Basement, and Lechmere. The tenant roster changed quickly as the American department-store and specialty-retail sectors evolved. In 1998, TJ Maxx replaced Lechmere. In 1999, New England Development sold a portfolio of 14 malls, including Square One Mall, to Simon Property Group for a reported $1.725 billion. The former Service Merchandise space changed hands during the chain's liquidation. In 2002, Best Buy acquired six of Service Merchandise's strongest locations, including the Square One site. In 2004, the mall added Dick's Sporting Goods through construction of a new anchor space. These changes broadened the center's mix beyond traditional department stores and positioned it to accommodate electronics and sporting-goods retail. Filene's Basement became part of the mall's restructuring story when it filed for bankruptcy protection on May 4, 2009. Syms Corporation acquired the business at auction and negotiated with Simon Property Group to keep the Square One, South Shore Plaza, Northshore Mall, and Arsenal Mall stores open until December 2011. The arrangement provided a temporary continuation of the stores despite the chain's financial difficulties. Sears later underwent a major real-estate restructuring. In 2015, Sears Holdings transferred 235 properties, including the Square One Sears property, to Seritage Growth Properties. Sears downsized its mall store in 2017, moving operations to the lower level and leaving the upper level unused. On June 30, 2020, the company announced that the Square One location would close as part of a broader plan affecting 28 stores. The store ceased operations on September 13, 2020. The mall continues to operate as a Simon Property Group retail center. Its current identity is shaped by a mix of department-store, off-price, specialty, footwear, electronics, beauty, and sporting-goods tenants. The property's history illustrates the redevelopment of an older suburban shopping center, the movement from traditional department-store anchors toward more varied retail uses, and the effects of retail-chain bankruptcies and store rationalization on enclosed malls.
- 2020
Sears closes
[1]The Sears store closed on September 13 after being included in a nationwide closure plan.
- 2017
Sears reduces its store footprint
[1]Sears moved into the lower level of its location, leaving the upper level vacant.
- 2015
Sears property transferred to Seritage
[1]The Sears property at Square One was included among assets spun off to Seritage Growth Properties.
- 2009
Filene's Basement files for bankruptcy protection
[1]Filene's Basement entered bankruptcy proceedings, beginning a transition that led to its acquisition by Syms Corporation.
- 2004
Dick's Sporting Goods added
[1]A purpose-built space brought Dick's Sporting Goods to the mall as an anchor tenant.
- 2002
Best Buy replaces Service Merchandise
[1]Best Buy acquired the former Service Merchandise location during Service Merchandise's liquidation.
- 1999
Simon Property Group acquires the mall
[1]Simon acquired Square One Mall as part of New England Development's sale of 14 malls.
- 1998
TJ Maxx replaces Lechmere
[1]TJ Maxx became an anchor tenant after Lechmere left the property.
- 1994
Square One Mall opens
[1]The redeveloped mall opened on August 17 with five initial anchor stores.
- 1993
Redevelopment construction begins
[1]Construction started after financing was secured from several banks, while the existing Sears structure was incorporated into the project.
Products and positioning
A regional enclosed shopping center serving Saugus and communities north of Boston, with a tenant mix spanning department stores, off-price retail, specialty apparel, electronics, sporting goods, footwear, and personal care.
Department store
Macy's
Macy's is a major department-store anchor offering apparel, accessories, beauty products, home merchandise, and related seasonal goods. It represents the mall's traditional broad-format retail component.
Sporting-goods retailer · 2004
Dick's Sporting Goods
Dick's Sporting Goods occupies a purpose-built anchor space added in 2004. Its assortment centers on sports equipment, athletic apparel, footwear, outdoor products, and related accessories.
Consumer-electronics retailer · 2002
Best Buy
Best Buy occupies a former Service Merchandise location acquired during the latter chain's liquidation. The store broadens the mall's offer with consumer electronics, appliances, computing products, entertainment technology, and related services.
Off-price retailer · 1998
TJ Maxx
TJ Maxx replaced Lechmere in 1998 and provides off-price apparel, accessories, home furnishings, and seasonal merchandise. Its presence gives the center a value-oriented anchor alongside its department and specialty stores.
Apparel retailer
Old Navy
Old Navy is a specialty apparel tenant offering casual clothing, accessories, and family-oriented seasonal merchandise.
Footwear retailer
Famous Footwear
Famous Footwear contributes branded athletic, casual, and family footwear, supporting the mall's apparel and accessories category.
Beauty and personal care
Bath & Body Works
Bath & Body Works is a specialty personal-care and fragrance retailer offering body-care products, home fragrance, candles, and related gift items.
Brand decisions
2020
Sears closes at Square One MallOtherBackground
Sears announced a nationwide store-closing plan that included the Square One Mall location.
Action taken
The Sears store closed on September 13, 2020.
Aftermath
The closure ended Sears' presence at the property and left the mall's anchor mix centered on other retailers.
2017
Sears downsizes its mall locationStrategyBackground
Sears reduced its physical-store presence after its property was transferred to Seritage Growth Properties.
Action taken
The store was moved to the lower level, leaving the upper level vacant.
Aftermath
The location operated in a reduced format until its complete closure in 2020.
2004
New anchor space built for Dick's Sporting GoodsProduct launchBackground
The mall expanded its retail mix beyond traditional department stores and replaced or supplemented earlier large-format uses.
Action taken
A new space was constructed for Dick's Sporting Goods.
Aftermath
Dick's became one of the mall's principal anchor tenants.
1999
Simon acquires Square One MallM&ABackground
New England Development decided to sell a portfolio of 14 malls, including Square One Mall, as the property entered a new ownership phase.
Action taken
Simon Property Group acquired the mall as part of the reported $1.725 billion portfolio transaction.
Aftermath
Simon became the mall's owner and operator, overseeing subsequent tenant changes and anchor repositioning.
Portfolio transaction value. $1.725 billion (1999)
Recent events
- 2020
Sears announces Square One Mall closure[1]
Other
Sears announced that its Square One Mall store would close as part of a nationwide plan involving 28 stores. The location closed on September 13, 2020.
- 2017
Sears downsizes its Square One Mall store[1]
Other
Sears reduced its footprint to the lower level of the store, leaving the upper level vacant.
- 2015
Sears property transferred to Seritage Growth Properties[1]
M&A
Sears Holdings spun off 235 properties into Seritage Growth Properties, including the Sears property at Square One Mall.
- 2009
Filene's Basement enters bankruptcy protection[1]
Bankruptcy
Filene's Basement filed for bankruptcy protection. Syms Corporation later acquired the chain and reached an arrangement with Simon to keep several Massachusetts stores, including the Square One location, open temporarily.
- 2004
Dick's Sporting Goods joins the anchor lineup[1]
Product launch
A new space was built for Dick's Sporting Goods, adding a major sporting-goods anchor to the property.
- 2002
Best Buy takes over former Service Merchandise location[1]
M&A
Best Buy acquired the Square One Mall location among six former Service Merchandise sites during the latter chain's liquidation.
- 1999
Simon Property Group acquires Square One Mall portfolio[1]
M&A
New England Development sold 14 malls, including Square One Mall, to Simon Property Group in a reported $1.725 billion portfolio transaction.
- 1994
Square One Mall opens in Saugus[1]
Other
The redeveloped shopping center opened on August 17, 1994, with Sears, Service Merchandise, Filene's, Filene's Basement, and Lechmere as its initial anchor tenants.
Sources2 sources
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