New York’s Only Indoor Ferris Wheel Officially Returns This Week
The only indoor Ferris Wheel in New York will officially make its triumphant return this week! Families can once again experience the joy and excitement of riding this classic summer ride—all within the comfort of staying warm indoors. Located in the Palisades Center Mall, just a drive away for many Westchester County families, the Palisades has been a staple for our residents. This iconic ride is ready to welcome families back and maybe even welcome a new generation of mall goers.
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Revitalization of the Palisades Center
This local staple and family-friendly ride returns after 5 years of ceasing operations. While the number of shoppers heading to the Palisades was already beginning to decrease prior to its closing, 2020 and COVID-19 called for the ride to be shut down, and it has been closed since.
In a statement to Lohud, Kerri Cunningham, who holds the position of Marketing Manager at Palisades Center, expressed that the recent revival of the Ferris wheel represents an important “new energy” for the shopping mall, especially following the transition to new management under Spinoso Real Estate. This management team was appointed as the receiver in September 2024 by a state supreme court judge, a decision prompted by an ongoing foreclosure case concerning the mall’s current owners, Eklecco.
The Palisades Center has encountered a series of challenges in recent years, largely driven by management transitions and foreclosure proceedings. These difficulties have led to the unfortunate loss of several long-standing tenants, resulting in a noticeable shift in the mall’s offerings. The Palisades Mall is not the only shopping center fighting to keep its doors open; it’s become increasingly common to see news of local mall closures.
Is Mall Life a thing of the past?
According to Capital One Shopping Research, shopping malls in the U.S. are facing high vacancy rates. As of the end of 2023, the overall vacancy rate is 8.6%. Class C malls are struggling the most, with a vacancy rate of 10.2%. From 2017 to 2022, about 1,170 malls closed each year, leading to a loss of 406,000 square feet of mall space in 2023. Class A malls, which make over $500 in sales per square foot each year, have the lowest vacancy rate at 3.6%. Class B malls have a vacancy rate of 6.8%, while Class C malls have the highest at 10.2%.
Additionally, vacant malls sell for an average of 43% less than their original purchase price. These patterns show a decline from the 25,000 malls that existed in 1986. From 1986 to 2017, an average of 581 malls closed each year.
Retail stores face many financial challenges, and mall closures are becoming more common. Shopping habits have changed, with many people now preferring online shopping, and heading to the mall is slowly becoming a thing of the past. This shift leaves physical malls struggling to attract customers. To address this issue, Palisades has decided to bring back this iconic ride, which could help revive the mall experience. This move is likely the beginning of a larger plan to draw shoppers back.
“Wheel-ebration”
While the Ferris Wheel is already available for families to head out and enjoy daily from 12:00 pm to 8:00 pm, the mall will be holding a special celebration or “wheel-ebration“ to mark its official return. Families can expect to, of course, enjoy a ride on the Ferris wheel at half price, as well as a ribbon-cutting ceremony, a live DJ, delicious cotton candy, a talented balloonist, and fun arts and crafts activities. Head out with your families to the grand re-opening of the Palisades Center Ferris Wheel on Saturday, January 18th, from noon to 3:00 pm.
