Marshall Mall could serve as an example of the fate of U.S. shopping malls, which have swung high and low since their heyday. Built in 1980, the mall is the first and only mall in the small town of Marshall, Texas.

But in time its original developer faltered, and the mall ended up in foreclosure. Seeing an opportunity, Kelley Bergstrom and his partners purchased the retail center and attracted new tenants. In 2017, when its anchor store JC Penney closed, they had to switch gears again. They repositioned the property as a “value center” and renamed it Marshall Place. The retrofit seems to be going well — and illustrates how older malls are being repurposed nationwide.

Read the story in this issue, Private: Not Dead Yet: Reinventing Shopping Malls.