Sears is largely responsible for keeping what is left of the mall from folding into closure, as it is the only Sears store within a good 10 mile radius.
What is left of the mall, however, is rapidly dwindling to zilch, and the last handful of tenants will be gone by mid-February, leaving Sears, which owns its section of the structure outright, all alone.
I suspect Sears isn’t going anywhere: the five stores in the metro (Quail Springs, Sequoyah 44th and S. Western Midwest City, Norman and Shawnee) have remained in place for many years.
The owner has decided to cut his losses and sell:
The mall’s current owner, California investor Daniel Rafalian, said the electric bill is more than the rent he’s receiving, so it makes sense to shut it down.
The two empty anchor spots, once Dillard’s and Montgomery Ward stores, are owned separately, one by a church, the other by an individual.
The previous dead mall in town, Shepherd Mall, was successfully (more or less) converted to office space. I don’t think this is feasible for Heritage Park: there’s just not that much demand for office space in Midwest City.
Rafalian, who acquired the mall in 2005, was invited to bid for a block in Bricktown that year, but did not participate.