New owner eyes Costco for Providence Place

PROVIDENCE, R.I. — The potential new owner of Providence Place is already exploring ideas to reshape the mall’s future, including the possibility of bringing in a major new anchor tenant.

Former Providence mayor Joseph R. Paolino Jr., whose development group has been selected to purchase the mall, said a retailer like Costco could be a strong fit for the property.

The idea reflects a broader shift in strategy for the mall, which has struggled with vacancies and changing retail trends in recent years. By introducing a high-traffic retailer such as Costco, the goal would be to draw more visitors and increase overall activity at the site.

The potential connection also comes as both former Rhode Island governor Gina Raimondo and current gubernatorial candidate Helena Foulkes serve on Costco’s board of directors, adding a notable local link to the national retailer.

Paolino has indicated interest in potentially adding a supermarket-style anchor, which would mark a significant change from the mall’s traditional retail mix. The move aligns with a growing trend among shopping centers that are adapting by diversifying tenants and offering more everyday shopping options.

No formal agreements have been announced, and the proposal remains in the early stages. However, the possibility of adding a major retailer like Costco signals a new direction for Providence Place as it looks to reinvent itself.

The mall, which opened in 1999, has long been a central part of downtown Providence’s retail landscape.