New Providence Place Owners Eye Costco for Major Mall Revamp

Rhode Island's Providence Place mall has new owners, and they have ambitious plans to attract big-name tenants, including Costco.

New Owners Take Over Providence Place

WPRI-TV 12 reported, "Members of the new investment group that is set to purchase Providence Place for $133 million – Pyramid Group, Paolino Properties, and DW Partners – said they are open to a number of possibilities for the mall."

Why Costco Is Being Considered

"Former Providence Mayor Joe Paolino, who heads Paolino Properties, said that he'd like to see a supermarket in the mall," according to the report.

"Costco has been looking all around," Paolino said. "There's three states that they're not in; Rhode Island is one of them."

While Paolino admitted Costco does not locate in malls, he said there is no harm in asking, though he advised Costco fans not to get their hopes up.

Providence Might Have an "In" at Costco

WJAR-TV 10 reported, "Both former Governor Gina Raimondo and current gubernatorial candidate Helena Foulkes sit on the board of Costco." That might be helpful, no?

Paolino said he plans to reach out to Costco to gauge its interest in locating at Providence Place.

Providence Place had been in receivership for over a year until Superior Court Judge Brian Stern approved the sale last week.

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Costco in New England

Costco is a membership-only big box warehouse club retail operation that sells name-brand and private-label merchandise at low prices. There are at least 10 Costco locations in New England, including seven in Massachusetts: Avon, Danvers, Dedham, Everett, Sharon, Waltham, and West Springfield.

There are eight Costco locations in Connecticut, and one each in New Hampshire and Maine. There are no Costco stores in Vermont or Rhode Island, as Paolino pointed out.