I went through the mall the other day and I could not believe its decline. Half the stores are vacant and the other half are the lowest end of retail. The mall could not have been more dead. And I do not think a few more buildings around it are going to save it. The mall is already surrounded by condos, with more and more being built just north. Other big box stores, online shopping and the draw of Yorkdale and Vaughan Mills have meant that this mall could not even sustain an Old Navy.
I think many neighborhood malls have and/or will suffer the same fait. Centerpoint mall has been a similar decline for a decade+ for similar reasons; I think the solution is simple though, full redevelopment, and that's likely what will happen in time.
Centerpoint has actually been pretty stable in its role as a 3rd-tier mall with a couple of decent anchors, even with the cut-back Bay and the loss of Target.
The subway will no doubt change that but it's been holding the line until then.
OTOH, Promenade has gone from a solid 2nd-tier mall to worse than Centerpoint in a very short time. Before the pandemic it had a Coach, Starbucks (AND a Second Cup), Gap, Old Navy (which it did sustain for almost 20 years, in fairness), Town Shoes, Artizia, H&M, McDonald's, Lids... I could go on. But yeah, walking through it now is shocking. Lots of vacancies and lots of weirdo clearance outlets. No doubt the pandemic is part of it. But the redevevelopment plans always showed the mall staying so I don't know if the mall is failing on its own terms or if they are letting it fail (either so they can redevelop it OR so they can revitalize it entirely with new stores, once their first towers are up).