The Galleries in Bristol is to be sold off at a discounted price after struggling to compete with upmarket rival Cabot Circus.
The shopping centre is being bought by a fund management company for £32million - down on the £50million it was sold for eight years ago - according to the Times.
LaSalle Investment Management has snapped up The Galleries from global investment firm InfraRed Capital, but it is not yet known what the company is planning to do with the centre.
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The Broadmead retail outlet has failed to match up to nearby Cabot Circus, which opened in 2008 and has high-end shops, restaurants and a cinema.
Meanwhile, The Galleries has struggled to attract upmarket stores - and has seen a number of chains, including discount shops such as Poundworld, disappearing as the high street crisis continues to bite.
Just last week questions were raised about the future of fashion chain Bonmarche after new owner Philip Day announced plans to "assess and shut" loss-making stores.
The Post Office branch of the Galleries has also closed in recent months - although it reopened in WHSmith in March.
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The news comes as shopping centres across the country are being forced to reevaluate their retail offering and start opening more entertainment and leisure venues alongside shops.
Last month the Galleries opened a bingo hall on the ground floor, while a jungle-themed soft play area will be opening in time for Easter.
Bristol Live has contacted The Galleries, LaSalle Investment Management and InfraRed Capital for comment.
