The mall faced a rough period of decline between 2005 and 2010, at which point several stores, including Old Navy, JCPenney, and Macy's, pulled out.

In early 2014, Washington Square lost BonWorth, Rack Room Shoes, MCL cafeteria, and Foot Locker, with the former three all closing and the latter moving to Cherry Tree plaza a mile west.

Simon's financial filings showed the company held $25.5 million in debt on Washington Square, which appears to be more than the mall is worth.

[7] Management had trouble keeping up with garbage collection, maintenance, and other basic needs of the mall when Kohan stopped payments to Washington Square.

All things considered, the mall has kept occupancy at a reasonable rate, with small businesses and family-owned shops filling the empty spaces.

[3] Further, Bath & Body Works joined Foot Locker at Cherry Tree Plaza in late 2022, vacating its space in Washington Square Mall.