As the number of vacant storefronts at the Shops at Georgetown Park creeps toward 50, the remaining tenants of the mall suspect their realtor could be gearing up to overhaul the building.

According to store managers, the mall’s realtor, Vornado Realty Trust, has stopped renewing leases on the roughly 110 retail spaces in the building. The contracts are set to expire Dec. 31.

There is the possibility that leases could be extended, according to Total Party costume store owner Lorenzo Caltagirone, though the shopping center at the corner of M Street and Wisconsin Avenue has yet to finalize stores that can anchor the center as it undergoes changes.

Business owners have not been informed of what will happen to the space after they leave.

“We knew it was coming,” Tsering Shakya, owner of Dorjebajra Tibet Shop, said. “The worst part about the mall right now is that no one has an answer.”

According to Ava Mutchler, manager at Fornash Designs, the stores have no say in the matter.

“If you had a lease and it’s up, they’re not renewing it,” she said.

“It’s a shame,” Caltagirone said. “I know people who have been here 10 years and were booted out.”

Mutchler said that she is not worried about her store, which sells women’s accessories and jewelry, but she does have concerns about some of the smaller stores.

“We’re not affected because we have a wholesale business. Really what it’s affecting is the mom-and-pop stores — the deli downstairs and the little cafes,” she said.

The uncertainty has been difficult for other stores, such as Total Party, however. Caltagirone fears what the changes could mean for its customer base — Georgetown students and local residents.

“It’s been really difficult, because we order two seasons in advance,” he said. “We are a staple in Georgetown. We’re the only big costume shop in D.C.”

In addition to the stores that have already closed or relocated, some remaining shops, including Comfort One Shoes and Niccolo, are holding liquidation sales to prepare for their closings. Many stores have already begun looking for new spaces in Georgetown and Dupont Circle.

“I would like to stay in Georgetown, but the rents are extremely high,” Caltagirone said. “Unless we do massive volumes, we cannot cover our expenses.”

Renovation plans have not been confirmed by Vornado. Wendi Kopsick, spokeswoman for Vornado, declined to comment.

While the plans for the mall are uncertain, some shop owners  mentioned a rumor that Target might lease the empty space.

Molly Snyder, manager of communications for Target, said that she could not confirm whether the chain is coming to Georgetown.

“Target typically announces its real estate plans for new sites a year before a store is set to open. We don’t have any news to share about that particular location,” she said in an email.

Bloomingdale’s, another rumored contender for space in the mall, also declined to comment on whether the department store was considering opening a branch in the neighborhood.

“We never discuss where we may or may not be looking for store locations,” Bloomingdale’s Operating Vice President for National Media Relations Marissa Vitagliano wrote in an email. “When we have an announcement to make, we [will] make [it] then.”