Gladewater, about 100 miles east of Dallas, was founded by the Texas and Pacific (T&P) Railway Company in 1873. In the late 19th century and early 20th century, the economy of the area was based mainly on timber and farming. In late 1930, the first well drilled in the great East Texas Oil Field was completed, The discovery of oil near Gladewater in 1931 was the beginning of decades of economic growth based on the oil and gas industry. During the 1970s, as oil resources began to be depleted, Gladewater transformed to a more diversified economy.  The Fred's building is a perfect location for a National or Regional Grocery Store.  Gladewater is also the Antique Capital of Texas which makes the building attractive for an additional antique location (mall).