The Grand Village is one of the few places in Branson that my family has always stopped. We love the quaint feel and layout, and of course the neat shops such as the gigantic christmas store, pottery shop, and that place full of free snack samples. Before the Landing it was basically the only walkable part of Branson. They've had some trouble keeping some of the shops filled due to the older style, niche nature of the floorplans and competition with places like the Landing, but most shops have been there forever so they must do OK.
I'd be upset if they bulldoze the north area, but the south parcel is prime real estate. They have talked on multiple occasions about simply expanding Grand Village down there, but I think they gave up after the Landing. I say they put an anchor attraction there like an aquarium or some kind of unique theatre and tie it in to Grand Village with some refurbishment to the latter.
