CAMDEN, N.J. - For decades after it was built in 1927, shoppers drove to the Sears, Roebuck & Company store on Admiral Wilson Boulevard just beyond the center of town. A colonnaded temple to both commerce and the automobile, the store, in the classical revival style, had a lot with parking spaces for about 600 cars.

But in 1971, as the middle class fled the city, the store closed, and reopened at a mall in nearby Moorestown. In the years afterward, most of the drivers who stopped by this despondent stretch of freeway were visiting seedy strip joints. And the old Sears building went on to become a car dealership, then an office. Today it is vacant, vandalized and in need of repair.

Now, amid an effort to revive a city mired in a crippling cycle of crime and unemployment, the Campbell Soup Company, Camden's longtime and most prominent corporate resident, has proposed expanding its presence and transforming the area where the empty store sits into an office park.

The soup company is prepared to spend $72 million to improve its headquarters, and has also promised to help lure developers to an adjacent office park with the help of $26 million in state funds. But the company's pledge comes with one nagging caveat: The Sears building, which is listed on state and national historic registries, must come down. If not, Campbell Soup, which has been an enormous presence in the city since 1869, may abandon Camden and go elsewhere.