Hya

I think it has potential, but it's not quite there yet. First, the font is horrible and dated. It doesn't say "space" or "mall" to me. For something science related like this, I'd recommend sticking to a bold sans serif typeface.
 
Second, the colours, too aren't very 'spacey'. Dark blues are a good start, but look at some astronomy photographs of the universe for some inspiration. For this I'd keep it to two colours - a dark, deep colour, almost black but not quite, and white. Black references space, white reference stars.
 
Whilst I like the 'e' in 'space', I don't like the telescope device you've got going on in 'Mall'. It's a nice idea, but to me it looks like the telescope shape is in a clumsy position. It could just be because it's a different colour, but I think it breaks up the space between the words. I'd try the words on one line too, as I think the stacked text doesn't look great. I get that the telescope is looking at the planet, but the planet itself is enough to hint at the idea of space and the universe, that I'd be tempted to drop the telescope altogether.

It's not really clear what it is or what it's supposed to represent, though it's an interesting shape. It reminds me somewhat of a mouth or fishbones or something. Personally I'd ditch the gradients, the date it instantly. Keep it a solid colour whilst you're actually designing it and only add additional colours once the overall shape works.