3/2/2024 0 Comments David simon ceoThat adds up to real estate worth $110 billion. portfolio includes 108 malls, most of them high-grossers like Roosevelt Field, and 72 discount outlet centers. operator and developer of shopping malls. Simon, a real estate giant with headquarters in Indianapolis, has relied on aggressive dealmaking and savvy property management to bolster its position as the largest U.S. And in its combination of novelty, technology, and customer pampering, Roosevelt Field embodies the strategy that has helped its owner, Simon Property Group (SPG), navigate retail’s crisis to stay on top of the mall world. The 2.4-million-square-foot center generates about $1,000 in annual retail sales per square foot, according to real estate research firm Green Street Advisors-more than twice the national average for shopping centers. But Roosevelt Field shows that there is still a lot of life in that American mainstay, the suburban mall. are facing obsolescence, abandoned by shoppers who are going online or getting choosier about where they shop. Hundreds of shopping centers across the U.S. Simon recently added 50 stores to the mall as part of a $200 million renovation. The King of Prussia mall, in the suburbs of Philadelphia, is the second-largest in the U.S. And throughout the mall, tasteful signage steers you to the new luxury wing, opened in February 2016 and anchored by (and named for) a state-of-the- art Neiman Marcus store. Roosevelt Field has significantly expanded its full-service, sit-down restaurant offerings as part of a $300 million overhaul. Those same screens pepper you with reminders about an app-based loyalty program, which could help you snag the most coveted item on any shopper’s list-a premium reserved-parking spot.Īs you pass leather couches flanked by charging stations for cell phones, you’ll see the refurbished food court-sorry, make that “dining district”-with eateries that eschew plastic plates and utensils for actual silverware, and furniture that says hipster bistro rather than cafeteria remainder sale. When you enter by the Nordstrom (JWN), your attention is drawn not to one of those smudgy, indecipherable “You Are Here” map directories, but to sleek screens whose messages nudge you to shop the mall’s trendier fashion brands.
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