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In reply to the discussion: The Mall Is Dead, And It's Taking Sbarro With It [View all]Agschmid
(28,749 posts)26. Financially they still do well.
Traffic counts which are a measure of retail health are down but less deteriorated than traditional malls. Obviously during the holiday peak they still do well, but the real prize is the business pick up in the summer. Traditional malls struggle as the weather gets nicer but these malls are outside so they get better crowds who can "enjoy the weather, but still shop".
From SIMON...
The Company's core fundamentals continue to demonstrate strength as
evidenced by growth in operating metrics for all three domestic business
platforms:
As of As of
June 30, 2005 June 30, 2004 Increase
Occupancy
Regional Malls(1) 92.2% 91.3% 90 basis points
Premium Outlet(R) Centers(2) 99.2% 98.0%(3) 120 basis points
Community/Lifestyle Centers(2) 91.5% 91.5% No change
Comparable Sales per Sq. Ft.
Regional Malls(4) $442 $419 5.5%
Premium Outlet(R) Centers(2) $426 $397(3) 7.3%
Community/Lifestyle Centers(2) $218 $213 2.3%
Average Rent per Sq. Ft.
Regional Malls(1) $34.16 $32.92 3.8%
Premium Outlet(R) Centers(2) $22.83 $21.16(3) 7.9%
Community/Lifestyle Centers(2) $11.13 $10.77 3.3%
(1) For mall and freestanding stores.
(2) For all owned gross leasable area (GLA).
(3) The Company acquired Chelsea Property Group on October 14, 2004.
(4) For mall and freestanding stores with less than 10,000 square feet.
The Company's core fundamentals continue to demonstrate strength as
evidenced by growth in operating metrics for all three domestic business
platforms:
As of As of
June 30, 2005 June 30, 2004 Increase
Occupancy
Regional Malls(1) 92.2% 91.3% 90 basis points
Premium Outlet(R) Centers(2) 99.2% 98.0%(3) 120 basis points
Community/Lifestyle Centers(2) 91.5% 91.5% No change
Comparable Sales per Sq. Ft.
Regional Malls(4) $442 $419 5.5%
Premium Outlet(R) Centers(2) $426 $397(3) 7.3%
Community/Lifestyle Centers(2) $218 $213 2.3%
Average Rent per Sq. Ft.
Regional Malls(1) $34.16 $32.92 3.8%
Premium Outlet(R) Centers(2) $22.83 $21.16(3) 7.9%
Community/Lifestyle Centers(2) $11.13 $10.77 3.3%
(1) For mall and freestanding stores.
(2) For all owned gross leasable area (GLA).
(3) The Company acquired Chelsea Property Group on October 14, 2004.
(4) For mall and freestanding stores with less than 10,000 square feet.
http://investors.simon.com/phoenix.zhtml?c=113968&p=irol-newsArticle_print&ID=736289&highlight
Every time there is a thread on malls on DU I realize we don't really have a true cross section of the American consumer here (a compliment to DU'ers).
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It already is... except they call them outdoor malls, not "lifestyle centers."
ScreamingMeemie
Mar 2014
#93
There's one in Estero, Fl. between Fort Myers and Naples that has condos available.
A HERETIC I AM
Mar 2014
#191
Interesting. Marketplaces have evolved over thousands of years and will continue >>>
KittyWampus
Mar 2014
#25
My local So Cal Outlets Centre (no weather problem, place is huge 160+ stores) is always packed...
Tikki
Mar 2014
#122
I think that's more of a developer "chichi" term. Here,it's an outdoor mall.
ScreamingMeemie
Mar 2014
#97
It is a marketing term...but it does indicate there may be more options than shopping.
Agschmid
Mar 2014
#106
That appears to be the standard. It is the same here and at the Mall at Partridge Creek.
ScreamingMeemie
Mar 2014
#114
The concept of The Mall is dying because Fat Americans don't want to walk...
Cooley Hurd
Mar 2014
#5
Yes it's called a lifestyle center, but I doubt it has much to do with trans fats.
Agschmid
Mar 2014
#15
I guess overpriced stores selling nothing anyone wanted had nothing to do with it.
hobbit709
Mar 2014
#9
The decline of the middle class causes the decline of malls and mid-priced restaurants nt
LiberalEsto
Mar 2014
#121
I guess overpriced stores selling nothing anyone wanted had nothing to do with it.
AlbertCat
Mar 2014
#75
I live in Vermont's Northeast Kingdom and close by I have two shockingly good pizza places
cali
Mar 2014
#17
I kinda liked malls. but some of the reasons i used to go to kill an afternoon are gone
KG
Mar 2014
#18
add to that no movie theater. Much of the fun has left the mall. It's now a splayed out shrine to
Ed Suspicious
Mar 2014
#59
retail outlets on Long Island are busy. Charter buses come from all over to them. They are huge>>>
KittyWampus
Mar 2014
#20
Nope, malls are dying because I can get pretty much whatever I want on Amazon,
Nye Bevan
Mar 2014
#31
Yes, the internet killed malls. And the changing culture of the 90s when the California malls
anneboleyn
Mar 2014
#176
I almost never go to a Mall or hardly any store anymore. As long as people are allowed
Bandit
Mar 2014
#44
On the main topic, I think what is going on is TV, the internet and video games.
merrily
Mar 2014
#66
What happened to "The Mall" followed what happened to "big box stores" as the town square searched..
MrMickeysMom
Mar 2014
#69
I could give you a whole list of reasons of why the malls are dying but I'm on my
mackerel
Mar 2014
#82
Never went to the mall as a kid but we have plenty of pizza here in Brooklyn.
hrmjustin
Mar 2014
#89
Thank God! The mall was one of the worst things to happen to America.
Drunken Irishman
Mar 2014
#142
LOL there are numerous references to the place in cartoons from the 40's on.
cherokeeprogressive
Mar 2014
#162
I was at a mall recently and everywhere there was a seating area there was a sign
Sen. Walter Sobchak
Mar 2014
#168