Yahoo Finance Macerich's Scottsdale Fashion Square Sales Witness Growth
Retail REIT The Macerich Company MAC is experiencing robust demand at Scottsdale Fashion Square. Recently, the company announced that the mall’s sales jumped 42.7% year over year to $1,472 per square foot, following its efforts to redevelop and expand the property’s luxury wing that was inauguratedin November 2018.
The luxury wing comprises new stores, premium furnishings and finishes, a Swarovski-inspired light column in the Crystal Court, and a wide variety of amenities. The wing, anchored by Neiman Marcus, has a new grand entrance and two-story glass entry. Also, the mall will provide new attractions and first-to-market tenants like Nobu Scottsdale, which will open in spring 2020, and Equinox luxury fitness, opening in 2021.
Michael Guerin, senior vice president of Macerich’s Leasing department, said "The stellar sales performance demonstrates the success of our efforts to take Arizona's undisputed luxury leader to the next level, matching the interests of the buoyant luxury sector in Scottsdale and beyond."
Scottsdale Fashion Square has more than 200 shops and restaurants spanning 1.9-million-square-footof space. The mall has a reputed tenant roaster offering various products and services like fashion, accessories, watches, fragrances, electronics, shoes, restaurants, etc. The mall boasts some well-known brands like Burberry Group Plc BURBY, Michael Kors Holdings Limited KORS, Prada, Gucci, Apple Inc. AAPL, Lululemon, Farmhouse, Zinqué and many more.
Moreover, in the area earlier occupied by Barneys department store, Industrious has opened its first coworking space at Scottsdale Fashion Square. Also, the company recently announced that Versace, one of the leading global fashion design houses, will be opening its first Arizona store at the mall in spring 2020. Under the ongoing redevelopment initiatives of the mall, construction of high-end residential units, class A office space and the new Republic Scottsdale hotel has commenced, and are slated to open doors for customers in 2021.The hotel willalso include new dining concepts from high-profile chef, Giada De Laurentiis.
Notably, Macerich’s continuous efforts like sale of non-core asset, redevelopment and addition of flexible office spaces into its retail centers are likely to enhance its portfolio quality. The company’s focus to improve mall traffic and sales volumes by replacing unproductive tenants will help it thrive in the evolving retail landscape, though tenant bankruptcies and store closures are likely to keep affecting its leasing and occupancy level in the near term.
Shares of this Zacks Rank #3 (Hold) company have declined 25.4% over the past six months compared with the industry’s fall of 2.1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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