SANTA MONICA, Calif.,
June 18, 2020 /PRNewswire/
-- Macerich (NYSE: MAC), one of the nation's leading owners,
operators and developers of one-of-a-kind retail properties in top
markets, today announced that all 47 of the company's major retail
properties nationwide are now open for business.
All Macerich shopping centers are welcoming shoppers, with the
exception of six properties in New
York, two in New Jersey,
and one in Pennsylvania. Those
properties currently offer limited retail operations, included as
permitted based on state regulations "curbside pickup" and retail
with exterior access.
Significantly, several centers are demonstrating a strong return
to business, with traffic numbers approaching near normal levels.
For example, South Plains Mall in Texas, one of the earliest Macerich centers to
open on May 1, experienced 93.5% of
year-over-year traffic on Sunday, June
14. Similarly, Vintage Faire Mall in California's Central Valley reported 97.1 % of
year-over-year traffic on the same day, after being fully open
since May 22. In Colorado, FlatIron Crossing, which just
reopened on Tuesday, June 16,
reported strong initial traffic of 33% on its first day, with
evidence of sizable shopper intent; many stores reported
higher-than-expected conversion rates.
"We are very encouraged to see growing traffic numbers across
our portfolio that demonstrate people's interest in visiting stores
and restaurants. Particularly interesting is that, in many cases,
the longer a property has been reopened, the higher the traffic
numbers," said Tom O'Hern, CEO,
Macerich. "What this tells us is that as businesses continue to be
open with new protocols in place, people become increasingly
comfortable returning to some of their favorite activities, such as
shopping and going to restaurants."
Nationwide, Macerich centers create employment for more than
110,000 people, and the portfolio generates $1.1 billion in sales tax revenues and
$225 million in property taxes that
support essential services at every level.
"Macerich is pleased to be part of the economic rebound in
communities across the country, starting with vital employment, and
it's clear that local economies benefit in many important ways from
strong retail activity," added O'Hern.
A sophisticated operator with decades of experience, Macerich
adheres to high operating standards and now has new protocols in
place to meet today's needs, including enhanced cleaning and
sanitizing, social distance queuing, path of travel, security,
deliveries, furniture placement and more, all developed per
industry best practices and CDC recommendations.
Macerich's large, enclosed properties feature vast and well
ventilated interior common areas, providing ample room and a
comfortable environment, even during peak retail periods, to
practice effective social distancing. The company also utilizes
state-of-the-art traffic-counting practices, which offer an
effective tool to monitor and enforce capacity requirements.
"Beyond increasingly strong shopper traffic, some key retail
partners including Macy's and Nordstrom are describing
better-than-expected sales at their reopened physical stores," said
Doug Healey Senior Executive Vice
President, Leasing, Macerich. "Across our portfolio, especially
active categories are footwear, activewear, home goods and beauty.
All of this underscores both pent-up consumer demand and the
vitality of successful retailers that continue to connect with
shoppers."
About Macerich
Macerich is a fully integrated self-managed and
self-administered real estate investment trust, which focuses on
the acquisition, leasing, management, development and redevelopment
of regional malls throughout the United States.
Macerich currently owns 51 million square feet of real estate
consisting primarily of interests in 47 regional shopping centers.
Macerich specializes in successful retail properties in many of the
country's most attractive, densely populated markets with
significant presence on the West Coast and in Arizona, Chicago and the New
York Metro area to Washington,
DC corridor. A recognized leader in sustainability, Macerich
has achieved the #1 GRESB ranking in the North American Retail
Sector for five straight years (2015-2019). Additional information
about Macerich can be obtained from the Company's website at
www.macerich.com
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SOURCE Macerich Company