News
REPOSITIONING RETAIL
October 14, 2010
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| Trademark Property’s Tommy Miller at yesterday’s retail panel along with Macerich’s Bob Aptaker, Jerde Partnership’s Rick Poulos, and Steiner + Associates’ Ralph Miller. Tommy says 65% of the nation’s regional malls are considered weak or transitional, and even some of the stronger ones have room to improve. Padre Staples Mall in Corpus Christi, for example, was pulling in a respectable $420/SF in rent, but was under siege by a competing mall rising nearby. After a $50M renovation and a repositioning as La Palmera, he believes it can reach $550/SF. A big emphasis on the panel was multi-purpose destination centers, and Rick mentioned that people have begun to treat some Jerde projects as gathering spots: “Let’s meet at the Bellagio,” or, “Let’s meet at the plaza,” the common area at Santa Monica Place, which opened last month at the head of the Promenade with 60 retailers. |
