2024-04-16 07:00:00 ET
Summary
- American malls are experiencing a possible revival, with visits surging and the gap between pre-pandemic levels narrowing.
- Malls are evolving into hybrid entertainment destinations, offering experiences that online retail cannot replicate.
- Mall REITs like Simon Property Group and The Macerich Company are attractive investment options due to their strong portfolios and potential for growth.
It was a rainy, chilly Saturday afternoon in Towson, Maryland, an affluent area 20 minutes north of Baltimore. The perfect kind of day to just sit at home, parked in front of one’s TV, eating potato chips.
Yet, that’s not what many people chose that March 2024 weekend. Instead, they chose to go to Towson Town Center.
The three-story mall bills itself as “the top fashion and luxury shopping destination in the greater Baltimore-Washington area.” It features “an unparalleled retailer mix, including over 180 stores” and “an array of signature dining experiences.”
The latter category includes a Cheesecake Factory, which – despite escalating prices – continues to attract 1-2 hour waitlists during peak dining times. Meanwhile, the “unparalleled retailer mix” features names like Apple, Armani Jewelers, Coach, Lovesac, Lucky Brand, Macy’s, Nordstrom, Nordstrom Rack, Round1 Bowling & Arcade, Steve Madden, and Louis Vuitton....
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Who's Shopping For Mall REITs?