Best Buy Sunrise Mall EXCLUSIVE
Urban Edge bought the mall in partnership with two other companies, RIPCO Real Estate, and JG Petrucci, and will collaborate on redeveloping the property, which sits on 77 acres. Details of the redevelopment have not yet been disclosed.
best buy sunrise mall
There are more than 1,000 malls in the United States today. (Exact estimates vary based on how different analysts count.) However, many of them are struggling with rising vacancy rates and falling customer traffic. As a result, many analysts expect a wave of mall closures in the coming years. A widely-cited 2017 Credit Suisse study estimated that up to a quarter of U.S. malls could close by the end of 2022.
Some contrarian investors, as well as executives from mall REITs like Washington Prime Group (WPG) and CBL & Associates (CBL), disagree. While they may acknowledge that malls face transitory pressures, they believe it is relatively straightforward to overcome these headwinds by altering the tenant mix and repositioning weaker properties. As one Forbes article put it last year: "Shopping malls aren't dying - they're evolving."
In some cases, mall REITs can save struggling properties in a cost-effective manner through thoughtful redevelopment projects. Nevertheless, it's clear that there are far too many malls in the U.S. and that the mall sector would be a lot healthier if some of them closed.
My visits to six Sacramento-area malls last month (Arden Fair Mall, Country Club Plaza, Sunrise Mall, Westfield Galleria at Roseville, Yuba Sutter Mall, and County Fair Fashion Mall) demonstrated vividly that many malls no longer serve a useful purpose. In fact, three key myths are causing some mall bulls to underestimate the sector's challenges.
Some investors make the mental mistake of classifying malls as either "upscale" or mass-market based on their sales productivity. That might make it seem like a mall with low sales per square foot would not be threatened by the presence of a nearby mall with high sales per square foot, because they simply appeal to different demographics.
"Sunrise Mall is clearly in transition, a reflection of the challenges facing a generation of shopping malls across Long Island and the nation," said Coleen Conklin, Urban Edge's vice president for marketing.
Conklin said Urban Edge is creating a roadmap for the transition of the mall. But she said that, whatever the future of the mall is, Urban Edge is not looking to transform it into housing. The company also said that it will continue to maintain the property during the transition.
The best place to shop in Miami, Aventura Mall is defined by unique experiences, renowned luxury boutiques and shopper favorites, a world-class art collection, international indoor and outdoor dining, a popular Farmers Market, and cutting-edge architecture. An iconic landmark, Aventura Mall is always evolving, offering something new to culture-seekers, trendsetters and culinary connoisseurs.
Any variety of downloadable apps can help you find the best bargains. Use FastMall to pull up maps of your local malls stretching. Stay on top of the best deals by signing up for text message alerts from retailers like Kmart, Victoria's Secret and Bath & Body Works.
Her phone is armed with coupon apps like Yowza!! and Coupon Sherpa, which let her know what stores near her have the best bargains. Occasionally, the apps showcase coupons of interest to her like Express, Bath and Body Works and Borders. But more often than not, she's disappointed.
Shopkick has partnerships nationally with Target, Best Buy, Macy's, Sports Authority, Wet Seal, American Eagle and Simon Property Group's malls. Customers score kickbucks by simply walking into a mall or store and checking in on their iPhone or Android phone. They also get more kickbucks by scanning barcodes on select items.
Malls like Sawgrass Mills in Sunrise, Fla., are trying to give customers a reason to walk in with special deals only available through social marketing channels. At the mall, a Foursquare deal is offered daily to the first shoppers of the day at select stores. Facebook deals are a mix of exclusive offers and general promotions. 041b061a72