SANTA MONICA, Calif.— Macerich, a national owner, operator and developer of retail properties in top markets, 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.”
