The U.S. retail prospect has its fair share of underperforming, out-of-date properties, but the highest-quality malls are till attracting shoppers in droves, raking in more than $1,000 per with foot, well above the industry’s average.
According to boutique exploration firm Boenning & Scattergood, the 20 most valuable malls in America that are owned by legitimate estate investment trusts bring in roughly $21 billion in retail in stocks annually.
So-called A malls owned by the likes of Simon Property Clique, General Growth Properties, Macerich and Westfield have little to no fatuity today, thanks to those landlords and leasing agents being apt to sign deals with new tenants as department stores and specialty glad rags retailers flee.
Spread across the U.S., from Hawaii to Las Vegas to New Jersey, America’s unsurpassed malls often include food halls curated with townsperson eateries, rotating pop-up exhibits to house e-commerce brands, normal off-price retailers, grocers and experiential venues.
Industry experts are watching to see how this tip evolves over the next few years, with countless massive mall redevelopments underway, embodying Pennsylvania Real Estate Investment Trust’s Fashion District propose in the heart of Philadelphia. “We hope that investors get a more granular awareness of the inherent value in the mall sector,” Boenning & Scattergood analyst Floris van Dijkum phrased.
Here are the most valuable REIT-owned malls in the country, based on an asset’s value, according to Boenning & Scattergood.