MACERICH REOPENS ALL 47 RETAIL CENTERS NATIONWIDE

Macerich said on Thursday that all 47 of the company’s major retail properties nationwide are now open for business.

All Macerich shopping centers are now 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 1st, experienced 93.5 percent of year-over-year traffic on Sunday, June 14th. Similarly, Vintage Faire Mall in California’s Central Valley reported 97.1 percent of year-over-year traffic on the same day, after being fully open since May 22nd. In Colorado, FlatIron Crossing, which just reopened on Tuesday, June 16th, reported strong initial traffic of 33 percent 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 of 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.”

“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.

“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 of leasing at 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.”

Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers, with significant presence on the West Coast and in Arizona, Chicago, the New York metro area, and Washington, DC corridor.