{"id":1004395658,"date":"2020-02-27T09:12:08","date_gmt":"2020-02-27T17:12:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004395658"},"modified":"2020-02-28T09:25:02","modified_gmt":"2020-02-28T17:25:02","slug":"mall-owners-opt-for-staggered-openings","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mall-owners-opt-for-staggered-openings\/","title":{"rendered":"Mall Owners Opt for Staggered Openings"},"content":{"rendered":"

Located about 50 miles apart in the metro New York region, American Dream, a mixed-use destination totaling about 3 million square feet, and SoNo Collection, a 700,000-square-foot enclosed mall geared to upscale shoppers, don\u2019t seem to have much in common except for the fact that they are opening in stages.<\/p>\n

READ THE DIGEST<\/a><\/p>\n

\"\"<\/a>

American Dream, Ice Rink<\/p><\/div>\n

The $5 billion American Dream in East Rutherford, N.J., which had been under development with previous developers for more than two decades before Mall of America\u2019s owner Triple Five Group took it over. The mall opened Oct. 25 with an indoor Nickelodeon Universe Theme Park and an ice-skating rink. The mega-mall, which is split 55 percent experiential, including dining, and 45 percent retail, launched the Dreamworks Water Park Nov. 27, an indoor snow park Dec. 5 and plans to unveil its retail offerings in March.<\/p>\n

As of early February, the retail portion<\/a> was more than 90 percent leased to Hermes, Saint Laurent, Century 21, Saks Fifth Avenue, Tiffany & Co., Zara, Uniqlo, Primark and other tenants. There will be more than 100 dining options and additional experiential features like Merlin Entertainment\u2019s SEA LIFE Aquarium, LEGOLAND Discovery Center and a 300-foot Observation Wheel.<\/p>\n

Don Ghermezian, American Dream CEO, said the company decided to open the property \u201cin chapters to give each piece the celebration it deserves. We knew that having \u2018one\u2019 opening for a destination of this size just wouldn\u2019t make sense.\u201d<\/em><\/p>\n

SoNo Collection, located in South Norwalk, Conn., is anchored by the first Nordstrom in southern Connecticut and the only Bloomingdale\u2019s in the state. The Brookfield mall was also in the planning stages for years\u2014not decades. It was started by GGP and completed after Brookfield bought the controlling stake in GGP in 2018.<\/p>\n

The mall opened Oct. 11 at 90 percent leased with only 16 stores, including Nordstrom opening its doors. Throughout the rest of 2019 another 39 opened. More are continuing to open throughout Q1\u2014Apple and Amazon opened in February– and Q2 of 2020.<\/p>\n

“Being 90 percent leased we are in a great spot to continue to talk about names that are opening as they start to come online,” said Matt Seebeck, senior general manager of SoNo Collection. “We are well on our way to even more openings. As we continue through 2020, every day it feels a little more full.”<\/em><\/p>\n

Industry Reacts<\/h2>\n

Retail consultant Jeff Green, partner at Hoffman Strategy Group, said staggered openings can be confusing to customers. \u201cYou\u2019ve got consumers expecting one thing and getting another on a first visit. It\u2019s not a good thing.\u201d<\/em><\/p>\n

But Greg Maloney, CEO, Retail, JLL, said clear messaging is key. \u201cHow do we make sure when the consumer comes, they know exactly what is happening,\u201d<\/em> he said. \u201cYou can fudge it a little, but you can\u2019t say March and then open in September.\u201d<\/em><\/p>\n

Often, Maloney said, landlords are pressured by retailers who are ready to go and don\u2019t want to wait for the entire center to open, particularly if it\u2019s in the fourth quarter.<\/p>\n

He said owners may also be boxed in by leases and would be required to provide givebacks like free rent if there are delays. Or they might even lose tenants, particularly those that committed early, if the opening keeps getting pushed back, Green added.<\/p>\n

\n

Sector Insights rotates among office\/medical office, industrial, retail, multifamily, self storage and hotel\/hospitality.<\/em><\/p>\n

Read the March 2020 issue of CPE.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Brookfield and Triple Five Group are slowly rolling out the retail options at their long-planned mall projects.<\/p>\n","protected":false},"author":1068,"featured_media":1004395727,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21749],"tags":[],"class_list":["post-1004395658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-retail"],"acf":[],"yoast_head":"\nMall Owners Opt for Staggered Openings - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mall-owners-opt-for-staggered-openings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mall Owners Opt for Staggered Openings\" \/>\n<meta property=\"og:description\" content=\"Brookfield and Triple Five Group are slowly rolling out the retail options at their long-planned mall projects.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mall-owners-opt-for-staggered-openings\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-27T17:12:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-28T17:25:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/American-Dream_Ice-Rink.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mall-owners-opt-for-staggered-openings\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mall-owners-opt-for-staggered-openings\/\",\"name\":\"Mall Owners Opt for Staggered Openings - 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