aMall Tag

Within the mass movement by mall owners to recast drained, unproductive or vacant square footage into alternative uses, Macerich seems one step ahead. The Santa Monica, California-based mall owner and operator is steadily repurposing its square footage, in several cases transforming closed department shops or underutilized parking lots into residences, offices, hotels, experiential concepts reminiscent of museums and fitness centers, electric vehicle showrooms, large-format entertainment, more food and beverage, and with a wide range of direct-to-consumer brands wanting to add brick-and-mortar locations.  “Today, probably 15 to twenty percent of our portfolio is non-traditional use, and I could see it going as high as 30 to 40 percent,” said Tom O’Hern, the chief executive officer of Macerich. “We’ve got 44 properties and I'd say...