DMM Retail Industry e-News Issue #228

Day-Trips to Two of America’s Largest Malls… Michigan Mall Targeted as Mixed-Use Destination… Indianapolis Retail Real Estate Flexing Muscle in Face of Challenges

mall of america & american dreamTwo Reporters Documented Their Day-Trips to Two of America’s Largest Malls. Here’s How They Fared

Two of America’s largest malls got the “roving reporter” treatment in two different media outlets, though each article took a different approach. For the Mall of America in Bloomington, MN (retail GLA: 5,689,000 sq. ft.), reporter Mary Meisenzahl of Insider provided a photo essay with a descriptive sentence or two atop each image. Images focused on shops, attractions and transportation (“The metro conveniently has a stop right at the mall, which is actually located in a suburb of the city”). TimeOut’s Things To Do” editor Shaye Weaver trekked from the city to suburban New Jersey to suggest the best way to spend 12 hours at American Dream in East Rutherford, NJ (retail GLA: 4,500,000 sq. ft.). She started her day at the water park, had some lunch and did some shopping, then checked out Nickelodeon Universe, followed by more shopping, dinner, and then Black Light Mini-Golf. “Despite our initial reservations about spending all day in what can be considered a mall, we visited on a recent Wednesday and found that it actually can be a fun escape from NYC,” Weaver writes. Mall of America and American Dream are both owned and operated by Triple Five Worldwide. With the West Edmonton Mall in Canada (also recently the topic of a similar write-up as well), Triple Five has the three largest mega-malls in North America.

fairlane town centerMichigan Mall Targeted as Mixed-Use Destination

Fairlane Town Center in Dearborn, MI, is headed for an overhaul that’ll make it a mixed-use destination. The Detroit News reported last month that the 1.4 million-square-foot shopping center was acquired by a Texas-based firm that specializes in retail and mixed-use properties. “When we purchase a shopping center, we don’t buy simply to operate it as is. We buy to own valuable real estate that we can redevelop into dominant mixed-use destinations, and that is the plan we envision for Fairlane Town Center as well,” said Centennial‘s Whitney Livingston, president and COO in a statement to The Detroit News. Terms of the purchase were not disclosed. Fairlane Town Center reportedly had an 85% occupancy rate as of February 2022.

IndianapolisIndianapolis Retail Real Estate Flexing Muscle in Face of Challenges

Taking risks. Doing what it takes. The strong survive. It might sound cliché, but the retail sector in Indianapolis, IN, is doing well, despite the challenges brought on during COVID and general trends that haven’t favored real-world retail in recent years. According to a recent article on REjournal.com, while the area’s commercial industrial real estate market was “thriving,” the retail sector was showing fortitude by performing well in ways that were unforeseen. The article’s author, managing editor Dan Rafter, noted “What is changing is that the savviest and most successful of retailers are embracing the omnichannel approach, building a strong online network and operating brick-and-mortar locations.” Your humble e-newsletter editor notes that the DMM database has 46 properties in the Indianapolis market.


Spotlight Listing: RiverTown Crossings

Details

RiverTown Crossings
3700 RiverTown Pkwy. SW
Grandville, MI 49418
Website

Owner/Developer
Brookfield Properties Retail Group

Stats

Gross Leaseable Retail Area
1,267,272 sq. ft.

Year Opened
1999

Retailers

Retailers Include
Celebration! Cinema, DICK'S Sporting Goods, JCPenney, Kohl's, Macy's, Journeys Kidz, Francesca's Collections, The Zon3, Eddie Bauer, Tokyo Express, Helzberg Diamonds, Spencer's, Leggings, Eyes by India, GameStop, Lids

rivertown crossingLocated just 10 miles from the heart of Grand Rapids, MI, RiverTown Crossings is a Super-Regional Center featuring an antique-style carousel and a 20-screen Cinema. RiverTown Crossings serves a primary market population of 588,807 with an average household income of $86,999.

According to trade area analysis available on ShoppingCenters.com, the current rolling 12 month count for visitor traffic is: 270,346.

spotlight trade area mapClick Image to View Larger


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