Building on a powerful first quarter when Macerich opened 540,000 square feet of new stores –plus the triumphant launch of Caesars Republic Hotel at Scottsdale Fashion Square – this top retail property owner, operator and developer is digging even deeper to inspire more people to spend more time at its best properties.
At three of Macerich’s fortress retail centers – Green Acres (New York), Scottsdale Fashion Square (Arizona) and Tysons Corner Center (Virginia), new stores, restaurants and targeted redevelopments are making these major properties even more essential to their communities.
With its reinvestments in key properties like these, Macerich is turning thriving retail centers into super-thrivers, ensuring they continue to drive high traffic and earn high marks from tenants and customers.
“These top-quality, high-performing destinations offer hundreds of stores and restaurants, including first-to-market and new concept stores and office, hotel, fitness and residential space,” said Doug Healey, Senior Executive Vice President, Leasing, Macerich. “While every property in our portfolio is different, and we customize our approach to development and redevelopment at each location, our overall goal is to provide an environment that draws more people to our properties from morning to night and brings them back again and again. These locations highlight exactly how Macerich is doing just that.”
Green Acres – 18.4 Million Annual Visitors and Growing
Perfectly positioned where lush Long Island suburbs meet densely populated New York City neighborhoods, Green Acres is the area’s dominant retail destination. With 18.4 million annual visitors, Green Acres is the number-two most-visited property in Macerich’s portfolio. The entire campus delivers more than $1 billion in annual sales.
Last year, Macerich was pleased to recapture the site’s Sears and Kohl’s buildings, opening the door for significant reinvestments in Green Acres that will add ShopRite – a world-class grocery anchor – plus redevelop 300,000 square feet of retail, entertainment and new-to-market dining. Enhanced entrances, signage, parking, updated landscaping, refreshed lighting and new paint bring an even brighter, more welcoming feel to the property.
Last year, Macerich strategically added Uniqlo and Primark stores in the former JCPenney space, building on the successful prior addition of Green Acres Commons to this campus, with its sizable slate of top-drawing big-box stores and everyday services.
Scottsdale Fashion Square – It’s Showtime for Caesars Republic Hotel
Now open on the north side of Scottsdale Fashion Square – right near the property’s famed luxury wing and its upscale new Life Time fitness – is Caesars Republic Hotel. As the inaugural non-gaming establishment from the esteemed Caesars brand, this modern, 11-story, 265-room hotel is a powerful new draw for locals and visitors alike. In addition to its well-appointed rooms and suites, guests can enjoy posh amenities such as refreshing pools and enticing new culinary experiences, including Luna by world-renowned chef Giada de Laurentiis.
Thoroughly dedicated to welcoming customers with new stores and exciting experiences, Scottsdale Fashion Square recently opened new Maje and Sandro boutiques, as well as new Tillys and Vuori stores. lululemon, too, has begun a high-profile expansion. The property is extending its elevated shopping experience to the south wing to make way for more top stores and more great dining, including an enlarged entrance complete with its own dedicated valet. Arizona’s only Catch and Élephante restaurants will be located here, with three yet-to-be-announced dining names already whetting appetites.
Tysons Corner Center – The Cheesecake Factory + More Food and Fun
Macerich continues to give tenants and customers new reasons to spend time at Tysons Corner Center in Northern Virginia, just outside Washington, D.C. Over 265,000 square feet are currently under construction as new brands arrive at the center and established locations bring their latest prototype – such as the new Apple, an expanded Lululemon and Warby Parker. This favorite, perennial strong performer recently opened Rothy’s, plus a flagship Foot Locker Power Store and the first U.S. location for beloved Pakistani retailer Khaadi. Great new retail names coming soon include Kate Spade, Mango, Primark and Vuori, Buck Mason and YETI.
Solidifying the center’s position as the market’s leading entertainment and dining hub, The Cheesecake Factory and Maggiano’s Little Italy are moving from their existing locations to join Level99 – a first-of-its-kind, challenge-based entertainment concept – continuing the evolution of Macerich’s food and entertainment focus at the bustling property.
And that’s just the beginning for Tysons Corner Center.
At the Heart of It All – Creating Long-Term Value
Taken together, Macerich’s executed-but-not-yet-open lease pipeline across the portfolio is expected to produce $70 million in incremental lease revenue from new deals in 2024, 2025 and 2026.
“We staunchly believe in the value of retail, and it’s important to note that all of these new uses benefit retailers and restaurants, which thrive on the added traffic that people who are on-site residents, gym goers, grocery shoppers, workers and hotel guests bring,” Healey added. “It’s all about adding even more energy and excitement to our destinations.”
