Macerich's Scottsdale Fashion Square Sales Witness Growth
Zacks Investment Research | Dec 16, 2019 08:14PM ET
Retail REIT The Macerich Company (NYSE:MAC) is experiencing robust demand at Scottsdale Fashion Square (NYSE:SQ). Recently, the company announced that the mall’s sales jumped 42.7% year over year to $1,472 per square foot, following its efforts to redevelop and expand the property’s luxury wing that was inauguratedin November 2018.
The luxury wing comprises new stores, premium furnishings and finishes, a Swarovski-inspired light column in the Crystal Court, and a wide variety of amenities. The wing, anchored by Neiman Marcus, has a new grand entrance and two-story glass entry. Also, the mall will provide new attractions and first-to-market tenants like Nobu Scottsdale, which will open in spring 2020, and Equinox luxury fitness, opening in 2021.
Michael Guerin, senior vice president of Macerich’s Leasing department, said "The stellar sales performance demonstrates the success of our efforts to take Arizona's undisputed luxury leader to the next level, matching the interests of the buoyant luxury sector in Scottsdale and beyond."
Scottsdale Fashion Square has more than 200 shops and restaurants spanning 1.9-million-square-footof space. The mall has a reputed tenant roaster offering various products and services like fashion, accessories, watches, fragrances, electronics, shoes, restaurants, etc. The mall boasts some well-known brands like Burberry Group (LON:BRBY) Plc (OTC:BURBY) , Michael Kors Holdings Limited (NYSE:CPRI) Zacks Investment Research
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