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Home / Business / The new largest US mall has much more than retail

The new largest US mall has much more than retail



26. October, eight miles west of Manhattan in East Rutherford, New Jersey, the doors swing partially open for a mega, don't-call-it-a-mall, entertainment and retail outlet that bets it could bypass the "Retail Apocalypse."

<p class = "canvas-atom canvas-text Mb (1

.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" We spent about $ 2 billion worth, plus we had another $ 3 billion spent by previous developers, so all in all, you're looking at a magnificent $ 5 billion project, & # 39; Paul Ghetmezian, general partner of & nbsp; Triple Five Worldwide developer of & nbsp; American Dream told Yahoo Finance during a preview of the property on the site. When complete opening of the venue will become the largest mall in the US "data-reactid =" 17 ">" We spent about $ 2 billion worth, plus we had an additional $ 3 billion that had been spent by previous developers, so everything in all in all, you're looking at a fantastic $ 5 billion project, & # 39; Paul Ghetmezian, general partner of Triple Five Worldwide, the developer of American Dream, told Yahoo Finance during a preview of the site. Once opened, the venue will become the largest mall in the United States

American Dream Mall Nickelodeon Universe

<h2 class = "canvas atom canvas text Mb (1.0 cm) Mb (0) – sm Mt (0.8 cm) – sm "type =" text "content =" American Dream goes big on entertainment "data-reactid = "38"> American Dream goes big on entertainment

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = " text "content =" American Drams three million plus square foot theme park, water park, ice rink, ski slope, movie theater, live performance theater, shopping and dining share similar concepts with Triple Five's other awning properties, Minneapolis metro & nbsp; Mall of America & nbsp; and Edmonton's & nbsp; West Edmonton Mall except for its entertainment ten In retail While two established malls offer 20% entertainment and 80% retail, American Dream is 55% entertainment and 45% retail. American Dream's current open entertainment options include more than 35 rides, along with several rollercoasters, and ice skating rink. "Data-reactid =" 39 "> American Drams three million plus square feet combined theme park, water park, skating rink, ski hill, movie theater, live performance theater, shopping and dining destination share similar concepts with Triple Five's other awning properties, Minneapolis metro's Mall of America and Edmonton West Edmonton Mall, with the exception of entertainment and retail relations, while two established malls offer 20% entertainment and 80% retail, American Dream's 55% entertainment and 45% retail, and American Dream's current open entertainment options include more than 35 trips, along with several rollercoasters, and ice rink.

"The Retail Apocalypse has actually been really good for us compared to our peers," said Ghetmezian. "I love Amazon. I love shopping online, but what I found from our business is that we d out the weaker centers and the weaker experiences, and it's allowed for centers like ours … michaelto actually takes a bigger piece of that pie and make it better. What we see is at the end of the day, people are still social creatures and people want to get out. ”

American Dream Mall Nickelodeon Universe

<h2 class =" canvas-atom canvas text Mb (1.0em) Mb ( 0) – sm Mt (0.8em) – sm "type =" text "content =" & # 39; This is a huge step and it is a long time coming & # 39; "data-reactid =" 61 "> & # 39; This is a big step and it will be a long time for & # 39;

The private company secured financing for American Dream after a former developer abandoned the project in 2003 by taking advantage of a 49% stake in the Mall of America property along with the sale of $ 1.1 billion in tax-free bonds. The developers reportedly received $ 390 million in tax concessions.

"Our dedication to securing the funding to make it happen by pledging our crown jewel asset is truly an example of our commitment and belief in the success of this development," Ghetmezian said.

"This is a big day for New Jersey, this is a big step, and it's a long time coming, "New Jersey Governor Phil Murphy said during a press conference held for the opening.

With high-end dealers and anchors Department stores including Saks Fifth Avenue and Lord & Taylor, which flank the property's entertainment venues, must impress American Dream's brick-and-mortar stores, and in recent years, prominent retailers have shuttered their doors and filed for bankruptcy, galore.American Apparel, BCBG, Aerosols and Forever 21 filed for bankruptcy, to name a few. An UBS report cited by The Washington Post in April 2019 predicted that 75,000 clothing, electronics and furniture stores would close in the next 6 to 7 years .

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "American Dreams new tenants will also have to compete with Bergen County's blue laws that prevent a majority of traditional retailers from opening for business on Sundays. The on-site theme parks and theme parks will remain open 7 days a week. Although American Dream can either get a lift or a boot from its location. A nearby shopping mecca in Paramus, New Jersey, also subject to Bergen County & # 39; s Blue Laws, famous & nbsp; buys more dollars in annual retail & nbsp; than any other US zip code. "data-reactid =" 66 "> American Drams new tenants will also have to compete with Bergen County's blue laws that prevent a majority of traditional retailers from opening for business on Sundays. The site's theme and theme parks will be open 7 days a week. Although American Dream can either get a lift or a boot from its location, a nearby shopping mecca in Paramus, New Jersey, also subject to Bergen County Blue Laws, famously drives more dollars in annual retail sales than all other US zip codes.

"There is so much more" than a mall

Part of Triple Five's plan of success requires stores to step up the game. The company rejected dealers who failed to offer more than one shopping experience.

"We want you to go in and have something special with you in a store, a retail experience on your real estate experience that you don't have to go anywhere else, ”said Ghetmezian, but would not e reveal what retailers had planned or were rejected for not offering a qualification concept.

American Dream Mall Nickelodeon Universe

After the first opening of the theme park Nickelodeon Universe and Ice Rink October 25, American Dream roll out another 3 areas. November 27, DreamWorks Water Park will be open. December 5 opens the indoor ski slope, Big Snow Ski and Snowboard Park. And in March 2020, a grand opening will be held for the entire arena, including retailers, serving and entertainment operators.

The current fee for a full-access pass that allows visitors to use all tours of the Nickelodeon Universe theme park and ice rink is $ 49.99. General access costs cost $ 39.99. Children under 2 years have free access. Some tours are prohibited for children under weight and age restrictions.

The facility is expected to increase tax revenue. So far, American Dream employs 1,200 people, directly. An additional 17,000 people will work on behalf of entertainment, retail and restaurant tenants moving into the space.

“People refer to us as a mall and Mall of America has a mall in its name, and so does West Edmonton Mall, and there are wills of its time, even though they have gone far beyond it today. American Dream doesn't say that – there's so much more, "Ghetmezian said.

<p class =" canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type = "text" content = " Alexis is a reporter for Yahoo Finance. Follow her on Twitter @alexiskweed . "data-reactid =" 98 "> Alexis is a reporter for Yahoo Finance. Follow her on Twitter @alexiskweed .

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