Sell for More News is a weekly blog series with thought-provoking information from the world of commercial real estate.
Simon Property Group is a real estate investment trust (REIT) that operates 235 shopping centers around the world. While the company’s business is holding up well, Simon is redeveloping much of its property to diversify its portfolio.
As stores close and space becomes available at malls, real estate operators typically replace the vacating tenants with new ones. While Simon still does this in most cases, it has been breaking the mold with what it calls “densification” projects to add new types of businesses at its malls.
In fact, they’ve announced more than 20 projects that will turn areas formerly occupied by retail stores into hotels, offices, and residences.
For example, it’s bringing an 8 story Marriott hotel to its Sawgrass Mills shopping center near Miami. The project is intended to appeal to a broad audience, including international visitors who sometimes visit the Sawgrass Mills mall for multi-day shopping trips.
As the industry behemoth, they are also reinventing the mall for the 21st century.
A few examples. First, they partnered with Apple Maps to make shopping center maps available on smartphones. The company also rolled out a parking reservation app, a Facebook Messenger bot, and electric vehicle charging stations. Hint: These features are designed to give consumers fewer excuses not to shop.
Another interesting push is in esports. They would like to use malls as exhibition halls for esports events to drive traffic and sponsorship income.
Essentially, they are trying to make malls cool again. And they may pull it off. Keep your eye on this very impressive company.
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About Beau Beach, CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 800-721-3287, click to schedule a call or Beau@ProwessIRES.com