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Macerich Boosts Tenant Lineup at Scottsdale Fashion Square

Zacks Equity Research

Retail REIT The Macerich Company MAC recently announced that Versace, one of the leading global fashion design houses, will be opening its first Arizona store at Scottsdale Fashion Square. Set to open in spring 2020, the store will be located in the mall’s luxury wing, adjacent to that of Michael Kors Holdings Limited KORS, and will span 3131-square-feet of space.

Michael Guerin, senior vice president of Leasing, Macerich, noted "Versace represents its heritage through innovative and always-glamourous designs, and this inspired brand is a tremendous complement to the curated collection of luxury stores and experiences at Scottsdale Fashion Square, We continue to attract the world's finest global brands to our magnificent property, which is the true home for luxury in Arizona."

Notably, Scottsdale Fashion Square has more than 200 shops and restaurants and spans 1.9-million-square-foot of space. It ranks among the nation's premier shopping destinations and features more than 40 of the world's finest luxury and contemporary brands.

The mall inaugurated the luxury wing last holiday season, which 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.

Other reputed tenants of the luxury mall include Louis Vuitton, Gucci, Cartier, Bottega Veneta, Bulgari, Prada, Salvatore Ferragamo, Jimmy Choo, Burberry Group Plc BURBY and many others. Moreover, the property offers new dining concepts through Ocean 44, an upscale seafood restaurant and Dominick's Steakhouse, and Toca Madera, an art filled destination for Mexican cuisine.   

Further, Republic Scottsdale, the first non-gaming hotel from Caesars Entertainment Corporation CZR, is slated to open at the mall. It will include two new dining concepts from high-profile chef, Giada De Laurentiis.

Macerich has a high concentration of premium malls in the U.S. market. These properties are located in densely-populated areas, where affluent consumers with significant disposable incomes live, work and play, offering the company solid scope to generate decent cash flows.

Moreover, the company is making concerted efforts to enhance portfolio quality through non-core asset sales, redevelopment and addition of flexible-office spaces into its retail centers. Focus to boost mall traffic and drive sales by replacing unproductive tenants will help it thrive in the evolving retail landscape. However, the choppy retail real estate environment, with tenant bankruptcies and store closures, is expected to keep affecting the company’s leasing and occupancy level.

Shares of this Zacks Rank #3 (Hold) company have declined 20.9% over the past six months against the industry’s growth of 2.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.



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