America's mall owners cough up to stay relevant in Amazon era
They're renovating their properties when retail tenants exit and then wooing a broader spectrum of businesses
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THE owner of the Newgate Mall plans to pour US$500,000 into overhauling the outdated food court in a bid to lure restaurateurs and hungry shoppers. Rent payments from eateries are never going to recoup the renovation costs, but for landlord Time Equities Inc, that's not the point. The point is survival.
The food hall is part of an effort to breathe new life into the entire 718,000 square foot centre and increase foot traffic, according to Ami Ziff, director of national retail at New York-based Time Equities. The company, which bought Newgate in Ogden, Utah, from GGP Inc for US$69.5 million last year, is one of many landlords wagering that elaborate makeovers will keep them competitive as they reinvent their properties in the age of Amazon.
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