By Mike Sunnucks | Rose Law Group Reporter
Kierland Commons and Scottsdale Fashion Square are both performing well for mall owner Macerich (NYSE: MAC) while Biltmore Fashion Park saw its sales per square foot drop in the first quarter compared to a year ago.
The Apple Store closed at the Biltmore mall last year and Apple opened a new at Scottsdale Fashion Square. The Biltmore has also seen more restaurants come in rather than stores. Biltmore Fashion Park posted first quarter sales of $698 per square foot down from $981 per foot in Q1 2018, according to Macerich.
That compares to Q1 2019 sales per foot of $812 at Arrowhead Towne Center in Glendale and $705 at Chandler Fashion Center.
Macerich owns most of the major shopping malls and centers in Arizona and also has properties in California, New York and Oregon.
Kierland Commons came in Macerich’s best performing Arizona center with sales of $1,281 per square foot in the first quarter. That was up from $718 per foot a year ago. Kierland is home to high-end restaurants and shops.
Scottsdale Fashion Square had Q1 2019 per foot sales of $1,226 up from $1,008 from the Q1 2018. The downtown Scottsdale is adding new stores and a Caesars hotel is being built there.
Kierland and Fashion Square rank fifth and sixth, respectively, in sales per foot among Macerich’s 47 mall and shopping center properties.
The Village at Corte Madera in the San Francisco Bay Area was Macerich best performing mall with sales per foot of $2,357 followed by Broadway Plaza in Silicon Valley with $2,023 per foot, according to Macerich.
Among Macerich’s other Arizona malls, Tucson La Encantada ranks 11th ($866), Arrowhead 14th, Chandler Fashion Center 18th, Biltmore 20th, San Tan Village in Gilbert 26th ($601 per foot), Superstition Springs Center 37th ($371 per foot), Desert Sky Mall in west Phoenix 39th ($344 per foot).
Macerich stock closed at $41.60 Friday.
