Category Archives: Malls


Small mall market to thaw as interest rate pain spreads

The country’s biggest owner of small suburban malls, Region Group, expects the transaction market for these assets to thaw significantly in coming months as more realistic vendors adjust their pricing expectations.카지노사이트

Speaking after the owner of 95 supermarket-anchored neighbourhood and regional shopping centres booked nearly $150 million of writedowns across its $4.5 billion portfolio over the six months to December, chief executive Anthony Mellowes said buying opportunities could also come from highly geared syndicates “experiencing a few issues”.

Region Group, which rebranded from SCA Property Group last year, has not made an acquisition since buying a portfolio of five malls from Centuria for $180 million last June.

Mr Mellowes said the slowdown in acquisitions was due to vendors being unwilling to adjust their pricing expectations and buyers looking for value.

But, he said, vendor expectations were now lower than they were in the second half of last year.

Asked how wide the gap had been, he said “at least 50 basis points”.

“Assets that owners thought were worthy [of trading on yields] of 5.5 per cent, we are now thinking are at least 6 per cent now,” Mr Mellowes said.

He added: “Evan [Walsh, Region Group’s chief financial officer] won’t let me buy anything below a 6 per cent yield because it costs that much just to fund it.”

Opportunistic acquisitions
After capitalisation rates increased 23 basis points over the half-year to average 5.67 per cent across the Region portfolio, Mr Mellowes said he expected another 25 basis point increase in capitalisation rates, which would result in further “slight” writedowns in asset values.

Writedowns over the six months to December resulted in a statutory net loss after tax of $95.1 million, a result that sent Region Group securities tumbling almost 4 per cent on Tuesday to $2.67.

However, Region Group is well placed to navigate high debt costs– and is in a position to make opportunistic acquisitions – with gearing set to fall to below 30 per cent following the sale of the Carrara Shopping Centre and its remaining shares in listed rival Charter Hall Retail REIT.

Higher interest rates masked an otherwise strong performance in Region’s mall business after net operating income rose 4.5 per cent over the six months to December due to a strong increase in rents.바카라사이트

However, a 35 per cent, or $6.1 million, rise in the group’s net interest expense as its weighted average cost of debt rose 80 basis points to 32 per cent wiped out these gains. This resulted in slightly lower operating earnings, or funds from operations – the key industry metric for real estate investment trusts – for the half year of $94.1 million.

“Our core business is doing very well. We’ve had good leasing outcomes, good retail sales growth and good momentum overall. But all that good work has been taken away by higher interest rates, which is why our earnings are fairly flat on the prior year,” Mr Mellowes said.

“Our growth before interest expenses has been super strong.”

This strong operational performance was highlighted in Region’s specialty leasing spreads – the difference between the new rent and the prior expiring rent over the same space – which increased from 2 per cent in the 2022 financial year to 4.4 per cent over the six months to December across 198 leasing deals.

“The last six months have continued to prove the resilience of our convenience-based shopping centres, with an additional four tenants paying turnover rent,” Mr Mellowes said.

He added that neighbourhood malls would be less affected by any downturn in consumer spending as interest rates continue to rise.

“More people will shop in supermarkets, so I am feeling quite positive, and our rents remain low [relative to other sectors],” he said 온라인카지노


Deck the malls: Shoppers come to Fayette Mall for last-minute Christmas shopping

LEXINGTON, Ky. (FOX 56) – Christmas at the mall is a magical experience for many, especially those who still need to do some last-minute shopping.카지노사이트

Shoppers came out to the Fayette Mall Friday morning braving below-freezing temperatures and bad road conditions. Shopper Chris Mulder said shopping up to the last minute is a tradition for him, and he’s glad to keep it going this year.

“I’m last minute, trying to, you know, get in the holiday spirit. I always make it one of my last resorts. It’s the part of the year I love is just, you know, getting out here last minute with my kids and just try and make things happen,” Mulder said.

The Fayette Mall opened at 10 a.m. on Friday for weather conditions. The mall wasn’t very crowded during the first couple of hours, but a mall representative said she expected mall traffic to pick up by around noon. Mulder came early to beat the traffic.

“We kind of knew that the traffic was going to be down. So we just came on out and it’s not too crowded in here. So we were able to maneuver and do what we got to do,” Mulder said.바카라사이트

While some came to shop, others like Todd Lucas came with his family to enjoy the Christmas vibe that malls have this time of year. Lucas and his family are visiting from Michigan.

“We are here to kill a little bit of time because we just came into town. We’re from out of town. But we heard this is the biggest mall in Kentucky. So we said this is the place for us. We had to get down here a day early because we didn’t want to drive through back home. We’re going to get about two feet of snow,” Lucas said.

Whether shopping or just killing time, people agree nothing beats an in-person experience at the mall.

“Very thankful to get back to in person, love being back, love not having to wear anything on my face,” Lucas said.

“Online is cool, but I’m old school. So coming out to the mall and doing what I got to do, you know, I enjoy it better than, you know, sitting in front of a screen or on my phone trying to order something. So this works,” Mulder said.온라인카지노


This mall chain’s Christmas Village is back

This Christmas is going to be one for the books.카지노사이트

The past two years saw Filipinos dialing down on the holiday celebrations as people exercised caution to fight against the spread of sickness. It is no easy feat too, given that the FIlipino Christmas celebration is traditionally one of the biggest events of the year for every Filipino family.

The good—no, the aweSM—news? This 2022, SM is set to give everyone a Christmas comeback like no other with the return of the SM Christmas Village, now in its second year.

Currently, SM Supermalls is one of the very first malls in the Philippines to venture into the metaverse, giving everybody the first mobile brand rewards app that provides customers with fun and exciting ways to score amazing deals, earn free shopping money, and win wow-worthy prizes.

To share how amazing it is: The pilot run of the ChristmaSaya Village in 2021 recently won four accolades at this year’s Vega Awards, earning nods for outstanding innovation in the digital and virtual realm.

Enter the Mall-tiverse

Here is how it works: To join, a user has to register for an account online via Once registered, you gain access to the virtual SM Christmas Village, where you can explore different zones, interact with other players, and collect virtual coins to unlock exclusive shopping vouchers and earn raffle entries, and just like at SM Supermalls nationwide, #YoureAlwaysWelcomeHere

Excited for supercharged virtual fun? Here is a quick look at what is in store for you this year:

Bigger rewards, bigger prizes

If you loved last year’s vouchers, you are in for even better rewards this time. SM has partnered with more of your favorite brands to give you exclusive shopping discounts and deals (a total of P2-M worth of vouchers are up for grabs) and is set to give away a whopping P1-M worth of raffle prizes. Plus, one lucky winner will drive home the ultimate Christmas gift: a brand-new Suzuki S-Presso.

An expansive game world awaits

Your gaming experience gets a level up with improved game designs and an exciting game world featuring new areas to explore—from shopping and dining zones to entertainment zones—like you are really at an SM Supermall. Experience augmented reality malling, e-meet friends, and play fun games to earn virtual coins. Before that, have fun customizing your own avatar down to the hair, outfit, and accessories (shopping bag, included), so you can create a character that is uniquely you.

Enjoy fresh in-game features

Get your family members in on the Christmas fever with the multiplayer option and stay connected while you play with the new chat and video-calling features. Be on the lookout for pop-ups, too, featuring special brand deets and surprise deals with every visit.바카라사이트

Earn shopping money every day

The more virtual coins you collect in-app, the more “shopping money” you get, which you can use to redeem vouchers from your favorite brands. Once you have claimed your vouchers virtually, you can use them at participating SM Mall branches nationwide—to pay for your Christmas shopping, dining, and more. You can also use your coins to unlock raffle entries and win one of the 20 major prizes at the end of the year.

Some tips!

Visit the village every day to earn more coins fast.

You can also spend your coins as soon as you earn them, but it pays to be patient too because by accumulating your coins first, you will be able to redeem bigger rewards later on.

Make sure to explore all the zones and keep an eye out for hidden treasures and bonuses.

A Christmas to remember

With restrictions easing up and COVID-19 vaccination rates at an encouraging high, this year’s holiday season is shaping up to be one to look forward to.

From the light shows and holiday centerpieces to all sorts of Christmas attractions, all things merry and bright await you and the whole family—and it all starts now. Check out all the holiday happenings here and have a #HappyChristmasAtSM!

The #SMChristmasVillage2022 will run from October 28, 2022 to January 5, 2023. Voucher redemption will be until January 31, 2023.

To stay updated on all things SM, follow SM Supermalls on Facebook, Instagram , and Twitter.

SM implements strict #SafeMallingAtSM protocols nationwide and offers convenient shopping options via the SM Malls Online app, The SM Store, and ShopSM. For updates on mall hours and entry guidelines, check out their website.온라인카지노


Malls Can Still ‘Change’ In Time for the Holidays

September created an opportunity for malls to take a significant step forward, with signs that some of the economic headwinds were dissipating, according to a report this week from카지노사이트

However, there is still ground to make up, the data analyst firm said, as visits to malls of various types showcase “resiliency.”

During September, visits were down 0.9% at indoor malls compared to 2021, and they were down 1.8% at OALCs and down 4.5% at outlet malls.

For indoor and outlet malls, those figures are improvements compared to July and August.
“But gaps remain,” according to the report. “While the numbers aren’t bad compared to last year, comparing them to 2019 leaves a lot to be desired.” reported that during September, visits were down 10.1% at indoor malls, 10.2% at OALCs, and down 11.3% at outlet malls, compared to 2019.

A Week in Sept Indicates Optimism

But traffic is improving, lately. A look at the weekly data shows visits ticking up as of the week of Sept. 19.

Compared to the previous week, visits then were up 2.6% at indoor malls, 1.7% at OALCs, and 2.5% at outlet malls — a good sign as the holiday season approaches.

At Simon Malls, Laura Schwartz, Regional Vice President, tells that her company continues to invest in its properties, bringing in new retailers, adding additional product types and maintaining our properties.

“We’ve seen particularly strong traffic at centers such as Burlington Mall and Northshore in the Boston market that have recently gone through extensive redevelopments,” Schwartz said.

Year-Over-Year Data Must Be Referenced

David Greensfelder, managing principal of Greensfelder Real Estate, tells that while shopping malls may be attempting to position themselves for the holidays, the task may be as futile.

“Owners as sailing into a storm: larger forces are going to carry the season, and it’s going to be difficult to steer an individual mall’s performance in light of them,” Greensfelder said.

“Consider that the economy is sending mixed signals such as month-over-month consumer confidence index numbers being at odds with continued inflation and higher borrowing costs.

“While retailers’ excess inventory (created by supply chain disruptions) and related price reductions may be driving some shoppers to stores, it’s important to focus on year-over-year numbers and not at what happened last month or two months ago.

Greensfelder said that the year-over-year numbers confirm that mall footfalls are down compared with 2021 and certainly before the pandemic, fundamentally changing how we shop for goods and services, particularly for commodities.바카라사이트

“The trend of consumers ‘trading down’ and retailers rightsizing their fleets (ie. closures) confirm this hypothesis,” he said.

Greensfelder pointed to trends that seem to be positively impacting some malls include the strength of urban areas, digitally native brand growth (particularly those where there is a hybrid digital and bricks-and-mortar strategy), and fitness.

“Those positives are dampened by malls benefiting less from luxury brand bounce-back, and restaurant visits (all categories) being flat to down,” he said.

Preserving the ‘Heart and Soul’

Doug Ressler, manager, business intelligence, tells that shopping malls have been defined as “the heart and soul of communities” and have been under severe pressure from the proliferation of e-commerce and other forces.

“In-person shopping providers are leveraging technology to help their consumers engage the new range of mall experiences before, during and after a visit,” Ressler said.

Tech-driven experiences include or will include:

  • Interactive kiosks that deliver product information and promotional messaging;
  • Smart touch screens that could help keep shoppers in stores longer and buying more;
  • Interactive wayfinding that helps shoppers pick up items acquired through BOPIS (buy online, pick up in store);
  • Systems that combine digital signage and IoT sensors for queue management and emergency notifications;
  • Large digital video walls that deliver news, weather, ads and other content;
  • Augmented and virtual reality tech that lets customers digitally test products.

Moody’s: Malls Must ‘Dynamically Serve Consumers in Digital Age’

According to Moody’s report The Mall of the Future: How Regional Malls Will Survive a Rapidly Changing Retail Industry issued in September, malls will need to revamp their business models and tenant mixes to survive.

It starts with “dynamically serving consumers of the digital age” although brick-and-mortar stores will continue to be a critical part of retailers’ strategies.

“That is particularly true for regional malls, since among brick-and-mortar property types, the traditional mall is most directly disintermediated by e-commerce,” according to Moody’s.

Regional malls will continue to exist – and many estimate that roughly one in five of the over 1,000 US malls will remain as malls, Moody’s said – but the “mall of the future” will have a diverse set of draws beyond conventional department store anchors.

Implementing an “omnichannel” strategy is now critical, not optional, according to the report.

Online sales as a share of total US sales will grow further, however, a large majority of retail sales will still occur in physical stores, Moody’s said.

“Even where online sales do supplant in-store sales, e-commerce is becoming less cannibalistic and more intertwined in a holistic approach to retailing,” according to the report. “This involves integrating the traditionally siloed tasks of sales, marketing, customer service, and inventory management across all digital and physical channels to form efficiencies and connect with customers by every means possible.”

Regional Mall Business Model Shifting

Successful mall operators will aim to drive rent and foot traffic beyond the traditional model of department store anchors. To do so, it must rethink how to use primary spaces, according to the Moody’s report.

“The limited number of traditional retailers available to backfill mall vacancies, especially large anchor spaces, means landlords must be willing to look to certain national big box retailers, entertainment businesses, sporting goods, high-volume restaurants, or some mix of alternative uses such as logistics, residential, medical office, or service-based retail,” it said.

Shorter term lengths and mall performance contingency provisions will force landlords to share more in the risks of their tenants, according to Moody’s.

“Some malls will fail because operators will not have (or choose not to deploy) the capital to do necessary reformatting. All of this makes it ever more important to have a sophisticated, well-capitalized mall operator to survive the rapidly changing retail world.”

Give What Online Shopping Can’t Give ‘You’

Wickham Zimmerman, CEO of Outside the Lines, tells, that it is unsurprising that malls are experiencing a resurgence after the public has been spending so much time at home over the past 2.5-plus years.

“The desire to reconnect with the world around them and return to a more ‘normal’ way of life is palpable,” Zimmerman said. “As consumers seek the experiences that they have been missing all these months, it is incumbent upon retail center owners and operators to provide environments that deliver what people cannot get from online shopping.

“An essential part of these environments are amenities like outdoor water features that draw in visitors, provide dazzling and beautiful displays, and help drive foot traffic for these venues.

“With the holidays approaching, water features at retail centers can present spectacular holiday-themed shows, lighting, and effects that captivate shoppers and make these centers true destinations for locals and visitors. The addition of water features has a positive impact on retail sales, while increasing property value and providing a safe place for people to gather in the post-COVID era.”온라인카지노


57 Indian Malls Are Unused; These Ghost Malls Incur A Loss Of $524 Million

Have you ever come across ghost malls? Well, these are not the malls that are haunted or spooky but have less than 40% occupancy. Yes, the malls which are not fully occupied are termed ghost malls. And, sadly these ghost malls are leading to huge losses amounting to $524 million. A report by Knight Frank India suggests that ghost malls have a high number in metro cities. Here’s all you need to know about them and why it is a cause of concern –카지노사이트

Ghost Malls In India Cities Remain Unused

From Delhi to Pune to Hyderabad, major malls in India remain unused today. Approximately eight cities in the country house ghost malls and have incurred great losses. There are numerous reasons why these malls still remain unused. A few of the reasons include –

  • No diligence towards maintaining them
  • Size issues
  • Issues of ownership of these malls바카라사이트
  • Lack of tenants
  • The improper layout of the malls

However, the report also claims that despite efforts to revamp these ghost malls, they still remain unoccupied. As a result, the revenue collection of these malls is super low than actually expected of them. The report also says that many malls are on the verge of being shut down, and demolition of the shops inside the malls is also underway. This is also being done due to various issues like non-payment fees, other irregularities etc.

How Can These Unused Malls Be Reused?

The report also suggests that instead of demolishing the 57 malls in various cities in India, they can be converted into other spaces that various establishments can use. As per the report, these establishments can be of various sectors food and clothing banks, event and exhibition spaces, daycare centres, training centres and more. The report shows that the number of ghost malls decreased greatly, and the overall growth of malls has improved. Despite the overwhelming nature of consumers sticking to e-commerce sites, and finally, mall spaces are increasing.온라인카지노