Research and analytics firm Green Street Advisors has unveiled its annual ranking of the top malls in the United States.There are some familiar names sprinkled throughout the top ten and at the top of the list, as well as two malls that were able climb their way into the upper tier for the 2016 version of the rankings.
Green Street weighs several factors into its formula to determine the rankings, but productivity reigns supreme – namely sales per square foot. Other metrics including market demand, location and anchor tenant quality are factored in as well, but the all-important metric of sales per square foot gives us a pretty solid indicator of the overall health and viability of a shopping center.
Taking down the top spot is the Bal Harbour Shops from Whitney Family Development. The upscale, open-air shopping mall is located in the wealthy Miami, FL suburb of Bal Harbour, and it also occupied the top spot on the list in 2015. The internationally renowned shopping center boasts sales per square foot of $3,185 dollars, and is recognized as a prime destination for luxury retail. The center is anchored by Neiman Marcus and Saks Fifth Avenue, and features top luxury retailers such as Fendi and Versace, as well as restaurants that include Carpaccio and Makoto.
The second and third positions on the list also occupied the same spots last year. Coming in second place was The Grove in Los Angeles from Caruso Affiliated. The retail and entertainment complex is anchored by Nordstrom, and lays claim to sales of $2,200 per square foot. Third place belongs to The Mall at Rockingham Park, a Salem, NH shopping mall in the Simon Property Group family. The huge shopping destination spans more than one million square feet, and produces sales of $2,170 per square foot.
New entries to the top ten are Macerich’s The Village at Corte Madera, which came in at number eight, and Westfield’s Century City, which took down the number nine position. The Village at Corte Madera is an upscale shopping center located in Corte Madera, CA that generates sales of $1,475 per square foot, while Century City is a 900,000 square foot outdoor shopping mall in Los Angeles that produces $1,457 per square foot.
Here’s the rest of the malls that made Green Street’s top ten.
- 4. Forum Shops at Caesars, Las Vegas, NV, Simon Property Group, $1,615 PSF
- 5/6 (tie) Aventura Mall, Aventura, FL, Simon Property Group, $1,595 PSF
- 5/6 (tie) Pheasant Lane Mall, Nashua, NH, Simon Property Group, $1,595 PSF
- 7. Woodbury Common Premium Outlets, Central Valley, NY, Simon Property Group, $1,550 PSF
- 10. Ala Moana Center, Honolulu, HI, General Growth Properties, $1,440 PSF