Phase One is coming to life right next to MetLife Stadium, which hosts NFL games the New York Giants and the New York Jets.Canadian developer Triple Five Group is in the midst of bringing the massive American Dream Mall at the Meadowlands Sports Complex in East Rutherford, NJ to life, and Phase One remains on track to open next summer. Optimism is high that this $5 billion complex will be a real game changer not only for the surrounding area but also for the mall industry as a whole. On that note, Triple Five is bringing the idea of the mall as experience to a whole other level.
As Philly.com shares, Phase One is coming to life right next to MetLife Stadium, which hosts NFL games for both the New York Giants and the New York Jets. While that’s enough of attraction in its right, that’s not even close to the only drawing card. Phase One will span a whopping 3 million square feet, and it will include an eye-popping 12 attractions.
“The future of malls is that they will have to offer shopping experiences you can’t get anywhere else in the form of food and beverage, unique entertainment opportunities, and exclusive stores,” according to JLL’s James Cook, director of retail research for the Americas.
Among the attractions on tap is a Nickelodeon Universe theme park, a DreamWorks Waterpark, and a 16-story Big Snow America Indoor Ski Hill.
“It will have less retail space than [the nation’s largest] Mall of America and 60 percent more in entertainment offerings. But it isn’t about size these days,” notes said Debbie Patire, Triple Five’s senior vice president of marketing. “It is about the customer experience and having the right mix of components, flagship and new-to-market retail, combined with best-in-class entertainment, attractions, and restaurants.”
Mark Hunter, managing director at CBRE Inc., who oversees the firm’s mall management work, notes that American Dream has the right mix to be a smashing success.
“There is significant retail competition within a 10-mile radius of that site, and to have a combination of a destination draw with entertainment along with traditional retail offerings differentiates American Dream and makes it a good fit for that location,” he said. “They have a good business model.”
Considering that it’s just eight miles away from bustling New York City, American Dream has an enormous built-in base of potential customers - not to mention the fact that New Jersey is chock full of residents in its right.