America's 10 most valuable malls are bringing in billions in sales. Here's where they are

Share
×

Retail

America's 10 most valuable malls are bringing in billions in sales. Here's where they are

Shoppers walk through the Easton Town Center Mall in Columbus, Ohio.
Luke Sharrett | Bloomberg | Getty Images

The U.S. retail landscape has its fair share of underperforming, out-of-date properties, but the highest-quality malls are still attracting shoppers in droves, raking in more than $1,000 per square foot, well above the industry's average.

According to boutique research firm Boenning & Scattergood, the 20 most valuable malls in America that are owned by real estate investment trusts bring in roughly $21 billion in retail sales annually.

So-called A malls owned by the likes of Simon Property Group, General Growth Properties, Macerich and Westfield have little to no vacancy today, thanks to those landlords and leasing agents being quick to sign deals with new tenants as department stores and specialty apparel retailers flee.

Spread across the U.S., from Hawaii to Las Vegas to New Jersey, America's best malls often include food halls curated with local eateries, rotating pop-up exhibits to house e-commerce brands, popular off-price retailers, grocers and experiential venues.

Industry experts are watching to see how this list evolves over the next few years, with countless massive mall redevelopments underway, including Pennsylvania Real Estate Investment Trust's Fashion District project in the heart of Philadelphia. "We hope that investors get a more granular understanding of the inherent value in the mall sector," Boenning & Scattergood analyst Floris van Dijkum said.

Here are the most valuable REIT-owned malls in the country, based on an asset's value, according to Boenning & Scattergood.

  • 10. Roosevelt Field Mall

    Total asset value: $2.41 billion
    Sales per square foot: $968
    Location: Garden City, New York
    Owner: Simon Property Group

    People are seen walking through Roosevelt Field shopping mall in Garden City, N.Y.
    Shannon Stapleton | Reuters
  • 9. Westfield Garden State Plaza

    Total asset value: $2.71 billion
    Sales per square foot:
    $950
    Location: Paramus, New Jersey
    Owner: Westfield

    Shoppers walk through the Westfield Garden State Plaza mall in Paramus, N.J.
    Emile Wamsteker | Bloomberg | Getty Images
  • 8. King of Prussia Mall

    Total asset value: $2.77 billion
    Sales per square foot:
    $773
    Location: King of Prussia, Pennsylvania
    Owner: Simon Property Group

    Shoppers carry bags outside the King of Prussia Mall in King of Prussia, Pennsylvania.
    Paul Taggart | Bloomberg | Getty Images
  • 7. Forum Shops at Caesars

    Total asset value: $2.79 billion
    Sales per square foot:
    $1,616
    Location: Las Vegas, Nevada
    Owner: Simon Property Group

    The Forum Shops at Caesars
    Mark Flores | Flickr
  • 6. Tysons Corner Center

    Total asset value: $2.92 billion
    Sales per square foot:
    $980
    Location: McLean, Virginia
    Owner: Macerich

    Shoppers at Tyson's Corner Mall in Tyson Corner, Virginia
    Melanie Stetson Freeman | The Christian Science Monitor | Getty Images
  • 5. Fashion Show

    Total asset value: $3.06 billion
    Sales per square foot:
    $975
    Location: Las Vegas, Nevada
    Owner: General Growth Properties

    Source: Fashion Show
  • 4. Woodbury Common Premium Outlets

    Total asset value: $3.2 billion
    Sales per square foot:
    $1,624
    Location: Central Valley, New York
    Owner: Simon Property Group

    Woodbury Common Premium Outlets
    Emile Wamsteker | Bloomberg | Getty Images
  • 3. Oakbrook Center

    Total asset value: $3.5 billion
    Sales per square foot:
    $911
    Location: Oak Brook, Illinois
    Owner: General Growth Properties

    The Container Store in Oakbrook Center, Oak Brook, IL.
    Source: Google
  • 2. Sawgrass Mills

    Total asset value: $4.1 billion
    Sales per square foot:
    $1,149
    Location: Sunrise, Florida
    Owner: Simon Property Group

    Patrons leave a life-size house, 'Barbie The Dreamhouse Experience,' at Sawgrass Mills Mall in Sunrise, Florida.
    Amy Beth Bennett | Sun Sentinel | MCT | Getty Images
  • 1. Ala Moana Center

    Total asset value: $5.74 billion
    Sales per square foot:
    $1,450
    Location: Honolulu, Hawaii
    Owner: General Growth Properties

    A high school band performing on stage at the Ala Moana Center in Honolulu, Hawaii.
    Jeffrey Greenberg | UIG | Getty Images