Ala Moana Center a 'gold mine'
Pacific Business News (Honolulu) - by Randi Petrello
Its owner may be bankrupt, but Ala Moana Center is one of America’s most profitable malls.
A new report from U.S. News & World Report magazine used data from Green Street Advisors to identify malls where the retail business remains healthy despite the recession.
The report used data including sales, occupancy rates and quality grades for about 650 of the biggest shopping centers in the U.S.
Ala Moana has an estimated occupancy rate of 95 percent, with $1,125 in sales per square foot. The center has annual sales of more than $1 billion, according to the report, which concluded: “This upscale shopping mecca near Waikiki is a gold mine.”
It was noted that while other malls are having a hard time staying full, Ala Moana added a new wing with 30 more retailers.
Other profitable malls listed in the report are Fashion Valley Mall in San Diego, Forum Shops at Caesars in Las Vegas, Westfield Garden State Plaza and The Mall at Short Hills, both in New Jersey, and the Mall at Millenia in Orlando, Fla.
The report showed that the most profitable malls don’t rely on discounters, but instead feature stores with strong brand identity such as Nordstrom, Apple and Abercrombie & Fitch. The best malls are located in densely populated areas or tourist spots, as Ala Moana is, just blocks away from Waikiki Beach.
Ala Moana’s owner, General Growth Properties, filed for Chapter 11 bankruptcy in April.
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