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New Bella Terra Mall in Huntington Beach
- Mall Owners Won't Lament Federated-May
7777 Edinger Avenue, Huntington Beach, Ca
92647 Bella Terra Huntington Beach Phone: 714-897-2533 / Web site : www.bellaterrahb.com
Sales Rise as Department Stores Depart
By ANDY FIXMER
Posted date: 3/7/2005
Los Angeles Business Journal Staff
Opening: The Glendale Galleria is home to
Macy's and Robinsons-May.
Los Angeles developer Jerry Snyder has
ripped the roof off of a struggling shopping
mall in Huntington
Beach and is building a 4,000-seat movie
theater and more than 700,000 square feet of
new retail space.
But no department stores.
'We totally redesigned it,' Snyder said.
'The people we are doing deals with now are
Costco and Target.'
Snyder's project reflects the increasing
view of shopping mall developers and
operators ' and it hangs ominously over
Federated Department Stores Inc.'s proposed
$11 billion acquisition of rival May
Department Stores Co.
As department store sales and market share
plunged in the last few decades, mall owners
have shifted their dependence away from mass
merchandisers and towards national chains,
popular restaurants and big box discounters.
The strategy appears to be paying off.
Nationally, sales per square foot at malls
in 2004 averaged $366, up more than 4
percent from the prior year, according to
the International Council of Shopping
Meanwhile, department stores had sales of
$140 per foot in 2004, slightly below the
prior year, according to the Urban Land
Wall Street has taken notice of the shift.
While department store shares have as a
group done poorly, mall owners ' such as
Santa Monica-based Macerich Co. ' have been
some of the stock market's best performers.
'The specialty shops are doing a better job
at a narrow focus than the department
stores,' said Randy Brant, a Macerich senior
As mall owners become less dependent on
department stores, developers are including
fewer of them in their new projects. These
days, the focus is on building so-called
lifestyle centers ' largely open-air
complexes where entertainment and dining
attractions rope in shoppers instead of
If a department store even gets included in
one of these new centers, it's typically
placed off to the side and is smaller than
it had been in the past.
At the Grove, an L.A. lifestyle center where
Nordstrom Inc. is the sole department store,
sales per square foot are more than double
the national average, according to Rick
Caruso, the center's owner and developer.