American Dream reportedly to emphasize entertainment offerings over retail
American Dream is shifting course slightly as it bets on entertainment to bring in the crowds.
The long-delayed 3 million-sq.-ft. mega-center, in East Rutherford, New Jersey, was slated to feature a mix of entertainment-related tenants (55%) and retailers (45%) when fully opened. (The retail component, or at least the first wave, was expected to open in March, but the center closed in mid-March due to the COVID-19 pandemic). But the tenant offering will now be more heavily weighed toward entertainment, which will represent 70% of the tenant base, developer Triple Five Group told CNBC.
“We are going to come out of this super strong ... really strong on the entertainment side,” Don Ghermezian, co-CEO of American Dream, told CNBC in an interview. “I think when [coronavirus] is over, people will be so stir crazy. Initially there will be some trepidation ... but I think we are going to have so many people.”
To date, the only attractions that opened at American Dream before it closed for the pandemic were a Nickelodeon theme park, an ice-skating rink and an indoor snow park. Only one store, It’Sugar, had opened. And while reports had the massive complex almost 90% leased, as of March, the development was not yet fully leased, according to the CNBC report, giving Triple Five Group flexibility to reassess new deals to sign.
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