Bankers are reportedly set to take a minority stake in the two largest malls in North America after their owner defaulted on its massive, 3.3 million-sq.-ft. retail and entertainment development in New Jersey.
Gone are the days when retailers could rely solely on cookie-cutter store designs and conventional business operations to expand their store portfolios.
Macerich has sold 95% of its interest in the Paradise Valley Mall in Phoenix and will retain 5% to work on its town center redevelopment with PV RE Devco in a partnership called RED Development.
RH (formerly known as Restoration Hardware) finished the year strong with sales and earnings that topped analysts’ expectations, and said it expects its momentum to continue in 2021, with first-quarter sales rising 50%.
