Pyramid malls notched 20% sales increase in January

The largest privately held shopping center owner in the Northeast started out the new year happy with big bangs at its checkouts.

Syracuse-based Pyramid Management Group reported close to a 20% increase in January sales compared to last year across its 15 regional and super-regional properties that include Destiny USA in its headquarters town, Crossgates in Albany, N.Y., and Holyoke Mall in Massachusetts.

"This is a testament to our strength of leasing and commitment to adapt and evolve while continually reinvesting in our properties for long-term growth and success,” said CEO Stephen J. Congel. "We are thrilled with the strong start to the year.”

Pyramid has undertaken a host of efforts to redefine its properties in the post-COVID era. Last year it opened a 282-unit apartment complex at its Kingston Collection mall on Massachusetts’ Plymouth Bay. A similar project is underway at Crystal Run in Walkill, N.Y., and the company intends to install residential components at all of its properties.

Last June, Pyramid secured new financing for three of its centers, one of them Destiny USA, which has been revitalized with a 209-room Embassy Suites hotel and a dining and entertainment wing  filled with tenants such as Margaritaville, RPM Raceway, and Margaritaville.

"Our success is driven by our ability to quickly adapt to changing consumer preferences," Congel said. "We are constantly staying ahead of the curve by adding exciting new retailers and mixed-uses that provide unique experiences for our guests.”

The company announced that Primark will soon become one of those new tenants. The aggressively expanding Irish retailer has signed leases with Pyramid for spaces at Crossgates and Walden Galleria in Buffalo.