Q&A: American Dream's Don Ghermezian on the mall as a medium
We know from previous discussions with you that all of these activities are predicated on driving traffic to your tenants. How do you get them involved?
Attractions are strategically placed at American Dream so that our guests walk past our retailers upon entering and exiting. In addition, our attractions drive new and off-peak traffic, including tourists, who stay longer and have higher spends. We love to get all our retailers involved—whether it’s Saks activating in The Garden with beauty demos or giveaways from our Wheel of Win throughout the holidays. We offer our tenants the opportunity to incentivize and reward their top customers with tickets to our attractions, private dinners, and so much more. American Dream is able to take retailers beyond their four walls and into the fabric of the property.
Is that what led Hermès and Zara to lease such expansive spaces?
Executives at Hermès are true visionaries and understood the vision of American Dream from the very beginning. They are leaders in the luxury fashion space and together we are expanding the luxury retail experience. We partnered with Hermès on creating an upscale holiday market in The Avenue for VIP customers. Since initially opening, Yves Saint Laurent has doubled its space to create a two-level flagship similar to Hermès. And we recently announced a two-level Gucci flagship. Tenants understand the need to evolve and create new experiences for customers.
Triple Five has a world-famous property called Mall of America. If you could come up with a proper appellation for American Dream, what would it—in one word—be?
You’re right. It’s definitely not a traditional mall. I think of it more as an “All” and as a “Dream.” American Dream is a one-of-a-kind destination that cannot be found anywhere else. We are just at the beginning of the American Dream’s full experience. Stay tuned for some major entertainment and expansion announcements.