November 15, 2018
According to research by CoStar, more than 140 million square feet of retail space has closed in malls across America this year, which is causing mall owners, like Macerich, to try new concepts to achieve occupancy.
Macerich is debuting BrandBox at Tysons Corner Center in Washington, D.C., which provides a space for up-and-coming retailers to rent on a short-term basis with perks. Six brands will each get a mini-store within the 11,000-square-foot space for six to 12 months, and Macerich will provide shelving, tagging for inventory, data on foot traffic, marketing, and will even help the retailers staff their stores. This means all the retailers have to do is pay rent and bring their goods.
While other mall owners like Simon and Westfield are testing similar ideas, Macerich is the first to roll this out on a large scale basis.
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