Macerich To Bring Zara to Top-Performing Queens Center

Rhea-AI Summary

On March 1, 2023, Macerich announced that Zara, a leading European fashion retailer, will open its first location in Queens Center, a top-performing property within the Macerich portfolio. This multi-level store aims to enhance the retail experience in Elmhurst, New York, catering to a diverse customer base. The Queens Center is a prominent shopping destination featuring other major brands such as Macy's and Apple. The addition of Zara underscores Macerich's commitment to attracting high-quality tenants and driving foot traffic at its properties.

Positive

• Zara opening its first location in Queens Center, potentially increasing foot traffic.
• Queens Center is among the highest-performing properties in the Macerich portfolio.
• Macerich continues to attract strong retail brands, enhancing tenant mix.

Negative

• None.

News Market Reaction – MAC

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In the trading session that priced this news, MAC gained 0.33%, reflecting a mild positive market reaction.

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 Sought-after European retailer adds first Queens location

NEW YORK, March 1, 2023 /PRNewswire/ -- Dynamic NYC retail destination Queens Center today announced that sought-after European fashion retailer Zara is coming to the property.

Zara is one of the largest fashion retailers worldwide, known for its seemingly magical ability to respond instinctively to their customers' needs with fashion-forward products for everyone, with dozens of fresh fashion lines released each year. At Queens Center, Zara is expected to open a multi-level location.

Set in the bustling and densely populated New York City borough, Queens Center is a major regional retail destination and among the best-performing in the Macerich portfolio of high-quality properties.

"As Zara continues to grow and serve fashionable world citizens, we are pleased that they have opted to open their first Queens location at Queens Center," said F.K. Grunert, Executive Vice President, Leasing, Macerich. "Zara is a great complement to the strong roster of shopping, dining and entertainment experiences Queens Center delivers to residents and visitors in our vibrant borough."

Located in Elmhurst, New York, Queens Center is an urban shopping center featuring a variety of top retailers, including abercrombie kids, Apple, Adidas, Footlocker, Macy's, Pandora, Sephora and Victoria's Secret, and restaurants including Chick-fil-A, Shake Shack and The Cheesecake Factory.

About Macerich
Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 47 million square feet of real estate consisting primarily of interests in 44 regional town centers, many of which contain mixed uses. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. A recognized leader in sustainability, Macerich has achieved a #1 GRESB ranking for U.S. Retail, Retail Centers. For more information, please visit www.Macerich.com.

Macerich uses, and intends to continue to use, its Investor Relations website, which can be found at investing.macerich.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about Macerich can be found through social media platforms such as LinkedIn. Reconciliations of non-GAAP financial measures, including NOI and FFO, to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investor Relations website at investing.macerich.com.

MAC-L

SOURCE: Macerich 

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SOURCE Macerich Company

FAQ

What is the significance of Zara opening at Queens Center for MAC?

The opening of Zara at Queens Center is expected to boost traffic and sales, positively impacting MAC's revenue.

When is Zara expected to open its first location in Queens Center?

The specific opening date for Zara's first location in Queens Center has not been disclosed yet.

What retail properties are included in the Macerich portfolio?

Macerich's portfolio includes high-quality retail properties primarily in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor.

How does the opening of Zara affect the competitive landscape for MAC?

The addition of Zara strengthens MAC's competitive position by attracting a prominent brand that draws fashion-conscious consumers.