Macerich Welcomes Primark to Popular Queens Center

Macerich (NYSE: MAC) announces a new partnership with the fashion retailer Primark, which will open a 54,562 square foot store at Queens Center in New York City.

Rhea-AI Summary

Macerich (NYSE: MAC) announces a new partnership with the fashion retailer Primark, which will open a 54,562 square foot store at Queens Center in New York City. This marks the seventh Primark location in a Macerich property, reinforcing the collaboration between the two brands.

Queens Center is noted for its impressive sales performance, averaging over $1,700 per square foot, making it a prime retail destination. Macerich believes Primark's arrival will enhance traffic to the center, attracting a diverse customer base. The partnership aims to leverage Queens Center's popularity to boost sales and customer engagement.

Positive

• Primark to open a large store at the high-performing Queens Center, enhancing foot traffic and sales potential.
• Queens Center generates over $1,700 in sales per square foot, indicating strong retail performance.

Negative

• None.

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Addition of fashion-forward retailer deepens Macerich, Primark relationship

SANTA MONICA, Calif., Feb. 28, 2023 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, today confirmed that Primark is coming to Queens Center in New York City.

Irish retail brand Primark is a leading international clothing retailer that draws shoppers to the high street worldwide with its wide selection of essentials and fashion favorites built around everyday affordability. In its seventh store at a Macerich property, Primark will occupy 54,562 square feet of multi-level space.

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. Many national brands list their Queens Center location as among their top-performing, with overall sales at the center topping $1,700 per square foot.

"Millions of shoppers around the world appreciate the dynamic selection and global style of innovative retailers such as Primark, which we are excited to bring to the dynamic, diverse customer base Queens Center attracts," said F.K. Grunert, Executive Vice President, Leasing, Macerich. "We believe this popular international concept will drive significant traffic to this already heavily visited gem in the Macerich portfolio."

Macerich is one of Primark's largest U.S. landlords, with Primark stores open at Kings Plaza (Brooklyn), Danbury Fair (Connecticut), Fashion District Philadelphia and Freehold Raceway Mall (New Jersey), and opening soon at Tysons Corner Center in McClean, Virginia, and Green Acres Mall in Valley Stream, New York.

Located in Elmhurst, New York, Queens Center is an urban shopping center featuring a variety of top retailers, including abercrombie kids, Apple, Adidas, Champs Sports, 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

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When is Primark opening at Queens Center?

Primark is set to open at Queens Center in New York City, as confirmed in a press release dated February 28, 2023.

What is the size of the new Primark store at Queens Center?

The new Primark store at Queens Center will occupy 54,562 square feet of multi-level retail space.

How is Macerich positioned in the retail market?

Macerich (NYSE: MAC) is one of the leading owners and operators of retail properties, focusing on high-quality, mixed-use locations in top markets.

What are the sales figures for Queens Center?

Sales at Queens Center exceed $1,700 per square foot, making it one of the top-performing retail destinations.

How many Primark stores does Macerich have?

Macerich currently hosts seven Primark locations across its properties in the U.S.