Biltmore Fashion Park is change from a shopping mall into a lifestyle center. Over the next three years, the park will feature upgrades and reach out for new tenants.
According to the Phoenix Business Journal, Macerich Co. plans to make major changes to the mall. The company is a California-based real estate investment that will renovate the aging mall that opened in 1963.
The Biltmore Fashion Park was Macerich Co.’s top-performing mall in Arizona in 2017. It beat out other properties like the Scottsdale Fashion Square and Kierland Commons. The company hopes to capitalize on this success by improving the property.
The first change will be to introduce new businesses to the mall. New retailers will replace shops, some of which have already closed to the public.
Kim Choukalas, Macerich’s Vice President of Leasing, states that when stores are closing, it doesn’t have much to do with the success of the mall itself, “When we see store closures, it isn’t indicative to how a certain center is doing.”
As for the new tenants the changes will attract, Choukalas states that Macerich wants to bring in what is best for the area. The company takes into account the trends of the area when they decide on who will move into the mall.
Although leases for many of the locations have not been signed, the public is aware of some businesses that plan to move in. Life Time Fitness plans to open a location at the mall as well as a new Williams-Sonoma location. The two popular businesses hope to move soon. Other tenants will be announced gradually within the next three years.
“We want to give our shopping centers the opportunity to be more things to more people,” Choukalas states.