-Enhancements Will Extend Luxury Experience to
South Wing-
SANTA
MONICA, Calif., Oct. 6, 2022
/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 announced the next
phase of ongoing reinvestment in its iconic Scottsdale Fashion
Square located at the heart of upscale Scottsdale, Arizona.
Plans include an extensive interior and exterior renovation of
the south wing, building on the successful first phase that
launched the property's spectacular luxury wing in 2018. Macerich's
properties with purpose mean properties with more uses for more
people: New, complementary uses coming soon to Scottsdale Fashion
Square include high-end fitness + wellness destination Life Time
Scottsdale and the new Caesars Republic Scottsdale boutique
hotel.
Today's announcement also marks the end of the 60th anniversary
of Scottsdale Fashion Square – the diamond jubilee of Arizona's most distinguished and successful
retail destination – with a commitment to continue polishing this
retail jewel for the future.
"Macerich is dedicated to consistently reinvesting in and
elevating our top regional town centers, and Scottsdale Fashion
Square is among the most productive in our portfolio," said
Tom O'Hern, Chief Executive Officer
of Macerich. "Scottsdale Fashion Square is already the region's
undisputed luxury leader, and the tremendous success of our luxury
wing demonstrates the strong appetite among retailers and shoppers
for even more high-end experiences throughout this top-performing
property. This multi-phased project is part of Macerich's long-term
strategy, as well as the center's own history, of continually
reinvesting in our irreplaceable retail destinations. We see great
opportunity to further extend our luxury presentation into the
south wing to welcome more of the world's best brands and
experiences, in line with the outstanding demographics and growth
in the Scottsdale-Phoenix market."
Specifically, the next phase of the property's multi-dimensional
project announced today will update and redefine the south wing
anchored by Nordstrom. Scottsdale Fashion Square will extend its
luxury presentation beyond the luxury wing itself, creating a
striking arrival point, complete with luxury valet service, at the
property's most active entrance. Also planned for this phase are
two-story storefronts and exterior-facing retail buildings at the
south entrance, and a porte cochere that will incorporate up to
five destination restaurants.
Echoing the aesthetics of the luxury wing, interior renovation
elements for the south wing include upscale new finishes, new
natural stone flooring, three spectacular custom light fixtures and
recessed LED lighting, elegant furnishings, better sightlines to
highlight individual retailers and more. Everything will come
together to deliver a more cohesive and holistic luxury experience
for guests and retailers throughout the property.
By every measure, the luxury wing that debuted at Scottsdale
Fashion Square in November 2018 has
been a tremendous success, attracting an enviable collection of
new-to-market, pure luxury retailers and restaurants including
Dior, Saint Laurent and Nobu and spurring top luxury brands already
at the property – from Louis
Vuitton, St. John, Jimmy
Choo, Bottega Veneta and many others – to recommit, expand
and renovate their stores.
"Scottsdale Fashion Square is the very definition of luxury
retail in the Southwest, with nearly 50 of the finest luxury and
contemporary brands including Cartier, Bottega Veneta, Louis Vuitton, Gucci, Balenciaga, Christian Louboutin, Bulgari and Prada,
alongside our top-performing Neiman
Marcus and Nordstrom department stores," said Michael Guerin, Executive Vice President,
Macerich. "Continually curating our merchandise mix with dynamic
new experiences, including additional new restaurants and great
design elements, to other parts of the property beyond the luxury
wing enhances the value proposition of Scottsdale Fashion Square as
whole for retailers and brands, while optimizing the customer
journey for our guests."
Scottsdale Fashion Square is one of the nation's premier
shopping destinations, with 1.9 million square feet and more than
240 shops and restaurants, plus a growing variety of exciting new
uses including wellness + fitness and a hotel, both now under
construction. Great names at the property also include Alo Yoga,
Apple, Coach, H&M, Kate Spade New York, Lacoste, Levi's, Lucid
Motors, Lululemon, M.A.C Cosmetics, Nespresso, Sephora, Tesla,
Tumi, Williams-Sonoma and Zara, plus large-format DICK's
Sporting Goods, Dillard's, Harkins Theatres, Macy's, Neiman Marcus and Nordstrom. The property
features a wide variety of exciting dining, from upscale to casual,
including Francine, Nobu, Ocean 44, Toca
Madera, Tocaya Modern Mexican and Yard House, plus Fired
Pie, Shake Shack and more. Additional information
about Scottsdale Fashion Square can be obtained at
www.fashionsquare.com.
Macerich is currently planning the addition of more mixed-use
elements at Scottsdale Fashion Square on a seven-acre parcel
immediately north of the mall that reaches from Goldwater Boulevard
to Scottsdale Road. The plan will incorporate high-end residential
units, class A office space and hospitality uses. As has been
experienced at other Macerich properties, the addition of these
complementary uses increases the customer base and sales potential
for retailers at the property.
Macerich's retail real estate credentials in Arizona are unparalleled: The company
dominates the retail landscape in Arizona with nine regional shopping centers in
the Phoenix metro area. In all,
Macerich's Arizona portfolio
comprises over 9 million square feet and includes the most iconic
and high-performing retail properties in the Southwest Biltmore
Fashion Park, Kierland Commons, Arrowhead Towne Center and Chandler
Fashion Center, in addition to Scottsdale Fashion Square. These
centers and their retail stores employ thousands of people and
generate millions of dollars of revenues for their communities.
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 48 million square feet of
real estate consisting primarily of interests
in 44 regional town centers. 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 the North American retail sector
for seven straight years (2015-2021). For more
information, please visit www.Macerich.com.
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SOURCE Macerich Company