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Home / Business / The new largest mall in the US offers much more than just retail stores

The new largest mall in the US offers much more than just retail stores



On October 26, eight miles west of Manhattan in East Rutherford, New Jersey, the doors are opening for a mega, non-call-it-a-mall, entertainment, and retail betting shop to escape can be "Retail Apocalypse".

"We spent about $ 2 billion, and we had another $ 3 billion spent by previous developers, making it a great $ 5 billion project overall." Paul Ghetmezian, general partner of Triple Five Worldwide, the developer of American Dream, told Yahoo Finance during a preview of the property on-site. After its full opening, the venue will become the largest shopping mall in the US

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<p class= The more than three million square-foot theme park, water park, ice rink, ski slope, cinema, live American Dream Theater, Shopping, and Dining The destination has similar concepts to Triple Five's other marquee properties, Minneapolis's Mall of America, and Edmonton's West Edmonton Mall, with the exception of the entertainment-retail relationship. While two established shopping centers offer 20% entertainment and 80% retail, American Dream is 55% entertainment and 45% retail. The current entertainment options at American Dream include more than 35 rides, several roller coasters and an ice rink.

"The retail apocalypse was really great for us compared to our peers," said Ghetmezian. "I love Amazon. I love online shopping, but what I found out from our business is that it has eradicated the weaker centers and the weaker experiences, and that's permissible for centers like ours … I really want to take a bigger chunk out of this cake and do it better. What we see is that, in the end, people are still social beings and they want to get out.

American Dream Mall Nickelodeon Universe

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The private firm secured financing for American Dream after a previous developer abandoned the project in 2003, earning a 49% stake in its Mall of America property along with the sale of tax-exempt bonds worth $ 1.1 billion used. Developers reportedly received $ 390 million in tax credits.

"Our commitment to securing funding by pledging our Crown Jewry is a true example of our commitment and belief in the success of This Development," said Ghetmezian.

"This is a great day for New Jersey. This is a big step and it will take a long time, "said New Jersey Governor Phil Murphy during a press conference opening.

With high-end retailers and anchor stores, including Saks Fifth Avenue and Lord & Taylor, flanking the area's entertainment venues, American Dream's in-store businesses will have to impress. In recent years, well-known retailers have closed their doors and filed for bankruptcy. American Apparel, BCBG, Aerosols and Forever 21 have filed for bankruptcy, just to name a few. A April 2019 UBS report cited by the Washington Post predicted that 75,000 clothing, electronics and furniture stores would close in the next 6 to 7 years.

The new tenants of American Dream also have to compete with Bergen County's Blue Laws, which prevent a majority of traditional retailers from opening their stores on Sunday. The amusement and theme parks of the venue are open 7 days a week. Although American Dream could get either a boost or a boot from its location. A nearby shopping mecca in Paramus, New Jersey, also under the Blue Laws of Bergen County, is known to generate more retail sales than any other postcode in the US.

& # 39; It's so much more & # 39; as a mall

Part of Triple Five's plan of success is that stores must step up their game. The company rejected retailers who could offer nothing more than a retail experience.

"We want you to enter a business and experience something special, a retail experience that you will not experience in our real estate experience to get anywhere else," said Ghetmezian, but did not reveal what retailers had planned or declined was because they had not offered a qualified concept.

Following the opening of the Nickelodeon Universe theme park and ice rink on October 25, American Dream will open three more venues. The DreamWorks Water Park opens on November 27th. On 5 December, the ski hall, the Big Snow Ski and Snowboard Park will open. And in March 2020, a grand opening will be held for the entire venue, including retailers, restaurants and entertainment companies.

The current charge for an all-access pass that allows visitors to use all rides in the Nickelodeon Universe theme park and ice rink is $ 49.99. General admission tickets cost $ 39.99. Children under 2 years are free. Certain rides are prohibited for children under weight and age restrictions.

The facility should increase tax revenues. So far, American Dream employs 1,200 people directly. Another 17,000 people will work for tenants in the entertainment, retail and hospitality sectors.

"People refer to us as a mall and the Mall of America bears the name of the mall, as does the West Edmonton Mall and these testimonies of their time, though they have gone far beyond today. American Dream does not say that – it's so much more, "said Ghetmezian.

<p class = "Canvas Atom Canvas Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Alexis is a reporter for Yahoo Finance. Follow her on Twitter @alexiskweed . "data-reactid =" 98 "> Alexis is a reporter for Yahoo Finance. Follow her on Twitter @alexiskweed .

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