Roosevelt Field Mall to Get a Makeover
The Roosevelt Field Mall, located in Long Island, U.S. is accounted in the top 20 malls of the country.
However, the mall will soon be getting a facelift as the owner, Simon Property Group Inc., has plans of giving it a makeover worth $300 million in the coming couple of years, reports Wall Street Journal.
The mall is spread over a huge expanse of 203,452 meter square and its main anchors are retail stores like Bloomingdales, Macy's, JC Penny, Nordstrom, Neiman Marcus and Dick's Sporting Goods.
The revamped structure of the mall will sport a Neiman Marcus luxury departmental store. The mall will also see expansion of the food courts and an upgrading of the movie theater that will include lounge seats and full menus, reports The Wall Street Journal.
Since the trend of online shopping has kick started a generic fever, shopping malls have been sidelined. To stay in business, most malls in the country are getting makeovers in order to attract more customers. The shopping behemoths are introducing more retail stores and other attractive activity options.
"There are very few markets that aren't already served by sophisticated retail," Rick Sokolov, president of Simon Group, told WSJ. "Making what you already have as good as it can be is the best way to go."
Studies have showed that if the renovations are done in the right way, a possible higher rate of return can be expected. Annual incomes can go up by 10 to 12 percent, reports WSJ.
Simon Group is the largest mall owning group in the country with around 159 U.S. malls under its belt. The group is expected to revamp around 25 percent of its best performing shopping centers in terms of sales, reports WSJ.
"The more compelling we make our properties, the better they will be able to compete with all other forms of retail distribution," Sokolov told the Journal.