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The new largest American shopping mall has much more than retail



On October 26, eight miles west of Manhattan in East Rutherford, New Jersey, the door swings partially toward the mega, do not call the mall, a place for entertainment and retail, betting it can bypass the Apocalypse of retail. ”

<p class =" canvas-atom canvas-text Mb (1

.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" "We spent about $ 2 billion dollars, plus we had another $ 3 billion spent from previous developers, so all-in, you're looking for a great $ 5 billion project, "Paul Getmezian, general partner at & nbsp; Triple Five Worldwide Developer of & nbsp; American Dream told Yahoo Finance during a preview of the property. Once fully open, the site will become the largest shopping mall in the US "data-reactid =" 17 ">" We spent about $ 2 billion, plus $ 3 billion spent from previous developers, so that all-in, you are looking for a magnificent $ 5 billion project, "Paul Getmesian, general partner of Triple Five Worldwide, the developer of American Dream, told Yahoo Finance during a preview of the property. has become the largest shopping mall in the US

American Dream Mall Nickelodeon Universe

<h2 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – sm "type =" text "content =" The American Dream Becomes Big for Fun "data-reactid =" 38 "> The American Dream Becomes Big for Entertainment

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "$ 3 million Combined Theme Park at American Dream, Water Park, Ice slide, ski hill, movie theater, live theater, shopping and dining destination share similar concepts with other properties of Triple Five, My Metro eapolis & nbsp; Mall of America & nbsp; and pleading with Edmonton & nbsp; West Edmonton Mall excluding entertainment While two established malls offer 20% entertainment and 80% retail, American Dream is 55% entertainment and 45% retail. At the moment, American Dream's open entertainment options include more than 35 rides, along with multiple roller skates and a slide. "Data-reactid =" 39 "> American Dream Quarter Square, Combined Theme Park, Water Park, Ice Rink, Ski Hill, Cinema, Live Theater, Shopping Destination and Dining Room share similar concepts with other Triple Five properties , Minneapolis Mall and Edmonton Mall of Edmonton, with the exception of its entertainment and retail ratio. While two approved malls offer 20% entertainment and 80% retail, American Dream is 55% entertainment and 45% Currently, American Dream's open-air entertainment options include more than 35 rides, along with m

"Actually, the retail apocalypse was really great for us compared to our peers," Getmezian said. "I love Amazon. I love shopping online, but what I found from our business is that he has peeled d from weaker centers and weaker experiences, and this is allowed for centers like ours … michaelto actually take a bigger chunk of this pie and do better. What we see is that at the end of the day, people are still social beings and people want to go out. ”

American Dream Mall Nickelodeon Universe

<h2 class =" canvas-atom canvas-text Mb (1.0em) Mb ( 0) – sm Mt (0.8em) – sm "type =" text "content =" "This is a huge step and a long time coming" "data-reactid =" 61 "> " This is a huge step and a lot of time is coming. "

The private company secured American Dream financing after a previous developer abandoned the project in 2003, using a 49% stake in its Mall of America property, along with the sale $ 1.1 billion in tax-exempt bonds. The developers reportedly received $ 390 million in tax breaks.

"Our commitment to securing funding for its implementation, as we have pledged our crown jewelry asset, is truly an example of our commitment and belief in the success of this development," says Getmesian.

it's a big day for New Jersey, it's a huge step, and a lot of time is coming, "said New Jersey Governor Phil Murphy during a press conference to open.

Because the brick-and-mortar stores of the American Dream will have to impress , as high-end retailers and anchors and, including Saks Fifth Avenue and Lord & Taylor, have joined the property's entertainment venues. Over the past few years, prominent retailers have closed their doors and filed for bankruptcy. American Apparel, BCBG, Aerosols, and Forever 21 have filed for bankruptcy, To name a few, the April 2019 UBS report cited by The Washington Post predicted that 75,000 clothing, electronics and furniture stores would close within the next 6 to 7 years.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The new tenants of American Dream will also need to compete with Bergen County's blue laws that don't allow most traditional retailers to open for business on Sunday.The leisure and theme parks on site will remain open 7 days a week, though American Dream may either get a boost or shoe from A nearby shopping mecca in Paramus, New Jersey, also subject to the Blue Laws of Bergen County, famous & nbsp; brings more dollars annually is a retailer & nbsp; of all other U.S. zip codes "data-reactid =" 66 "> New American Dream tenants will also have to compete with the blue Bergen County laws that don't allow most traditional merchants to open for business on Sunday. Entertainment and theme parks will remain open 7 days a week. Although the American Dream could either get the push or the shoe out of place. The mecca near Paramus, New Jersey, also subject to the Blue Laws of Bergen County, is known to carry more dollars in annual retail sales than all other U.S. zip codes.

"That's a lot more" than mall

Part of the Triple Five plan for success requires stores to step up their game. The company refused retailers who failed to offer more than just a retail experience.

"We want you to get in and have something special happen in a store, a retail experience in our real estate experience that you don't want to get anywhere else," Getmezian said, though it does not reveal what the retailers have planned or who were rejected for not offering a qualified concept.

American Dream Mall Nickelodeon Universe

After their original opening its Nickelodeon Universe theme park and ice rink on October 25, American Dream will roll out 3 extras its DreamWorks Water Park will open on November 27. Its indoor ski slope, Big Snow and Snowboard Park will open on December 5. And in March 2020, a grand opening will be held for the entire site, including retailers

This access pass allows visitors to use all their vehicles at Nickelodeon Universe theme park and ice rink is $ 49.99. Total access passes cost $ 39.99. Children up to 2 years old are allowed free admission. Some children are forbidden for underweight children and age restrictions.

The facility is expected to increase tax revenue. So far, 1200 people work directly at American Dream. An additional 17,000 people will work on behalf of renters of leisure, shopping and dining establishments that move around the space.

"People refer to us as a mall, and the Mall of America has a mall in its name, as well as the West Edmonton Bridge, and these are testaments of their time, although today they have gone much beyond that. The American Dream does not say that it is much more, "said Getmesian.

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

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Read the latest financial and business news from Yahoo Finance "data-reactid =" 99 "> Read the latest financial and business news from Yahoo Finance

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