Macerich has debuted its open-air retail center Santa Monica Place in Santa Monica, Calif., after two years and $265 million of renovations. But is the time right for a luxury shopping destination that features such high-end retailers as Nordstrom, Kitson, Louis Vuitton and BCBG Max Azria? A SpendingPulse Luxury Index survey found that spending in expensive restaurants, department stores and boutiques increased by only 0.2% in July compared with 2009.
Taubman Centers is focusing on cost management, investment opportunities and supporting its core properties during the recession. The company, unlike many other mall owners, has no debt maturing this year.