Macerich is reopening Santa Monica Place next month after spending $265 million on a radical overhaul. The three-story, 550,000-square-foot California retail center has been rebuilt without a main roof. Also, the space has been divided into corridors of storefronts that meet at the center of an open-air plaza. Macerich says retailers are going to be more focused on such creative overhauls instead of new developments. "All of the key players in our business are going to be focused on taking strong existing assets and making them stronger by redeveloping them," CEO Art Coppola says.

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