Be prepared to put on your most fabulous walking shoes. As the retail industry begins to recover from the Great Recession, shopping centers spanning the Valley are planning some major changes that aim to get consumers out of their homes and into the mall. From new developments to revamps and renovations, the local projects already are generating buzz in the Valley region, so well-known for its malls and shopping centers that films and rock songs have paid them homage. While some shopping center officials say renovations are meant to spruce up and improve an already successful operation, others are aiming to become a new shopping destination that will generate heavy foot traffic and capture wallet share. Jesse Tron, spokesperson for the International Council of Shopping Centers, said increasingly centers nationwide are redeveloping as they aim to lease tenant spaces that went vacant amid the recession. Mall owners are investing in their properties, keeping them as up-to-date as possible, now that they have the credit to make such investments, he said. “We’re always looking to attract the best and brightest retailers and we’re confident that doing this (project) will continue to help us do that,” said Daniyel Gordon, senior general manager of Northridge Fashion Center, which is currently undergoing a major renovation. Westfield Fashion Square in Sherman Oaks is remodeling despite being nearly fully occupied. Most recently, the center attracted Michael Kors, Fossil, Velvet Cupcakes and Hot Dog on a Stick, said Juliet Mothershed, the mall’s marketing director. While space is limited, the mall continues to maintain relationships with tenants seeking new space in order to remain flexible to the changing retail environment, she said. The wave of remodels also comes at a time of improvement for the retail industry. According to data derived from the U.S Department of Commerce retail sales are expected to grow 6 percent this year as consumer confidence and spending is on the rise. Local malls such as Sherman Oaks Fashion Square, Northridge Fashion Center, Glendale Galleria and the Simi Valley Town Center all have enjoyed an uptick in sales over recent months, crediting a loyal customer base and great retail mix. The Simi Valley Town Center, which is in the process of finalizing plans for renovation and remodel, has enjoyed healthy sales increases in the New Year, with an 8.5 percent increase in January and 9.1 percent in February, compared to the same period last year. Jeff DiJulius, the shopping center’s general manager, said the mall has yet to post March sales, but “so far, (they) look to be significantly higher than 2011.” The uptick in business has added fuel to the Valley’s retail fire, encouraging the progress of revamps and renovations that aim to raise the shopping centers to new heights. Download the 2012 LARGEST SHOPPING CENTERS list (pdf)
Repackaging the Malls
