On The Bright Side
Apr 1, 2004 12:00 PM
Art Coppola, CEO of The Macerich Co., has expressed a desire to recapture the Mervyn's space in his company's portfolio, saying he sees upside potential in re-tenanting, redeveloping or expanding those boxes. Macerich has 9 percent of its square footage leased to Mervyn's or Marshall Field's, the highest of any mall REIT. Simon and General Growth have a similar number of stores, but because of their larger size they are even less exposed to the two chains.
Mall REIT Exposure To Marshall Field's, Mervyn's
| REIT | Stores | Square Feet Footage | % Of Total Square |
|---|---|---|---|
| Macerich* | 30 | 2,877,153 | 9.40% |
| General Growth | 37 | 3,909,000 | 3.40% |
| Taubman | 3 | 647,000 | 3.30% |
| CBL | 5 | 744,390 | 3.20% |
| *Includes Target, Marshall Field's and Mervyn's | |||
