There is no question that malls in America have been overbuilt and that more malls may close in the next five years. But the mall as a concept is not dying. Pyramid has been on the cutting edge of incorporating new and unique uses – it’s why our malls are thriving. People continue to shop, and strong brick-and-mortar properties will always be a large piece of the omnichannel retail experience.
Pyramid has continually invested in our properties to enhance the guest experience – Over $960 million over the last 10 years to be exact. Tenant mix has been updated, removing underperforming anchors and in-line retailers, keeping the properties healthy and vibrant while eliminating regional competition. Pyramid properties control more market share today than they ever have in the history of the company.
Our locations offer the best visibility and easiest access. We have the best real estate in each of our markets.
Our properties are more than malls, they are destinations. In many of our markets there is no competition. We are the only place to find the hottest retail brands for up to two hours in any direction.
For years we have been doing what other developers are trying to do now. We have long-standing relationships with entertainment operators and know how to fit them into our centers.
Pyramid will continue to diversify our properties with great traffic generating entertainment, recreation, dining and retail uses. We are also developing our shopping centers and adjacent property to full mixed-use projects that include lifestyle retail, hotels, spas, office and residential.