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Shopping malls nationwide have been on a slow burn to obscurity, failing to adapt to consumer shifts to shop online.
But several Florida malls have reversed the trend to a certain extent, becoming top performers for Bloomfield Hills, Mich.-based developer Taubman Centers. Taubman, in its annual meeting investor presentation, cites six malls in its portfolio as “some of the most productive assets in the industry, as recognized by equity research.” The top four are from Florida, including International Plaza in Tampa and the Mall at University Town Center in Sarasota.
The data are from leading industry research firm Green Street Advisors. Green Street looked at sales per square foot, a key industry metric that helps set lease rates and is a glance at a mall's overall health. International Plaza posted an estimated $925 in sales per square foot in 2016, the Taubman report states, while the Mall at UTC posted an estimated $900 in sales per square foot.
By comparison, the Aventura Mall, outside Miami on Biscayne Boulevard, did $1,595 in sales per square foot in 2016, according to a report from CNBC, which also used Green Street Advisors data. The No. 1 mall nationwide for sales per square foot, according to that report, was Bal Harbour Shops, near Miami Beach, which did $3,185 in sales per square foot. The No. 10 mall was the Ala Moana Center in Honolulu, at $1,440 in sales per square feet.
Taubman operates 21 malls in the United States and another three in Asia. In addition to International Plaza and the Mall at UTC, Taubman's holdings on the west coast of Florida include the Waterside Shops in Naples. The sales data cited by Taubman in its investor reports include:
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