Rouse Properties Inc (RSE) CEO Andrew Silberfein says 85% of the company’s assets are what they call the “only-game-in-town” assets, meaning they are the only enclosed malls in their market. When the company purchases an asset, Silberfein says management is looking for a number of things.
“We like having the protection of being the only game in town, and we want to have the best real estate in the market with pricing power,” Silberfein says. “Generally, throughout our portfolio, our assets are the best-located real estate in the market. And what we’re looking for is an opportunity for us to apply our platform and improve the metrics of the asset.”
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Silberfein says Rouse is investing over $350 million in its portfolio to create a better shopping experience for the shoppers in communities where its malls are located. Sometimes, he says, that means improving the retailer mix, improving the quality of retailers or driving higher occupancy rates.
“A lot of this is about changing the character of the mall, and by that, I mean making it more relevant to the consumer, where we will add entertainment tenants, high-volume restaurants, everyday uses, large-format tenants, complemented by family-friendly community-based events, and they can get all of this under one roof,” Silberfein says. “So that’s what we’re doing, and what that does is it enables us to extend our trade area, and we have seen that people come and spend more time at the mall, and they come more frequently.”
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