New Jersey, IAN, CEO discussed on Coast to Coast AM


However the research firms to testa fines there were more store openings and closings and malls are still being built though they've come a very long way we knew that when we're gonna open this project that we're going to unveil something so extraordinary to the city New Jersey to this market to this area that doesn't exist today in North America don gourmets Ian is CEO of the new American dream a more than five billion dollar a traction that includes not only hundreds of stores but also a theme park indoor ice rink in water park and indoor skiing with snow year round it's an extravaganza for sure Jeffrey rose men is vice chairman of new market night Frank a commercial real estate advisory firm I mean you know if anyone can pull it off it's the family that story at the gourmets in family they've they've got the two already one in Minnesota one in Edmonton I mean those are more than malls those are those are you know a full day events people literally in Minnesota tourists gold to Minnesota to shop the mall and watch hockey and you know see shows and you know it's almost like going to Vegas but in one location so I'm not sure it's the mall of the future this is this is going to be spectacular so I don't think people are going to be a sort of replicate this easily obviously because the project has been you know twenty years in the making they needed to make this very special and and New Jersey is a great market and it it'll certainly get New York City so I you know it's it's a it's a great endorsement of retail sort of moving forward in a way when somebody bill something like this I always think of the mall of America in Minnesota as being the biggest in the country is that still the case I think so I think that one that they have yeah I mean in the country for sure it's it's got to be close if it's not I can't think of what else would rival it I mean you would think if you're anywhere in the northeast this you know American dream mall in New Jersey is is good news if you maybe you always wanted to go to mall of America in minutes it's it's easier to go now closer to home depending on what region your end correct and and again I don't think that it that people looking at it is small I I have young children and I know when they open I'm it's going to be a great place for me to go and it just sort of let them run around and do sorts of all sorts of things all we can eat and you know it's so not looking at is the place to go buy shoes but as a place to start to spend the day it's it's definitely like an amusement park not every new mall is like an amusement park though and there's a case in point closer to home for me in Connecticut the so no collection which is in Norwalk it only open to this fall and I would I would describe it as a sharp contrast to what just opened in New Jersey and certainly a lot smaller and they don't have any big you know attractions there in fact it has a lot of open space there's a lot of places to sit down I guess they left things open for special events in art exhibits eight is that a model that can make money what's the reasoning behind that so look at clearly the holes retail apocalypse's is I in my opinion over blown I'm not sure that retail is dead or that the malls are dead I think bad retail is dead and I think bad malls are dead and he's got you now I don't know twelve hundred miles or so in the country and you know they will be probably twenty five to thirty percent of them which will no longer exist in the next couple years and they probably should have been built in the in the first place but but mall still serve a purpose they're still a sort of a community gathering place kids you know I was just going to go the other day where it now generations the kids are actually seeking out malls and they see it as a great place to hang out into their their apparently clicking and then picking so they're clicking on line and then they're going to the stores to pick up and and that leads to other cells and it leads to sort of other you know food sales and and so I you know I I think that the mall developers are just the you know they've they sought to know that they have to build a better product these days the more your Farmington Connecticut to great they've done a great job they've actually hurt I think other downtown streets in Connecticut I think Westport really felt you know that mall coming in and and but they've they've done a nice mix from from what I've seen and and a lot of good food options what a good start a fitness and and apparel and newer brands not sort of our you know grandparents brands maybe to the the large numbers of gathering places in that mall make more sense from the standpoint of what you're saying that the gens here's kind of are looking to maybe socialize and that way to you know kind of gather together and then the clicking and picking browsing online and picking up in the store I think back though to when I was a teenager in the eighties and I I don't know if we could call that the heyday for malls I mean how does that compare with today's numbers you say about twelve hundred across the country now was it was there double the number of walls then no they were probably less I think I I I think that's part of the problem I think that there were some there were a lot of free nydj properties that became malls or power centers our lifestyle centers and you know it was just an over abundance of of places to shop and get a mall developers it now unfortunately have sort of done it to themselves and in some degree because you know they they will recruit a retailer to be in there a mall but to be in my a mall you have to be in a couple of my other sort of B. and C. mall so retailers had to expand and they probably should know if and and sort of war it became what it is today which is just you know a little bit of a reckless soda Hodge podge out there but I it's correcting itself and we see cycles all the time in in you know in any business and that's what this is it's it's a correction and it's not the death of retail it's just retails changed and and how we shop is changed and and how we attract customers so so the good developers the good retailers are figuring it out you know that word expiry agile or or entertainment it's it's a bit over used it helps I think and I think that that that is sort of the new you know gold standard but but yeah if you just do it right I think that people still are going to shop in and they're still going to want to come is the evolving model for a mall making it easier for them to maybe be able to stay in business with fewer stores and I I say that because there's a mall another one in Connecticut that's familiar to me the Stanford mall there are a lot of empty storefronts in there right now a lot of things have closed down in the past few years and it's starting to get the look and feel of a place that might not survive yeah yeah I mean there's you know unfortunately there have been some bankruptcies of of retailers in and get a lot of the older guard retailers and and replacing them is tricky I mean there's there's you you don't want to replace it with another soda tired store and you want to try to figure out what the next so that interesting uses and and you know everybody from retailers to you know sort of coal working people to everyone is being a little bit more conservative than they probably work ten fifteen years ago so I I see it is a good thing honestly and and you don't we just don't need retailers expanding for expansion sake I feel like the target market because I have a daughter who just turned thirteen and one of the things we did to celebrate her birthday was visit three malls in one day but I don't know a lot of people who want to do that is still here a lot of people complaining about going to the mall especially over the holiday shopping season but you sound pretty optimistic about their future in general I'm I'm sorry to be optimistic and and it was just another article where it said the number one our destination this **** New York City Oprah destination this year was the queens center mall which is mind boggling to me but that's it was in that post last when you think of all the places to go exactly exactly and and so you know people may be gripe a little bit about it but you know look I'm a I'm a big proponent of sort of bricks and mortar retail I just what I do believe in it and and again cycles common go in in a lot of these retailers have gone out of business have you know been around for fifty sixty years that's a pretty good run you know that not nothing lasts forever and and somebody comes in and just build a better mousetrap in and that's really what we're seeing but you know there's a lot of sort of ice on it for some reason and there's a lot of you know people sort of jumping to conclusions that that said everyone wants to stay home in their bathrobe and just click on online in order their stuff but you don't think so I don't think so Jeffrey rose men vice chair of new mark knight Frank retail thanks very much for your time this is great thank you would you toss one seven thirteen thirty.

Coming up next