In this article, we talk about the 25 largest shopping malls in the United States. You can skip our detailed analysis of the mall industry in the US and go directly to 5 Largest Shopping Malls in the United States.
The State of the Mall Industry
The shopping-mall industry in the US grew exponentially from the 50s as suburban life took hold of the country, raising the demand for local shopping centers. Fast-forward to the 21st century, the Internet ushered the US into the age of online shopping, where you can find and buy pretty much whatever you want from the comfort of your couch.
This has led to a decline in the shopping-mall appeal. The decline was accelerated during the pandemic lockdowns in 2020 when online shopping grew by 43% according to the US Census Bureau.
While shopping malls are still one of the major players in the US retail market, online shopping is projected to account for a third of all retail shopping by 2030, per Kearney, a global management consulting firm. On the other hand, The mall vacancy rate has risen to 8.3% as of Q4 2021, according to data from Statista. This has left the mall REITs with the choice to either evolve or die out.
Rate-Hike Onslaught
To make matters worse, rising interest rates in the US to counter inflation are expected to drive many retailers out of business. Rate hikes are making it harder for consumers to spend money, which is driving the demand for retail goods down.
In addition, many retailers had tapped into revolving credit facilities in 2020 to stay in business during lockdowns. The amount these companies borrowed accounted for $145 billion of the $252 billion of total credit, and a significant portion of this amount was variable-rate debt, which is expected to be paid back in the next five years.
This means that many retailers would be paying their debt with rising interest rates, at a time when consumers are shopping less. It represents a real risk of driving many retailers out of business, which is further expected to increase the mall vacancy rate through the next five years. Additionally, it’ll make it harder for the survivors to expand their presence in shopping malls.
Future of Shopping Malls
The situation on the ground doesn’t look good for shopping mall REITs, but there are ways around irrelevance in the long-term future.
According to a Reuters report, Simon Property Group, Inc. (NYSE:SPG), the biggest mall-owning REIT in the US, is in talks with Amazon.com, Inc. (NASDAQ:AMZN) to turn its vacant Sears and J.C. Penney stores into fulfillment centers.
Many other shopping malls in North America and Europe are turning towards logistics as the answer to their decreasing revenue in retail. Apart from rising demand for warehouses, logistics also carries financial benefits. The space for retail costs on average $20 per square foot, while the same for warehouse space is only $6.5.
Another way the shopping-malls are adapting is by moving more and more towards facilities that are experience-oriented, like event organization, art galleries, cinemas and museums.
Now that we know the state of the mall industry, let’s head towards the list of 25 largest shopping malls in the United States.
Our Methodology
For our list of the 25 largest shopping malls in the United States, we’ve ranked them based on their total retail space in square feet. We’ve also discussed other factors like anchor tenants, number of total stores as well as companies and REITs that own them.
25. Fashion Show Mall
Retail Space: 1.87 million Square Feet
Fashion Show Mall is situated on the Las Vegas Strip, in Paradise, Nevada. It is owned by Brookfield Property Partners L.P. (NASDAQ:BPYPP). The mall has a retail leasable area of 1.87 million square feet, a total of 249 stores and eight anchor tenants. Popular stores in the mall are from Apple Inc. (NASDAQ:AAPL), AT&T Inc. (NYSE:T) and Diesel.
Its noteworthy restaurants and cafes include Galpao Gaucho and Starbucks Corporation (NASDAQ:SBUX). The mall also hosts weekly fashion shows on a retractable runway on its central atrium. That’s where the name comes from.
24. Arundel Mills
Retail Space: 1.93 million Square Feet
Arundel Mills is located in Anne Arundel County, Maryland. It has a total retail space of 1.9 million square feet. Simon Property Group, Inc. (NYSE:SPG) is the majority stakeholder in the mall with 59% ownership.
The mall has 225 stores and 15 anchor tenants. Its prominent stores include H&M, Forever 21 and Ulta Beauty, Inc. (NASDAQ:ULTA).
23. Tysons Corner Center
Retail Space: 1.97 million Square Feet
Tysons Corner Center is situated in the unincorporated area of Tysons, in Fairfax Country, Virginia. It features over 300 stores and three anchor tenants. The anchors include Macy’s, Inc. (NYSE:M), Bloomingdale’s and Nordstrom, Inc. (NYSE:JWN). It is owned by The Macerich Company (NYSE:MAC).
22. NorthPark Center
Retail Space: 2 million Square Feet
NorthPark Center is located in Dallas, Texas. The mall has 221 stores including six anchor tenants, and a parking space for over 9,000 cars. It is owned and operated by NorthPark Development Company. The shopping center is unique in the sense that its design was intended to include art as an integral aspect of its interior landscape. It has been featured in the film Dr. Tea and The Woman.
Some of its anchors include Dillard’s, Inc. (NYSE:DDS), Macy’s, Inc. (NYSE:M), Nordstrom, Inc. (NYSE:JWN) and theater from AMC Entertainment Holdings, Inc. (NYSE:AMC).
21. Fashion Square
Retail Space: 2 million Square Feet
Fashion Square is a shopping mall located in Scottsdale, Arizona. It has a retail leasable area of a little over 2 million square feet. The mall features 240 retail stores, with anchors such as Dillard’s, Inc. (NYSE:DDS), Macy’s, Inc. (NYSE:M), Apple Inc. (NASDAQ:AAPL) and Nordstrom, Inc. (NYSE:JWN). It is owned by The Macerich Company (NYSE:MAC).
20. Lakewood Center
Retail Space: 2.07 million Square Feet
Lakewood Center is a supermall located in Lakewood, California. It has 225 retail stores and is known for having one of the highest numbers of anchor tenants, at 11. These include Macy’s, Inc. (NYSE:M), Target Corporation (NYSE:TGT), Costco Wholesale Corporation (NASDAQ:COST) and Bed Bath & Beyond Inc. (NASDAQ:BBBY). Lakewood Center is also owned by The Macerich Company (NYSE:MAC).
19. Green Acres Mall
Retail Space: 2.08 million Square Feet
Green Acres Mall is an indoor mall situated in Valley Stream, New York. The mall has 156 stores including six anchors. It is yet another shopping center owned and managed by The Macerich Company (NYSE:MAC). It was previously owned by Vornado Realty Trust (NYSE:VNO) until 2013.
18. Westfield Topanga & The Village
Retail Space: 2.1 million Square Feet
Westfield Topanga & The Village is located in Canoga Park, Los Angeles, California. It features 361 stores, including 4 anchors. Some of the prominent stores/services are from Apple Inc. (NASDAQ:AAPL), Nordstrom, Inc. (NYSE:JWN), Target Corporation (NYSE:TGT) and AMC Entertainment Holdings, Inc. (NYSE:AMC). The mall is owned by the French commercial real estate company Unibail-Rodamco-Westfield.
17. Oakbrook Center
Retail Space: 2.16 million Square Feet
Oakbrook Center is situated in Oakbrook, Illinois. The mall has 175 retail stores/service centers including 3 anchor tenants. These include Macy’s, Nordstrom and Neiman Marcus. It is jointly owned by Brookfield Property Partners L.P. (NASDAQ:BPYPP) and California Employees Retirement System Agency.
16. Westfield Garden State Plaza
Retail Space: 2.16 million Square Feet
Westfield Garden State Plaza is a shopping center in Paramus, New Jersey. It is the second mall on the list of largest malls in the United States that is owned by the French REIT Unibail-Rodamco-Westfield. The mall features 346 stores as well as service centers.
15. Woodfield Mall
Retail Space: 2.167 million Square Feet
Woodfield Mall is another mall from Illinois. It is situated in the Chicago suburb of Schaumburg. It features 300 stores and service centers including H&M, Macy’s, Nordstrom, Pac-Man Entertainment and Arhaus, Inc. (NASDAQ:ARHS). Simon Property Group, Inc. (NYSE:SPG) has a 50% ownership in Woodfield Mall.
14. Plaza Las Américas
Retail Space: 2.17 million Square Feet
Plaza Las Américas is a mall located in Hato Rey, San Juan, Puerto Rico. Its 2.17 million square feet of leasable area features over 300 stores and service centers of different kinds.
13. Millcreek Mall
Retail Space: 2.2 million Square Feet
Millcreek Mall is located in Pennsylvania, roughly three miles Southwest of the city of Erie. It has a retail space of 2.2 million square feet and has 175 retail centers as of 2022, including 3 anchor tenants. The mall is owned by the real estate developer, Cafaro Company.
12. Palisades Center
Retail Space: 2.2 million Square Feet
Palisades Center is in West Nyack, New York. It has 400 total retail centers spread across 2.2 million square feet of retail area. The mall is owned by the Pyramid Management Group.
11. Westfield Valley Fair
Retail Space: 2.2 million Square Feet
Westfield Valley Fair is the third mall on the list of largest shopping malls in the United States that is owned by Unibail-Rodamco-Westfield. It has 236 retail centers and has a total retail space of 2.2 million square feet.
10. Ala Moana Center
Retail Space: 2.27 million Square Feet
Ala Moana Center is located in Honolulu, Hawaii. It has 350 retail centers/stores, with Target Corporation (NYSE:TGT), Forever 21 and Neiman Marcus being among the anchors. The mall is owned by Brookfield Property Partners L.P. (NASDAQ:BPYPP).
9. Sawgrass Mills
Retail Space: 2.27 million Square Feet
Sawgrass Mills is ninth on the list of largest shopping malls in the United States. It is located in Sunrise, Florida and has a gross leasable area of 2.27 million square feet, covering 350 retail outlets. Its anchor tenants include stores from NIKE, Inc. (NYSE:NKE) and Bed Bath & Beyond Inc. (NASDAQ:BBBY), among others.
8. Roosevelt Field
Retail Space: 2.36 million Square Feet
Roosevelt Field is a shopping mall in Garden City, New York. It has 294 retail outlets. The mall is owned by Simon Property Group and has a leasable area of 2.36 million square feet.
7. Destiny USA
Retail Space: 2.4 million Square Feet
Destiny USA is located in Syracuse, New York and provides a retail space of 2.4 million square feet, which is covered by over 250 stores as of 2020. It is owned by the Pyramid Management Group.
6. The Galleria
Retail Space: 2.4 million Square Feet
The Galleria is situated in Houston, Texas. It has 400 retail outlets and a number of anchor stores that include Macy’s, Inc. (NYSE:M), Saks Fifth Avenue and Nordstrom, Inc. (NYSE:JWN).
Click to continue reading and see 5 Largest Malls in the United States.
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Disclosure: none. 25 Largest Shopping Malls in the United States is originally published on Insider Monkey.
