Mall of America may be a shopping icon in the United States, but Simon Property Group CEO David Simon says it is not one of the mall REIT's star properties. That honor is reserved for Las Vegas' flashy Forum Shops, which produces three times more in annual sales per square foot. In recent court testimony regarding a dispute over Simon's purchase of half of TIAA's stake in the 2.6 million-square-foot behemoth, David Simon said Mall of America only recovers about 70 percent of costs from its tenants compared to the Simon portfolio average of 80 percent. He blamed the center's lackluster performance on too much competition.
Mall of America
Bloomington, Minn.
Total GLA: 2.6 million square feet
Total GLA Excluding Anchors: 1.7 million square feet
Anchors: Bloomingdale's, Macy's, Nordstrom, Sears, General Cinema, Oshman's Super Sport USA
Year Opened: 1992
Center Cost: $635 million
Annual Sales Per Sq. Ft.: est. at $346
Annual Visitors: 42 million per year
The Forum Shops at Caesars
Las Vegas
Total GLA: 510,297 square feet
Total GLA Excluding Anchors: 467,297 square feet
Anchors: Nike Town
Year Opened: 1992
Center Cost: $150 million
Annual Sales Per Sq. Ft.: $1,300
Annual Visitors: 18 million per year