Macerich is walking away from the seaside mall with tenants Louis Vuitton, Hugo Boss, Nordstrom, Coach and Tiffany & Co.
When Santa Monica Place opened its mall doors in 1980, it was one of the hottest spots to shop on’ Westside. The enormous shopping center had two department store anchors, 120 shops and top-floor dining where the nearby Pacific Ocean served up killer sunsets.
Right now, Santa Monica Place is the only shopping center being forfeited. Macerich’s new president and chief executive didn’t mince words when talking recently about the iconic mall’s future. Business is so bad on the promenade that Federal Realty Investment Trust recently announced it sold all nine of its properties that housed mostly retail and some office space. It had been a presence there since 1996, but the tough retail environment, where occupancy ranges from 70 percent to 80 percent, wasn’t helping revenues. It sold eight buildings for $103 million.
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