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CBL Properties Opens More Than 1 Million Square Feet of New Retail, Dining, Entertainment and Other Uses in 2022 With More in Store For 2023
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CBL Properties (NYSE: CBL) has announced the opening of over 1 million square feet of new retail, dining, and entertainment spaces across its portfolio since January. CEO Stephen Lebovitz reported a significant increase in leasing demand, with occupancy rising over 200 basis points year-over-year. New store openings include operators like Tilt and Scheels in North Dakota, and Von Maur in Wisconsin. Looking ahead, CBL plans to introduce additional tenants such as Nordstrom Rack and Tilt Studios in 2023, aiming to enhance its position in various markets.
Positive
200-basis point increase in portfolio occupancy over last year.
Leasing demand above pre-pandemic levels.
Over 1 million square feet of new retail and entertainment space opened.
Negative
None.
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL Properties (NYSE:CBL) today announced that more than 1 million square feet of new retail, dining, entertainment, and other uses have opened across its portfolio since January.
“2022 was a strong year for CBL, with leasing demand above pre-pandemic levels, resulting in over a 200-basis point increase in portfolio occupancy over last year, and traffic and sales continuing to eclipse pre-pandemic numbers,” said Stephen Lebovitz, chief executive officer, CBL Properties. “We’ve also celebrated an exceptional number of new store openings, from boutique retailers to unique food concepts, new entertainment options and a department store.”
Openings have included operators like Tilt and Scheels, which both opened at Dakota Square in Minot, North Dakota, in December; Main Event at Sunrise Mall in Brownsville, Texas; and fashion department store, Von Maur, which opened at West Towne Mall in Madison, Wisconsin, in October. New specialty store openings include Lovesac, Palmetto Moon, Boxed Lunch, Torrid, Burlap and Birch and Daily Thread. Several of CBL’s malls saw strong leasing with multiple new store openings, including Kirkwood Mall in Bismarck, North Dakota, welcoming 10 new tenants; and Hamilton Place in Chattanooga, Tennessee, and Westmoreland Mall in Greensburg, Pennsylvania, each celebrating the openings of five new tenants.
As we look ahead in 2023, we will celebrate the openings of Nordstrom Rack at Hamilton Place; Tilt Studios at Kirkwood Mall; and Main Event at Cross Creek Mall in Fayetteville, North Carolina.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 94 properties totaling 58.5 million square feet across 22 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.
