All 47 Macerich Retail Properties Now Fully Reopened, As Final 3 In LA County Set To Reopen

Rhea-AI Summary

Macerich (NYSE: MAC) announced that all 47 of its major retail properties will fully reopen on October 7, 2020, following the approval for indoor mall operations in LA County. This reopening comes just in time for the anticipated early holiday shopping season. CEO Tom O'Hern emphasized the company's commitment to shopper safety, implementing enhanced cleaning protocols and hospital-grade air filtration systems. Macerich properties contribute significantly to local economies, generating approximately $1.1 billion in sales tax and $225 million in property taxes, supporting essential services.

Positive

• All 47 retail properties will be fully reopened on October 7, 2020.
• Strategic timing for holiday shopping season expected to boost sales.
• Enhanced cleaning and air filtration protocols increase shopper confidence.
• Macerich properties generate approximately $1.1 billion in sales tax revenues and $225 million in property taxes.

Negative

• None.

SANTA MONICA, Calif., Oct. 5, 2020 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail properties in top markets, today announced that all 47 of the Company's major retail properties nationwide will soon be fully open for business, now that LA County has approved indoor mall reopenings on October 7.

The easing of COVID-19-related restrictions in Los Angeles means every Macerich property across the country is now welcoming shoppers ahead of this year's holiday season, which retailers and industry observers expect to start early, in October.

"People can have peace of mind shopping at Macerich retail properties because we've put well-being first," said Tom O'Hern, Chief Executive Officer, Macerich. "With hospital-grade MERV-13 filtration added to our top-quality air systems, our intensified cleaning and sanitizing program, plus lots of room to social distance in our spacious interiors, shoppers and employees can feel confident at our centers. It's great to see people shopping again at every one of our properties and to see so many people back to work."

Nationwide, Macerich centers create employment for an estimated 110,000 people, and the portfolio generates an estimated $1.1 billion in sales tax revenues and $225 million in property taxes that support essential services at every level.

An expert operator with decades of experience, Macerich adheres to high operating standards and has new protocols in place to meet today's needs, including enhanced cleaning and sanitizing, providing masks at all properties as needed and requiring mask-wearing at nearly all properties in compliance with state and local requirements, social distance queuing, path of travel, security, deliveries, and furniture placement per industry best practices and CDC recommendations, alongside enhanced, high-quality HVAC systems now featuring hospital-grade MERV-13 filtration.

The Company also utilizes state-of-the-art traffic-counting practices at several of its properties, which offer an effective tool to monitor and enforce capacity requirements.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT), which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence on the West Coast and in Arizona, Chicago and the New York Metro to Washington, DC corridor. A recognized leader in sustainability, Macerich has achieved the #1 GRESB ranking in the North American Retail Sector for five straight years, 2015-2019. Additional information about Macerich can be obtained from the Company's website at www.macerich.com.

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SOURCE Macerich