Macerich Welcomes Leading Retailer to Danbury Fair in Upscale Connecticut Suburb Outside NYC

Rhea-AI Summary

Macerich (NYSE: MAC) is set to open a new 126,000 square-foot Target store at Danbury Fair, Connecticut, marking the first Target in the city. This move continues Macerich's strategy of replacing anchor stores with high-demand retailers, following recent successes at other properties, including Kings Plaza in Brooklyn. The addition of Target is part of a broader trend where Macerich enhances its A-quality portfolio, leveraging attractive demographics and a strong merchandise mix. Danbury Fair boasts over 180 shops and significant retail presence, indicating positive growth potential for the company.

Positive

• New Target store at Danbury Fair enhances retail offering.
• Continued success in anchor replacement strategy reflects strong demand.
• Danbury Fair's demographics align well with Target's merchandise.

Negative

• None.

-A-Quality Portfolio Continues Successful Anchor-Replacement Activity-

SANTA MONICA, Calif., June 21, 2022 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, has announced it will welcome a new Target store to Danbury Fair, just 55 miles from New York City in upscale suburban Connecticut.

The 126,000 square-foot 2-level Target store will open in the former Sears site and will be the first in the City of Danbury.

Target recently opened a new, three-level store in the former JCPenney location at Macerich's high-performing Kings Plaza in Brooklyn. As noted in The Real Deal in November 2021, when Macerich announced it would welcome Target to Kings Plaza, "Target's opening adds to a slew of anchor store replacements at Macerich properties….Irish retailer Primark is taking over department store locations in Green Acres Mall on Long Island, Tysons Corner Center in Northern Virginia and Fashion District Philadelphia."

Macerich has made similar replacements in the west, too. In May, the retail giant announced a Scheel's All Sports will replace a former Nordstrom department store at Chandler Fashion Center in Arizona.

Regarding the latest news about Danbury Fair, Macerich President Ed Coppola said, "Target coming to Danbury Fair is the latest anchor-replacement success for Macerich's A-quality portfolio of regional town centers. The terrific merchandise mix and attractive demographics surrounding Danbury Fair make this property a great match for all that Target has to offer." 

Danbury Fair is one of New England's largest shopping destinations, anchored by JCPenney, Macy's, DICK's Sporting Goods and Primark, and with exciting retailers and restaurants including Apple, lululemon, Anthropologie, Pottery Barn, Urban Outfitters, LL Bean, The Cheesecake Factory, Golf Lounge 18, Shake Shack and over 180 other shops.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 48 million square feet of real estate consisting primarily of interests in 44 regional town centers. Macerich is firmly dedicated to advancing environmental goals, social good and sound corporate governance. A recognized leader in sustainability, Macerich has achieved a #1 GRESB ranking for the North American retail sector for seven straight years (2015-2021). For more information, please visit www.Macerich.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/macerich-welcomes-leading-retailer-to-danbury-fair-in-upscale-connecticut-suburb-outside-nyc-301571770.html

SOURCE Macerich Company

FAQ

What new store is Macerich opening at Danbury Fair?

Macerich is opening a new Target store at Danbury Fair.

When will the Target store open at Danbury Fair?

The exact opening date of the Target store at Danbury Fair has not been specified.

What is the significance of the Target store for Macerich's strategy?

The Target store is part of Macerich's strategy to replace struggling anchor stores with high-demand retailers, enhancing its property value.

What is the size of the new Target store at Danbury Fair?

The new Target store will occupy 126,000 square feet.

How does the addition of Target affect Danbury Fair's retail landscape?

The addition of Target enhances Danbury Fair's retail offerings and is expected to attract more visitors, increasing foot traffic.