After a remarkable run of success, developers of the "Mills" malls now find themselves on financially shaky ground as the public's taste for suburban shopping shifts to "lifestyle" centers patterned after traditional Main Streets.
Mills, an Arlington, Virginia-based Real Estate Investment Trust (REIT), has laid off 20 percent of its workforce, including its development director, and seen its stock fall over 50 percent in the past eight months as investors question its recent developments and business model. Mills malls in Pittsburgh, St. Louis, and Cincinnati have underperformed expectations, threatening the viability of a pending Mills mega-mall in the New Jersey Meadowlands.
In addition to issues related to Mills management of its existing properties, the REIT's mall model is being challenged by a new breed of open-air "lifestyle" malls patterned after traditional American Main Street shopping areas. The lifestyle centers feature a walkable design, on-street parking and other New Urban design features, albeit in the controlled context of the suburban shopping mall.
As the Wall Street Journal notes, Mills' "current struggles raise questions about whether its unique and expensive approach to retailing can survive."
[Editor's note: This story is available for free online seven days after its publication date.]
Thanks to Alex Pearlstein
FULL STORY: How a Glitzy Mall Developer Built Its Way Into Big Trouble
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