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November 2016 — Retail Properties Quarterly — Page 21
I t’s no secret that the American
shopping mall is at a pivotal
juncture. Shopping habits have
changed and many malls have
failed or been unable to keep
up. Retail analysts this year pre-
dict that approximately one-third
of American malls will close in the
coming years.
Bucking the national trend is Park
Meadows in Lone Tree, which turns
20 this year. Despite
a national down-
turn in the popular-
ity of the tradition-
al shopping mall,
Park Meadows has
remained a strong-
hold of economic
activity, growing
its retailer base to
180 and attracting
more than 25 mil-
lion visitors each
year.
In 1996, Park
Meadows opened
its doors one week ahead of schedule
with 96 percent of its space leased.
Since then, the mall has maintained
a 95 percent or higher occupancy
rate, which is several points higher
than the national average. According
to CoStar Group, a mall is considered
healthy with a vacancy rate of 10
percent or less. Of the roughly 1,200
malls across the nation, only 80 per-
cent fall within this category, down
16 percent from 2006.
So what’s Park Meadows’ secret?
There are a number of factors – both
conscious decisions mall ownership
has made and benefits it’s enjoyed as
a byproduct of its location – that are
contributing to the mall’s continued
success.
• Create a retail resort. From the
beginning, Park Meadows was
designed to offer a different kind of
retail and community experience
– one that looked and felt uniquely
Colorado.
Dubbing itself a “retail resort,” the
mall pays tribute to the Rocky Moun-
tain region with boulders, waterfalls,
interior and exterior landscaping,
timber ceilings and a 66-foot lime-
stone and granite fireplace. This
mountain lodge motif helped dif-
ferentiate the center from its more
generic mall counterparts and served
to make it more of a destination for
shoppers.
• Offer exclusive retail experiences.
Offering 1.7 million square feet of
retail and dining, Park Meadows
Pamela J. Kelly,
CSM/CMD
Senior general
manager, Park
Meadows, Lone
Tree
Retail Highlight
Park Meadows
Park Meadows was designed to look and feel uniquely Colorado.
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