Uh, uh - Mall of America will be dethroned as the "largest mall" [View all]
Florida Officials Approve Plan to Build Largest U.S. Mall
At a time when store closures are accelerating and struggling malls pockmark the country, county commissioners in Florida have approved a plan to build what would be the largest mall in the U.S.
American Dream Miami would also be the most expensive mall ever built, according to Canadian developer Triple Five Worldwide Group of Cos. The 6.2-million-square-foot retail and entertainment complex would cost an estimated $4 billion, Triple Five says.
The cost would include 2,000 hotel rooms, indoor ski slope, ice-climbing wall and water park with a “submarine lake,” where guests could enter a plexiglass submarine and descend underwater.
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The project provides a window into the thinking of North America’s largest mall developers as they confront the revolution in the shopping world sparked by e-commerce. They recognize it’s no longer enough to fill malls with stores selling clothing, food, electronics and other merchandise people can more easily buy online.
Rather developers are filling malls with restaurants, rides, trampoline parks, gyms, services and other types of entertainment. This strategy taps into the increasing preference of consumers to spend their money on experiences as opposed to goods.
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Triple Five, a privately owned company controlled by the Ghermezian family, owns some of the largest retail and entertainment properties in North America, including West Edmonton Mall in Edmonton, Canada, and Mall of America in Bloomington, Minn.
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https://www.wsj.com/articles/florida-officials-approve-plan-to-build-largest-u-s-mall-1529406001 (paid subscription)
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