The U.S. retail landscape has its fair share of underperforming, out-of-date properties, but the highest-quality malls are still attracting shoppers in droves, raking in more than $1,000 per square foot, well above the industry's average.
According to boutique research firm Boenning & Scattergood, the 20 most valuable malls in America that are owned by real estate investment trusts bring in roughly $21 billion in retail sales annually.
So-called A malls owned by the likes of Simon Property Group, General Growth Properties, Macerich and Westfield have little to no vacancy today, thanks to those landlords and leasing agents being quick to sign deals with new tenants as department stores and specialty apparel retailers flee.
Spread across the U.S., from Hawaii to Las Vegas to New Jersey, America's best malls often include food halls curated with local eateries, rotating pop-up exhibits to house e-commerce brands, popular off-price retailers, grocers and experiential venues.
Industry experts are watching to see how this list evolves over the next few years, with countless massive mall redevelopments underway, including Pennsylvania Real Estate Investment Trust's Fashion District project in the heart of Philadelphia. "We hope that investors get a more granular understanding of the inherent value in the mall sector," Boenning & Scattergood analyst Floris van Dijkum said.
Here are the most valuable REIT-owned malls in the country, based on an asset's value, according to Boenning & Scattergood.
10. Roosevelt Field Mall
Total asset value: $2.41 billion
Sales per square foot: $968
Location: Garden City, New York
Owner: Simon Property Group
9. Westfield Garden State Plaza
Total asset value: $2.71 billion
Sales per square foot: $950
Location: Paramus, New Jersey
Owner: Westfield
8. King of Prussia Mall
Total asset value: $2.77 billion
Sales per square foot: $773
Location: King of Prussia, Pennsylvania
Owner: Simon Property Group
7. Forum Shops at Caesars
Total asset value: $2.79 billion
Sales per square foot: $1,616
Location: Las Vegas, Nevada
Owner: Simon Property Group
6. Tysons Corner Center
Total asset value: $2.92 billion
Sales per square foot: $980
Location: McLean, Virginia
Owner: Macerich
5. Fashion Show
Total asset value: $3.06 billion
Sales per square foot: $975
Location: Las Vegas, Nevada
Owner: General Growth Properties
4. Woodbury Common Premium Outlets
Total asset value: $3.2 billion
Sales per square foot: $1,624
Location: Central Valley, New York
Owner: Simon Property Group
3. Oakbrook Center
Total asset value: $3.5 billion
Sales per square foot: $911
Location: Oak Brook, Illinois
Owner: General Growth Properties
2. Sawgrass Mills
Total asset value: $4.1 billion
Sales per square foot: $1,149
Location: Sunrise, Florida
Owner: Simon Property Group
1. Ala Moana Center
Total asset value: $5.74 billion
Sales per square foot: $1,450
Location: Honolulu, Hawaii
Owner: General Growth Properties