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Where Is The Largest Mall
The largest shopping mall in the United States is coming to Miami and will feature a large indoor water park and ice rink.
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The largest shopping mall in the United States – the “American Dream” – is officially located in Miami, Florida.
The $4 billion retail and entertainment complex spans 6 million square feet and is twice the size of the current largest shopping mall in the United States, the King of Prussia Mall in Montgomery County, Pennsylvania.
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According to the Miami Herald, American Dream developer Triple Five Group in Miami is also the developer of the Mall of America in Minneapolis, Minnesota.
Located on undivided land off the Florida Turnpike, Miami’s American Dream Mall looks more like an amusement park than a traditional dumbbell-shaped mall. The complex will feature a water park with a giant indoor pool, an indoor ice rink, an artificial ski slope, “submarine” rides, dozens of restaurants and 1,200 shops.
No timeline has been set for the project. Triple Five expects 30 million people to visit the property each year. That’s about 10 million fewer visitors than the Mall of America, which generates about $2 billion in annual revenue for Minnesota, according to developers.
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The new project has met with some resistance Many existing malls in Miami believe that the city’s retail market is saturated and that another mall (especially one of this size) is not needed.
Some Miami locals are also concerned about the development’s potential water and energy use and impact on the city’s stormwater system. At the May 17 Miami-Dade County Commission meeting, Miami resident Megan Sorbo called the project an environmentally damaging project, according to the Herald. Sierra Club environmentalists pointed out that the mega-mall would be located in a low-lying area of Miami, putting the project at greater risk of flooding.
While Triple Five has been approved by the city, it still requires several permits, additional financing and stormwater drainage infrastructure proposals. As the “American Dream Miami” progressed, hundreds of malls and thousands of mall stores—from Claire’s to Sears—have closed across the United States over the past two decades. Retail analysts say more stores are likely to fail over the next decade due to the rise of online shopping and changing consumer habits.
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Miami’s new mixed-use complex could provide a more viable model for struggling malls and malls of the future. Unlike traditional suburbs, the American Dream Center in Miami focuses on experiential attractions, including a water park and ice rink in the atrium. The project fits into the “destination shopping mall” category, which is typically located near the city center and attracts visitors from the entire region, not just those who live in that area.
Offering an indoor ice rink at the American Dream Mall in Miami, Florida. Sanwoo Group
Destination malls, also known as “super-regional malls” or “lifestyle centers”, use experiential attractions to subsidize regular retail stores. They also often include attractions such as movie theaters, bars, casinos, restaurants, climbing walls, laser tag, and roller coasters.
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David Smile, assistant director of Columbia University’s urban design graduate program, previously told Business Insider that destination malls are more profitable for developers than regular malls.
He said that the emergence of entertainment as a part of shopping malls has become very important. “It keeps people in the city center longer. Even if they’re not going to buy anything, they’re still attracted.”
Offering indoor ski slopes at the American Dream Mall in Miami, Florida. Sanwoo Group
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For example, in 2012 and 2013, the Carousel Center in Syracuse, New York was renamed Destiny USA and added high-end restaurants, an IMAX screen, arcade, and indoor go-karts and obstacle courses. According to the mall, the 2.4 million square foot complex attracts about 29 million people (from the US and Canada) annually.
Triple Five is also building another destination in New Jersey The complex, called American Dream Meadowlands, will include a Nickelodeon theme park (similar to a theme park at Mall of America). Expected to open in 2019
Sign up to get the inside scoop on today’s biggest stories in markets, technology and business Read Overview West Edmonton Mall in Alberta, North America The largest shopping mall in North America. There are over 800 shops, a water park, an ice rink and a casino.
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Not so in Asia, where construction in China, Malaysia and the Philippines has created large shopping malls, and India is expected to join them soon. Based on total leasable area or the amount of space devoted to revenue-generating businesses such as shops, entertainment and food, the African continent is among the 10 largest shopping malls in the world, six of which have been built since 2004. It also adds about 27 million square feet of shopping space to cities such as Beijing and Guangzhou in China and Kuala Lumpur in Malaysia.
While many traditional North American malls have been quelled by the big-box era, department stores such as Walmart, Best Buy and Target are in nearly every county, while Asia’s fast-growing economies are creating a new wave of consumerism. Buy and play Most of them are also very luxurious Two malls in China – South China Mall in Dongguan and Jinyuan Mall in Beijing – are ranked as two of the largest in the world and include features such as windmills and children’s theme parks. Jinyuan Plaza is surrounded by newly built apartments and offices
Three years ago, the top 10 included two popular California destinations – South Coast Plaza in Coastal Mesa and Del Amo Fashion Center in Los Angeles, as well as famous American shopping in downtown Bloomington, Minnesota. The only mall on the list is King of Prussia Mall in Pennsylvania, which is unlikely to last long if future construction in China and India is expected.
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Eastern Connecticut State University professor Emil Pock said the growth in these eastern cities is almost unimaginable. He noted that more consumers in the region now own cars, which is driving demand for more destination shopping malls. It has attracted funding from foreign shopping mall management groups, mainly from Indonesia and Japan.
“These people need a place to shop and the shopping area from the traditional socialist days will not be the old shopping area,” Pocock said.
Meanwhile, in the United States, traditional malls have become part of a more balanced market, with big-box retailers outside the mall and retail consolidations that have left previously popular malls like the Montgomery Ward flagship store. Many malls have remodeled or downsized to survive For example, in a Houston mall in Texas, traffic courts and outpatient services replaced some big box stores like Sears.
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About a decade ago, at Illinois’ Park Forest Mall near Chicago, Sears and other big-box stores were demolished to make way for a Main Street avenue of town green space, residential units and a collection of small stores.
In search of future growth, developers are turning to projects that combine mixed-use centers, retail, dining, entertainment and residential lifestyle units, not unlike some newer Asian malls such as Beijing Mall in Malaysia and Berjaya Times Square.
“We knew in the ’90s that the future of business was going to be acquiring properties and growing them,” said General Growth Properties CEO John Buxbaum.
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An acquisition spree that began in 1993 expanded the company’s mall property portfolio from 22 malls to more than 200, with a market capitalization of approximately $37 billion and a market capitalization of $1.2 billion. An ambitious project embodying GGP’s vision is the massive redevelopment of Natick Mall, a 40-year-old shopping mall in the suburbs of Boston. The iconic Macy’s and Sears aren’t going anywhere, but the massive expansion will add two luxury apartment towers and a Neiman Marcus- and Nordstrom-led upscale shopping area.
Elsewhere, mixed-use “lifestyle centers” – suburban villages mixed with retail, theaters and apartments – are increasingly appearing on the map. At Biltmore Fashion Park in Phoenix, Arizona, top retail brands like Neiman Marcus and Gucci surround the outdoor walkway, several restaurants, and a spa. The Oaks was originally a 1970s shopping mall in Hazanden Oaks, California, near Los Angeles.
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