Tuesday, April 7, 2020

Stalled by coronavirus pandemic, American Dream rethinks its future and retail becomes an afterthought

CNBC
It is becoming even harder to call American Dream a megamall.

Instead, the roughly 3 million-square-foot development that sits alongside a bustling highway in East Rutherford, New Jersey, is morphing into more of an ultimate amusement park. More like Disneyland if it fit under one roof. With shifts in strategy over time, retail is becoming even more of an afterthought, while entertainment takes center stage.

Prior to the coronavirus pandemic hitting the U.S., American Dream was slated to be a mix of 55% entertainment-related tenants and 45% retailers, when it was completely finished. Now, the project will be roughly 70% entertainment and 30% retail, according to its developer, Triple Five Group. . . . more

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