Essentially, the megamall has undergone a gradual shift from T-shirt shops and dollar stores to pricey boutiques with internationally known labels such as Aromatique and Swarovski. Meanwhile, established tenants such as Ann Taylor and Banana Republic have expanded their presence. Next month, the Gap plans to open a two-level, 22,000-sf flagship store at the mall, which is managed and majority-owned by Indianapolis-based Simon Property Group.

The reason for the trend is simple: the upscale stores are racking up bigger sales than the novelty shops and discounters, and in most cases, the mall's owners benefit by sharing a percentage of sales over a base lease rate, says Maureen Cahill, a spokeswoman for the mall. Another benefit of upscale retailers is the prestige they bring, she says. Finally, retailers attract upscale shoppers who are more likely to spend more at the mall than the average shopper.

The trend toward upscale stores is not restricted to the megamall--shopping centers from Baltimore to Beverly Hills are taking the same path, retail analysts say. Consumers flush with cash are more interested in cache than price, and manufacturers are building their brands by opening their own showcase stores at malls with high tourist draws, like the Mall of America.