After navigating almost two full years battling the impact of COVID, The Macerich Co.'s Q3 numbers were "outstanding" thanks to retailer demand. That is according to CEO Tom O'Hern, on the REIT's Q3 earnings call. O'Hern noted that shoppers have come roaring back as US consumers are continuing to shop with a purpose.
"We see a higher capture rate than pre-COVID," he said, adding that sales are exceeding pre-COVID levels with double-digit gains in the past two quarters compared to 2019. And that momentum, he said, is carrying into the fourth quarter. "Retailer demand is at a level we have not seen since 2015."
He also expects traffic to continue to increase. "The current level is over 95% of the 2019 traffic levels," he said. Some of the second quarter highlights include: on a sequential quarter basis, the REIT had occupancy gains of 90 basis points, and that's on top of the 90 basis point gain it had in the second quarter. At quarter end, occupancy was at 90.3%.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
