Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/62026
anchors — Nordstrom and Macy's — and the nearly 100 additional stores were amazed by the mall's eye-catching ame- nities, including a retractable steel-and- glass roof, a pair of 18-foot waterfalls, a trio of water fountains, a futuristic pedestrian bridge and a 1,200-foot-long re-creation of the historic City Creek that sustained Mormon settlers. Those elements provided a much-needed sense of place for the downtown that has long been sought by the deep-pocketed majority owner: The Church of Jesus Christ of Latter-day Saints, which de- molished two aging centers to make way for the complex. "City Creek Center fits seamlessly with downtown," said Taubman Cen- ters COO William S. Taubman. "We strive to have a point of difference in our centers, and this is a very unusual project and partnership that's quite unlike any- thing done before." The church and its property-develop- ment affiliate, City Creek Reserve, Inc., the project's master developer, provided one crucial component missing from so many stalled retail projects across the land: cash financing. Taubman Centers, which owns the retail project on a long- term lease, says its own investment is lim- ited to a $76 million stake, from which it expects a 12 percent return. The only opening glitches seemed to fall into the nice-problem-to-have cat- egory. Stores got hit so hard over those "On opening day, stores told us their business was incredible, but on each day after that, they said business was even better than the day before." opening three days that managers wor- ried that replacement stock would ar- rive too late to refill the nearly depleted shelves by Monday, says MacDonald. "On opening day, stores told us their business was incredible, but on each day after that, they said business was even better than the day before," Mac- Donald said. "Sales were double or even triple expectations." Foot Locker's House of Hoops store, for example, enjoyed its best opening ever, Mac- Donald says, while Cheesecake Factory and Texas de Bra- zil had to manage two-and-a-half-hour waits. The mall's 5,000-car parking garage, which has six entrances, was 176 SCT / MAY 2012 at or near capacity all three days, though many guests avoided the snarl by walk- ing to the mall from downtown offices or taking public transportation. A fare- free zone downtown provides unlimited rider use year-round, with stops at City Creek Center. Roughly three out of every 10 retail- ers are new to the market, according to Taubman Centers. Adding some local color are several homespun businesses, including Deseret Book, The Gym at City Creek, Farr's Fresh Café & Cream- ery and Zions Bank. Taubman Centers has struck a deft balance between tenant chemistry and a variety of price points, says Eileen Mitchell, executive vice presi- dent of RCS Real Estate Advisors and tenant representative for Disney Store. "They have a really nice mix of tenants, including some of the strongest national players, and the architecture and design are just incredible," she said. "Unlike the other centers in the Salt Lake area, it has a unique ability to attract both the surrounding community and the tourist overlay, and that gives tenants a punch in sales." The closed-on-Sunday policy may be a challenge for some re- tailers initially, she acknowledges, but she also points out that other commu- nities where quality malls are closed on Sundays seem able to adapt well. West- field's Garden State Plaza mall, in Para- mus, N.J., closes on Sundays because of blue laws. "That mall is still doing about $1,000 a square foot," Mitchell said. Taubman Centers and the Mormon team remained flexible on store designs, elevations, store heights and signage to allow retailers an optimum presence, she says. "Disney absolutely made the right location decision going there for its only store in the market." City Creek Center enjoys the cus- tomer base from the Mormon church's global headquarters and the world- renowned Temple Square, which draws up to 5 million visitors annu- ally as the largest tourist attraction in