Shopping Centers Today

DEC 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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84 S C T / D E C E M B E R 2 0 1 8 O ne of the most successful malls in the U.S., the Westeld Valley Fair, in San Jose, Calif., is undergoing a $1.1 billion redevelopment that is intended to keep it successful. •e owners want this Silicon Valley shopping center to align more closely with the upscale, entrepreneurial surroundings. •e mall has undergone renovations before, though nothing quite as dramatic. In 2013 Westeld did add a collection of luxury retailers and converted the food court into a dining terrace, but this latest redevelopment Unibail-Rodamco-Westfield is giving Valley Fair mall a renovation worthy of its Silicon Valley surroundings By Ben Johnson Building on success will be an expansion. "Valley Fair has already built a name for itself as the premier shopping destination in the South Bay," said Matt Kircher, executive vice president and managing director of CBRE's retail advisory practice in the Bay Area. "The new expansion will transform the mall into an iconic shopping and entertainment destination for decades to come." Though sales at Valley Fair have been among the highest in the nation for years, at upwards of $1,200 per square foot, the decision to invest in the center now is most opportune. "The minute you sit still, you have a problem," said Scot Vallee, Unibail- Rodamco-Westfield's vice president of development for the Northwest region. "The customer, especially in Silicon Valley, has a high expectation, and if you don't keep up with that, you go out of business. There is a lot of money here, but people are going to expect that you are going to meet their needs and wants, and if you don't do that, I think they will just pass you by." At press time the first phase of S I T E S & C I T I E S

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