Podcast | Adaptive Spaces

Let’s Go to the Mall: New value in brick-and-mortar retail malls

August 1, 2023 33 Minute Listen


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The end of the pandemic and relatively low retail availability have rewritten the “Malls Are Dead” narrative. So asserts Tom O’Hern, CEO of Macerich, a REIT with 47 million sq. ft. of regional town centers. He joins Spencer Levy to discuss how the best malls are succeeding by reimagining their tenant mix and offering shoppers new experiences.

Let’s Go to the Mall: New value in brick-and-mortar retail malls

August 1, 2023 33 Minute Listen

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Key Takeaways:

  1. The “malls are dead” story has been rewritten, with the best malls performing better than before the pandemic.
  2. Consumer experience and tenant diversification are keys to successful mall strategies.
  3. The departure of large big-box tenants from malls provides opportunities to diversify the mall’s space with other uses—from office to residential to hospitality.


Photo of Thomas E. O’Hern

Thomas E. O’Hern

CEO and Executive Director, Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). Macerich currently owns 47 million sq. ft. of real estate consisting primarily of regional town centers. As Chief Executive Officer, Tom O'Hern guides one of the country’s leading retail real estate companies with dominant properties in many top U.S. markets. His deep understanding of the evolving retail landscape, combined with demonstrable financial and strategic acumen and rich relationships across the industry, have helped build and shape Macerich’s expansive national portfolio of high-performing retail properties for more than two decades.


Photo of Spencer Levy

Spencer Levy

Global Client Strategist & Senior Economic Advisor, CBRE

Spencer Levy is Global Client Strategist and Senior Economic Advisor for CBRE, the largest commercial real estate services firm in the world. In this role, he focuses on client engagement and public-facing activities, including thought leadership work performed in conjunction with CBRE Research. He also serves as Co-Chair of the Real Estate Roundtable’s Research Committee.


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