Reports of the mall apocalypse have not quite reached Uniondale. While plenty of suburban shopping centers keep shrinking, a small group of well located, high end malls is still running near full and snagging luxury brands, and investors are paying close attention.
The New York Times reported that a handful of real estate firms are concentrating bets on that narrow slice of the market, pointing to Roosevelt Field in Uniondale, N.Y., where occupancy is roughly 96 percent and tenants range from Savage X Fenty to Armani, Hermès and Rolex. According to The New York Times, those premium tenants and the strong foot traffic they bring are changing the underwriting math for top tier centers.
What Owners Point To
Simon Property Group, which owns many of the country’s Class A malls, promotes Roosevelt Field as a flagship property and leans on its mix of luxury retail and dining. Per Simon Property Group, the center sits inside a dense suburban cluster with strong demographics that support higher rents and specialty concepts.
Gen Z Is Helping Bring Shoppers Back
Industry research suggests younger shoppers are a big part of the turnaround. Gen Z and millennials are among the age groups most likely to boost spending and to choose malls as an in person destination instead of ordering everything to their doorstep. Retail research from CBRE highlights that dense suburban retail clusters and experience led centers have lower availability and command above average rents. According to CBRE, those demographic shifts are meaningful for both leasing decisions and the way investors underwrite these properties.
Why Investors Are Paying Up
Top centers tend to combine very high occupancy, strong sales per square foot and experiential anchors, a mix that pushes returns above the averages for broader mall portfolios. The New York Times noted that, per Simon, some Roosevelt Field tenants can generate roughly $1,250 in sales per square foot, a scale that supports premium rents and ongoing investor interest. Simon’s recent reporting and earnings commentary also point to unusually high portfolio occupancy, and a transcript of the company’s earnings call is available for review on Investing.com.
Local Takeaway
For Long Island shoppers and retailers, Roosevelt Field’s performance is a reminder that the right mall in the right location can still thrive. At the same time, the landscape is uneven. Many other malls remain under pressure, so retail has become a story of clear winners and losers rather than a simple, across the board comeback.
