What Does The Future Hold For Luxury Malls?
This news comes at a time whenever another huge luxury mall with a residence component has opened in a place not known for luxury stores. This week saw the launch of Americana at Brand in Glendale, California by developer Rick Caruso. Caruso has had a big success with his Grove complex which is located in a more traditionally shopping friendly portion of Los Angeles. Americana at Brand, like the Natick Collection is located in an area in which there is already a thriving mall that caters to a more middle market crowd and it also has a residential part. The article in the Globe posits Natick's affluent surbanites might simply not be ready for luxury spending down the street. Certainly the shopping styles in suburban Los Angeles and suburban Boston differ but it makes me wonder if in six or eight months, Americana at Brand might be facing a similar slowdown. For this week at least the area is swarmed with people checking out the sparkling new shopping center but whether or not that will convert to solid sales will be found after the novelty wears off.