Rouse Properties Announces Further Strong Progress in California
Company Release – 1/07/2016
– Enhances Operating Metrics and Social Customer Experience at Mt. Shasta Mall –
– Strengthens Tenant Lineup with Diverse Collection of National and Regional Retailers –
NEW YORK–(BUSINESS WIRE)– Rouse Properties, Inc. (NYSE:RSE) (“Rouse”) today announced it has significantly improved key operating metrics at Mt. Shasta Mall located in Redding, California, one of the Company’s eight malls in the state, through execution of its leasing strategy with prominent national and regional retailers, as well cosmetic enhancements to the interior and exterior of the mall.
In less than one year since acquiring Mt. Shasta Mall in early 2015, Rouse has leased over 60,000 square feet, increasing leasing levels from 90 to 95 percent. These changes include the addition of Ulta Cosmetics, the nation’s largest beauty retailer, which is opening a 9,000 square foot flagship store that will open this summer.
“We are excited by the progress and success we are achieving across our entire California portfolio, which is creating considerable value for our investors as we continue to transform these assets,” said Brian Harper, Chief Operating Officer of Rouse Properties. “Further enhancing the quality of our assets and improving the customer experience is something in which we take great pride, working in conjunction with the entire Redding community, and our efforts are already having a significant impact, with inline sales increasing by over $25 per square foot since our acquisition. The addition of Ulta is a perfect example of the quality retailers we are adding. It was clear this market desired a leading beauty retailer like Ulta and we are pleased to satisfy this demand.”
Additionally, Rouse Properties is undertaking a number of exciting changes to be made to Mt. Shasta Mall’s center court, which are expected to be completed by mid-summer 2016. In addition, Victoria’s Secret will undergo a full remodel and expansion to feature the retailer’s latest design prototype, and Bath & Body Works will relocate to a larger space in order to incorporate their new concept, the White Barn Collection.
Mt. Shasta Mall is the only enclosed mall within a 70-mile radius and is the dominant shopping destination in northeastern California. The 521,000 square foot center is anchored by Macy’s, JCPenney and Sears, and features over 60 specialty stores and restaurants, such as The Buckle, Footlocker, American Eagle, Zumiez, Journey’s, The Children’s Place, Old Navy and Johnson Shoes, which opened a newly remodeled store the first weekend of January. The mall was built in 1975 and was expanded in 2001 to accommodate the only Macy’s within 150 miles and strong demand for additional small shop GLA.