Ala Moana Center: even in recession, hugely profitable

When General Growth Properties, the nation's second largest owner of shopping centers, got into financial trouble last year, I suggested that a Hawaii hui try to buy Ala Moana Center. But the truth is, you can't afford it. I don't care how much money you have. U.S. News & World Reports, after studying a variety of public data to determine the nation's most and least profitable malls, put Ala Moana Center on its list of six super-profitable malls with annual sales above $1 billion. A Las Vegas mall may be even more profitable - Forum Shops at Caesars - but Ala Moana Center has been 95% occupied despite adding a new wing with 30 retail spaces. General Growth stopped urgently needing cash when it filed for Chapter 11 bankruptcy last year, and now all it really needs to do is hold on until credit markets improve.

Comments

[Adrian Bagayas]

It's amazing that ANY mall in Vegas is doing well. My son lives there and on his last trip here he couldnt believe how busy our malls were. To him it was like there was no recession in Hawaii. In Vegas he says the local malls are like ghost towns.

[j.k.]

That's a great silverlining amongst all these dark clouds. I'm glad to hear that. I'll probably add to that statistic when I come to 'Oahu next month!