Ghermezian would also like to lure upscale retailers andrestaurants like Tiffany's, PF Chang's and the Cheesecake Factory,all of which recently opened stores in the Twin Cities. Ghermezianfamily's other megamall, in West Edmonton, Alberta, has less than1% vacancy rate while the Mall of America "conservatively" hasabout 10% of its leasable space vacant.
Simon, the nation's largest shopping center company, listed theMall of America's occupancy rate at 92.7% in its annual reportfiled in March. That 7.3% vacancy rate is up from 3% vacancy theprior year.
The 32-year-old Ghermezian says his family intends to take a"hands-on approach" to managing the mall. Simon Property Group isappealing previous legal decisions to the 8th US Circuit Court ofAppeals.
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