Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAKEWOOD, CA-The Santa Monica-based Macerich Co. REIT has signed its first Costco ever as the fifth anchor store at the 2.9-million-sf Lakewood Center. The addition of the Costco, which will be a 159,000-sf store, will make the Lakewood Center the single largest enclosed shopping center in the Los Angeles metro area.

The move is a first for Costco in Southern California, where it has never before opened its doors as a part of a super regional shopping center. However, it may be the sign of something more in the retail world, according to Art Coppola, president and CEO of the publicly held Macerich Co.

“This is a time when retail formats are converging, and we are reinventing the concept of the regional shopping center,” Coppola says. “This is an important new hybrid model with great potential to fuel growth for well positioned retail properties.”

The new Costco is tentatively scheduled to open in fall 2008 on the site formerly occupied by Macy’s, which relocated to the former Robinsons-May store following last year’s Federated-May merger.In July 2006, Lakewood Center’s managing parent company, Macerich, acquired the vacant Lakewood department store from Federated Department Stores Inc. in a deal that included 11 redundant Federated locations nationally.

Jeff Brotman, Costco founder and chairman, calls the move to the Lakewood Center “a significant move for Costco.” He notes that the location is one of the top performing centers in the heart of Los Angeles.

The existing anchors that Costco will join at the Lakewood Shopping Center include JCPenney, Macy’s, Mervyn’s, Target and Pacific Theaters. The center also features more than 250 specialty shops and restaurants.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.