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Sunday, March 9, 2008

Simon Properties - malls at both ends of the earth

Star Tribune Sat, 08 Mar 2008 23:57:22 GMT
A tale of two malls

The Galleria in Edina is adding stores, customers and even a high-rise hotel. Just down the street, Southdale is struggling to fill vacancies. What's the difference? ... Southdale, which put Edina on the map and in crossword puzzle clues as home to the nation's first enclosed shopping mall, has changed hands three times in the past five years. The former Mervyn's store has been a darkened shell since May 2004. The food court is a ghost town, and shopkeepers complain of shabby upkeep. Its 13 percent vacancy is twice the Twin Cities average and second-highest among area malls, according to Colliers Turley Martin Tucker. Galleria, meanwhile, has a 2 percent vacancy rate, and its higher-end tenants, such as Tiffany's jewelry store, appear more resilient to the fears of recession that are gripping the massive middle. Restaurants are humming, and Crave now brings diners and toe-tappers out two nights a week for live music.

[[keywords: Living;Metro;]]

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