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On The Bright Side

Art Coppola, CEO of The Macerich Co., has expressed a desire to recapture the Mervyn's space in his company's portfolio, saying he sees upside potential in re-tenanting, redeveloping or expanding those boxes. Macerich has 9 percent of its square footage leased to Mervyn's or Marshall Field's, the highest of any mall REIT. Simon and General Growth have a similar number of stores, but because of their larger size they are even less exposed to the two chains.

Mall REIT Exposure To Marshall Field's, Mervyn's

REIT Stores Square Feet Footage % Of Total Square
Macerich* 30 2,877,153 9.40%
General Growth 37 3,909,000 3.40%
Taubman 3 647,000 3.30%
CBL 5 744,390 3.20%
*Includes Target, Marshall Field's and Mervyn's
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