The Economic Benefit of Malls
Shopping malls contribute greatly to the US economy. They create job employment, business opportunities and act as a source of tax for the state and federal governments. In 2012, shopping malls reported a total of $2.4 trillion in sales. Tax revenue from malls totaled $136.2 billion in the same year, $5 billion more than the tax collected in the previous year. In 2012, shopping malls employed a total of 12,364,583, contributing about 9.2% of the national workforce. A considerable increase in the number of retail stores in shopping malls also increased from 112, 620 in 2011 to 112,874. Millions of people spend their weekends and holidays visiting malls.
1. The Mall Of America
The Mall of America is the largest mall in the US; it was established in 1992. The mall is located in Bloomington, Minnesota. It is owned by Triple Five Group. The Ghermezian Foundation, the owners of the Triple Five Group, began construction of the mall on June 14, 2014. The mall was opened to public on August 11, 1992. It is visited by more than 42m people annually, roughly eight times the population of Minnesota. It permanently employs more than 11,000 people and employs 2,000 more under contract during peak seasons. The mall houses the world’s largest indoor park, Nickelodeon Universe. An aquarium with 100 sharks and more than 4,500 sea creatures is also a major attraction. It has 520 stores which generate more than $1.9 Billion.
2. King of Prussia Mall
The King of Prussia, ranking second among the largest malls in the US, is located in Montgomery, Pennsylvania. Simon property Group owns 97% of the mall. It was officially opened its doors to the public in 1993. It is the largest store in terms of leasable square feet. The mall was designed with two separate building targeting different market segments. In 2016, the buildings were connected to create one big shopping mall. The mall houses 400 stores including luxury retailers. More than 40 restaurants including the famous Maggiano’s Little Italy and the Stake are found in the Mall. It employs more than 7000 people. The mall is a tourist destination with 25% of the visitors being tourists.
3. South Coast Plaza
Southwest Plaza is located in Jefferson, Colorado. The 1,360,000 square feet mall officially opened its door to the public in 1983. The store houses 150 stores and is visited by more than 24 million people annually. The Denver Dry Goods Company was the first company to set up a retail store in the mall. In 2014, the mall initiated a multimillion renovation project. Its magnificent design is the main attraction with millions of tourists seeking photo shoots at the mall.
4. Del Amo Fashion Center
Del Amo Fashion Center also features on this list of the largest malls in the US. The mall is located in Torrance, California. Simon Property Managers who are also the co-owners manage the building. It is has a total of 2.6 million square feet housing 200 stores. The Mall was the largest mall in the US before the construction of the Mall of America. In 1981, two separate malls, open-air Del Amo Shopping Center and Del Amo Fashion Square merged to form the Del Amo Fashion Center. Bloomingdale's, Gucci and Vineyards Vines are some of the notable stores is the mall. It is visited by 20 million annually
5. Aventura Mall
The Aventura Mall is located in Aventura, Florida. It is the largest mall in Florida with a total leasable area of 2,700,000 square feet. It is ranked the third largest mall in the US. The mall was officially opened on April 28, 1983. It is a three story mall with more than 300 stores. Eighteen food stores occupy the food court part of the mall. The mall owned by the Turnberry Associates and the Simon Property Group who are also the mall’s managers. It is visited by 28 million and was ranked the second most visited mall in the US by travel and leisure magazine in 2012.
Largest Malls In The US
|Rank||Mall name||Location||Retail space (Sq. feet)||Year opened|
|1||Mall of America||Bloomington, Minnesota||4,870,000||1992|
|2||King of Prussia Mall||King of Prussia, Pennsylvania||2,900,000||1963|
|3||South Coast Plaza||Costa Mesa, California||2,700,000||1967|
|4||Aventura Mall||Aventura, Florida||2,700,000||1983|
|5||Del Amo Fashion Center||Torrance, California||2,600,000||1961|
|6||Destiny USA||Syracuse, New York||2,450,000||1990|
|7||Ala Moana Center||Honolulu, Hawaii||2,400,000||1959|
|8||The Galleria||Houston, Texas||2,400,000||1970|
|9||Sawgrass Mills||Sunrise, Florida||2,383,906||1990|
|10||Roosevelt Field||Garden City, New York||2,244,581||1956|
|11||Woodfield Mall||Schaumburg, Illinois||2,224,000||1971|
|12||Palisades Center||West Nyack, New York||2,217,322||1998|
|13||Millcreek Mall||Erie, Pennsylvania||2,200,000||1975|
|14||Tysons Corner Center||McLean, Virginia||2,200,000||1968|
|15||Plaza Las Américas||San Juan, Puerto Rico||2,173,000||1968|
|16||South Shore Plaza||Braintree, Massachusetts||2,165,000||1961|
|17||Westfield Garden State Plaza||Paramus, New Jersey||2,132,112||1957|
|18||Lakewood Center||Lakewood, California||2,092,710||1951|
|19||Scottsdale Fashion Square||Scottsdale, Arizona||2,049,169||1961|
|20||Oakbrook Center||Oak Brook, Illinois||2,018,000||1962|