Ala Moana Center a 'gold mine'

by Randi Petrello
BizJournals.com

Its owner may be bankrupt, but Ala Moana Center is one of America’s most profitable malls.

A new report from U.S. News & World Report magazine used data from Green Street Advisors to identify malls where the retail business remains healthy despite the recession.

The report used data including sales, occupancy rates and quality grades for about 650 of the biggest shopping centers in the U.S.

Ala Moana has an estimated occupancy rate of 95 percent, with $1,125 in sales per square foot. The center has annual sales of more than $1 billion, according to the report, which concluded: “This upscale shopping mecca near Waikiki is a gold mine.”

It was noted that while other malls are having a hard time staying full, Ala Moana added a new wing with 30 more retailers.

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