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Real Estate News Releases
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(EstateNewsWire.com, January 12, 2013 ) Sydney, Australia -- An $80-million revitalization project has been started on the Westerfield South Shore mall. The move keeps pace with the construction of the new Macy's store on the same property, as well as the competitors that are looking to make improvements of their own.
The Bay Shore Mall is owned by the Sydney, Australia-based Westerfield Group, which has start on the face-lift following the Macy's demolition last July, according to the mall’s marketing director Vanessa Mitton.
By August, shoppers will be able to enjoy a upgraded food court, tiled floors, and new lighting. There will also be a new family lounge, and indoor play area.
"With all the changes we're making here, national retailers are starting to realize that this is a great place for them to be," Mitton said. "We will be more on par with the area competition."
The total cost of the renovation will be $80 million, excluding the word that must be done to the 200,000-square-foot Macy's and the section that will connect it to the mall. The revamped mall will bring changes to both its interior designs as well as its general color scheme. According to Mitton, cleaner lines and a more natural pallet will be utilized.
Macy's plans to add amenities that include the expanded shoe section and an open-air beauty department. Other clients in the mall have decided to follow suit and upgrade their own stores, according to Mitton.
The renovation is said to be critical for the mall in order to expand and maintain particular sections, as well as its ability to bring in high-caliber tenants to the area, says an expert.
The Roosevelt Field mall in Garden City, which is owned by Simon Property group, has planned a $200-million renovation of its property. Another Simon property, Walt Whitman Shops in Huntington Station, is in the process of a 70,000-square-foot expansion.
"To some extent you have to keep up with the Joneses or you run the risk of falling down a steep and slippery slope you can't really claw your way back from," said Ryan Severino, a senior economist with Reis Inc., a Manhattan real-estate research firm.
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Source: EmailWire.Com 
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