What: The American Dream has long been seen as a symbol of the malls’ decay, but even though the beginnings were difficult, the mall is seen as an example of reinvention for the US market.

Why it is important: Pure retail now involves experiences and different categories. It is not anymore only about also mixing a F&B place, but realty consider malls and department stores as third places where people have a reason to come, not only centred on shopping.

The American Dream mall is a project by Canadian conglomerate Triple Five Group to make retail shopping more attractive. The mall spans over three million square feet, and features high-end shops from luxury brands and entertainment options such as a water park, wave pool, indoor ski slope, and a Nickelodeon theme park.

Malls have been reinventing themselves to become "shop, work, live" environments, says CBRE. The mall took almost a decade to complete due to various legal issues and construction delays, and its journey has been bumpy. It lost $60 million in 2021 and missed an interest payment deadline in 2022.

However, occupancy rates are now over 80% and the mall is seen as a "learning lab" for malls to revamp their business models. Hunter believes the connection between entertainment and retail sales can help drive the latter. Malls are not in as dire of a shape as narratives suggest.

The American Dream mall sets its sight beyond traditional retail