Macerich (MAC) for home fashion retailer Zara at Queens Center – March 3, 2023

With growing demand for major shopping malls, Masseric Company (Mac (Free Report) The prestigious Queens Center in New York City has announced that it will welcome the sought-after European fashion retailer – Zara. The move is likely to draw more shoppers to this popular retail destination, which bodes well for Macerich.

Following the announcement, MAC shares gained 1% in regular trading on the NYSE on March 2.

Zara, one of the world’s largest fashion retailers, is expected to open a multi-level space.

At FK Grunert, executive vice president of Liz, Macerich said, “Zara is a great addition to the strong shopping, dining and entertainment experiences Queens Center offers to residents and visitors in our borough.

Maserich has a portfolio of premium properties in the United States with prominence in California, the Pacific Northwest, Arizona and the metro New York to Washington DC corridor. These properties are located in densely populated areas where high-net-worth affluent consumers live and play, giving the company ample space to generate good cash flow.

In Elmhurst, New York, Queens Center – an urban mall – has emerged as one of the best performers in Masseric’s portfolio of high quality properties. It houses a number of top retailers, including Abercrombie Kids, Apple, Adidas, Footlocker, Macy’s, Pandora, Sephora and Victoria’s Secret, and restaurants such as Chick-fil-A, Shake Shack and The Cheesecake Factory.

Consumers’ increased preference for personalized shopping experiences following the pandemic is driving recovery in the retail real estate industry. To meet this growing demand, retailers continue to lease additional physical store space.

As a result, retail REITs, including Maceric, are expected to increase and flourish with leasing activity and pricing power.

In the year Through 2022, the company has signed 974 new and renewal leases for 3.8 million square feet. The portfolio holdings improved from 91.5% year-over-year to 92.6% as of December 31, 2022.

This Zacks Rank #3 (Hold) stock has risen 28.6% over the past six months, outperforming the industry’s 4.8% growth.

Stocks to consider

These are some of the better rated stocks from the retail REIT sector. Federal Realty Investment Trust (FRT free report) and Essential Properties Realty Trust (EPA Free Report), each currently holds a Zacks Rank #2 (Buy). you can see Here’s a full list of today’s Zacks #1 Rank (Strong Buy) stocks.

The Zacks Consensus Estimate for Federal Realty’s next-year FFO was recorded at $6.42 per share.

The Zacks Consensus Estimate for Essential Assets Realty pegged 2023 FFO at $1.63 per share.

Note: Anything presented in this article represents funds from operations (FFO) – a widely used metric to measure the performance of REITs.

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