[ PHOTOS IN RER-75 … awaiting updates ]
Baton Rouge’s three largest retail centers are thriving.
It’s no secret that the Mall of Louisiana is one of the best-performing properties in the portfolio of its parent company, General Growth Properties. The 1.5-million-square-foot mall reportedly has an occupancy rate of 97% and boasts tenants like The Apple Store, which is known to far exceed the national average in sales per square foot.
A better-kept secret is precisely how well the mall does. General Manager Tony Stephens says GGP does not divulge proprietary information about its holdings. He does confirm that the mall “far exceeds” the national average occupancy rate of 94%, as well as the $475 average sales per square foot.
“We’re well above national average,” Stephens says. “It certainly performs very, very well within the GGP portfolio as well as nationwide.”
What makes the local mall so successful?
Location, for one thing. Bluebonnet Boulevard has become the retail center of the city-parish, and the surrounding neighborhoods are affluent and middle-class. Visibility from Interstate 10 is another benefit, as is relative proximity to surrounding high-growth areas like Prairieville and Gonzales.
Good tenant mix is another. The mall has five strong anchor tenants and a diverse range of 175 smaller tenants both inside the property and at its newer lifestyle boulevard outdoors. New national retailers and restaurants continue to seek space in the mall, including Red Robin Gourmet Burgers and Nordstrom’s Rack.
Then there’s the local economy. It remains strong in the Capital Region and lower oil prices haven’t at all put a damper on consumer spending here.
“We’re seeing an increase in rental race and a decrease in vacancy,” says Jonathan Walker of Maestri Murrell. “Things have not been this good since before 2008.”
The Mall of Louisiana isn’t the only “Class A” retail space thriving these days. Towne Center also has a 97% occupancy rate. Perkins Rowe, meanwhile, has seen its occupancy rate increase to 84% from 80% last year.
Says Walker: “We’re blessed to being doing business in Baton Rouge.”
