While catching up on the day’s news, I came across this. It’s looking like Mills’ and those invested in the company are liking Simon’s bid for their portfolio, and are going to bite unless Brookfield Asset Management has something better to offer.

Sorry. Should’ve used Brookfield Asset Management first and then initials. My mistake.

The three story Macy’s did not re open right away because according to articles in local papers, officials with the legendary dept store said that they needed to re evaluate the New Orleans market, as well as the acquisitions of the 4 Foley’s stores in south louisiana, including 2 just 55 miles away in Baton Rouge. So they pushed back the reopening from the fall of 2006 to fall of 2007. Officials stated that there was wind and some water damage to this store and that a complete remodeling/renovation will be needed. Which it probably needed anyway, because this is the first Macy’s opened in Louisiana and has very little renovation since the mall and the store opened in 1984. The Macy’s label is still on the builiding, but there is no merchadise in the store, only empty shelves and racks. But the other Macy’s in downtown in New Orleans, in the former Simon owned property called New Orleans Centre mall will not reopen. The New Orleans Centre, next to the Superdome, was dying before the storm, which finally killed it. I believe Simon will solidify the return of the Macy’s to Kenner. As well as fill the other empty space left by the closed Mervyn’s, which was still opened the night the storm hit, but was on the list of closures for the dept store before the storm. The other 5 Mervyns in louisiana, 2 of those also in the NO area, all closed after the beginning of 2006. Simon would be better at getting another midline department store such as Kohls or JCPenney to this space, or a Target, which has already been rumored to take up the empty space.

I was there a few weeks ago and this mall appears to need a boost. It has lost just a few in line retailers, the biggest being Banana Republic. It definitely needs Macy’s back, as well as the other anchor spot filled. This mall is just a few miles from many upscale neighborhoods, and this part of metro New Orleans is almost completely repopulated since the storm hit. Simon has the experience in managing this kind of mall and will know exactly how to bring it back to its grander days. It is still a nice property in a good part of town, it just needs a little shot in the arm to see it prosper again.