The death of enclosed malls seemed all but inevitable a few years ago. Online retailers were supposed to make brick- and-mortar stores obsolete. The COVID-19 pandemic should have been the final nail in the coffin, as foot traffic drastically reduced.
Thankfully, the opposite has happened. By innovating, Pyramid Management Group has created dynamic destinations that are drawing visitors from a wider area who stay longer and spend more.
“We are proving that well located, merchandised, and managed enclosed shopping, dining, and entertainment centers can thrive. Foot traffic in our properties is so robust, we’ve already reached pre-pandemic levels. In January 2023, sales surged by nearly 20% year over year,” says Stephen J. Congel, CEO of Pyramid Management Group, one of the largest privately held real estate and mall developers in the Northeast.
Pyramid has a 50-year reputation for being first, fast, ahead of the curve, and always focused on what’s next. The key to its success is its ability to adapt quickly as consumer preferences change over time. “We know today’s consumers prefer in- person experiences, but they also demand the convenience of free shipping and returns with wide choices. So, having retailers with an omnichannel approach is critical to the success of any property,” explains Congel, who has been transforming and managing enclosed malls for 25 years.
Pyramid operates 13 highly successful properties that have become the dominant shopping, entertainment, and dining destinations in their markets in a post-COVID world. The developer manages 15.8 million square feet of prime space with 100 million visitors yearly and $4 billion in annual sales at sites like Palisades Center in West Nyack, Crossgates Mall in Albany, and Destiny USA in Syracuse.
Live, Work, Play, Stay...
Congel throws out the blueprints when building or redesigning regional shopping centers. “The old industry norms no longer work,” he explains. “We’ve diversified the business mix. Traditional shopping centers focus almost entirely on consumer shopping.
We, as pioneers in our industry, incorporate big-box tenants, restaurants, fitness, hospitality, residential, and entertainment centers. The results are vibrant, dynamic atmospheres where people can shop, dine, live, work, play, and stay.”
Always innovating, Pyramid maintains its dominance in its industry by partnering with high-uality collaborators and investing heavily in the success of each property and its retailers. Pyramid’s goal is to produce exceptional results for tenants while continually enhancing the guest experience every day.
The company brings a skill set uniquely specialized to mall management, which is more complex and multidimensional compared to office building or hotel management. Its leading-edge operating platform streamlines processes, improves profits, and reduces tenant turnover.
According to Congel, this is an opportune time for investors interested in buying into enclosed shopping centers that are well positioned. “Work-from-home opportunities give families more money to spend on goods as well as more time to shop, enjoy a variety of cuisines with friends and family, or sit back and enjoy a show. This staple of our modern culture is far from a threatened species; it is flourishing.”
Media Contact
Company Name: Pyramid Management Group
Contact Person: Marc Strang
Email: Send Email
Phone: 315-422-7000
Address:The Clinton Exchange, 4 Clinton Square
City: Syracuse
State: NY 13202
Country: United States
Website: https://www.pyramidmg.com/
