Market Overview

American Dream Mega Mall Opens After Two Decades Of Stops, Starts

American Dream Mega Mall Opens After Two Decades Of Stops, Starts

Who said retail is a dying industry in America? A new 3-million-square-foot mega mall opened Friday in New Jersey after the initial vision was presented 23 years ago.

What Happened

The concept for the mega mall, American Dream, was formed in 1996 and construction began in 2004, Fox Business reporter Jackie DeAngelis said from East Rutherford.

Construction suffered a setback during the great recession in 2008, after which the Triple Five Group assumed control of the project.

While Friday marks the mall's soft opening, the future plans for the property include many attractions, a ski slope, a water park and a skating rink along with hundreds of shops and restaurants in the coming months.

The mall is home to the largest indoor theme park in North America, according to CNN. A Nickelodeon-themed park features more than 35 rides and roller coasters.

Why It's Important

It is unclear if the mega mall will compete against theme park giants like Walt Disney Co (NYSE: DIS). Triple Five Group hopes it can put up a fight by promoting itself more as a "style and entertainment destination," DeAngelis said.

The problem for Triple Five Group: its location in New Jersey, where this no other notable attraction nearby. 

While investors poured $5 billion into the project, its ultimate success or failure rests with the consumer.

A few factors are working against the mall, including the absence of free parking, DeAngelis also said.

Related Links:

Sales Surging But The Retail Apocalypse Continues

Holiday Shopping Season Is Looking Good For This Retail ETF

Photo courtesy of PCL Construction Enterprises.

Posted-In: American Dream Fox Business retailNews Media Real Estate Best of Benzinga


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