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Rouse Properties (NYSE:RSE) Memo
Company(Description(Rouse&Properties,&a&spin/off&from&General&Growth&Properties,&is&a&Real&Estates&Investment&Trust&(REIT),&which&has&33&enclosed&shopping&malls&with&over&21.5&million&square&feet,&located&in&coast&to&coast&in&20&states.&Its&portfolio&consists&of&well/located&assets,&with&80%&being&the&only&enclosed&mall&within&their&markets.&The&revenue&is&mainly&from&leasing&the&area&of&the&shopping&mall&to&anchor&stores,&national&in/line&tenants,&local&retailers,&sit/down&restaurants,&and&movie&theaters.&&&&&Thesis(/(Key(Points(
! Rouse( Properties’( portfolio( has( a( really( strong( performance( after( spinoff( as( the( dominant( malls( in( protected(markets:& the&assets&are&well& located,&with&80%&being& the&only&enclosed&mall&within& their&market&as&“only&game& in&town”&properties.&Leased&rate&increases&to&90.7%&as&of&September&30,&2013&from&89.7%&as&of&September&30,&2012(1%&increase&in&occupancy&rate&represents&3.5&million&increases&in&net&operating&income)&Average&in/place&rents&for&mall&spaces&increase&by&1.4%.&Rouse¬&only&achieve&a&substantial&increase&in&the&overall&leased&rate&of&the&portfolio,&but&also&improved&their&mix&of&permanent&versus&temporary&leased&space.&4%&of&the&temporary&occupancy&converts&to&permanent&occupancy&(1%&of&temporary&to&permanent&conversion&represents&1.5&million&incremental&NOI)&
&! Rouse(successfully(Improve(Tenant(Mix(and(shopping(experience(of(the(Malls(by(matching(it(to(the(community(it(
serves( for( internal( growth:& Rouse&merchandising&mix& of& the&malls& by& adding& “big/box”& tenants& including&Ulta,& TJ&Maxx,& Dick’s& Sporting& Goods,& and& The& Sports& Authority,& entertainment& tenants& such& as& Cinemark& Theatres,& Regal&Entertainment&Group&and&AMC&theatres&and& large&format&tenants&such&as&Costco,&Wal/Mart&and&Kohl’s& in&order&to&become&more&relevant&to&the&community&it&serves&and&increase&the&number&and&frequency&of&customers&visiting&the¢er.& & For&cosmetic& improvement&projects,&Rouse& implemented& improvement& such&as&upgraded& interior/exterior&signage,& soft& seating,& lighting& and& internet& availability& to& increase& the& shopping& experience.& Rouse& have& already&completed,& commenced& reconfiguration& and& cosmetic& improvement& project& on& over& 30%& of& its& portfolio.& & All& the&movement&shows&Rouse&objective&to&match&the&malls&to&the&consumer&shopping&patterns&and&needs&and&desires&of&the&demographics&in&a&particular&market&area.&&
! Rouse(Properties(expands(its(portfolio(by(strategic(acquisition(of(dominant(malls(in(protected(markets(for(external(growth:& & Rouse& has& acquired&more& $& 210&million& of& properties& that&matched& its& dominant& and& protected&market&criteria,&increase&the&portfolio&from&30&malls&to&33&malls&located&in&20&states.&The&assets&Rouse&acquired&have&really&limited&downside&and&significant&growth&opportunities.&For&example,&in&2012,&Rouse&purchased&Grand&Traverse&Mall&in&Traverse&City,&Michigan&for&$62&million.&Serving&22&counties&in&northern&Michigan,&Grand&Traverse&Mall&is&the&only&mall&within&100&miles.&Grand&Traverse&Mall¬&only& serves& the&counties&around,&but&also& serves&5&million& tourists&annually& as& the& largest& shopping& center& in& Northern&Michigan.& By& applying& Rouse’s& platform& and& professional& in&improving&retailer&quality&and&occupancy&rate,&and&sale&per&square&foot.&&For&financial&perspective,&Rouse’s&liquidity,&in&approximately&$300&million,&allows&Rouse&to&acquire&more&shopping&mall&that&matched&its&criteria.&
! Rouse( Property( has( a( nationally( diversified( portfolio(with( good( reputation( and( solid( relationship(with( tenants:&Rouse&has&a&nationally&diversified&mall&portfolio&totaling&over&22&million&square&feet&and&have&33&malls&located&in&20&states.& Rouse& operation& are& national& in& scope& and& have& relationship&with& a&wide& range& of& tenants& include& anchor&stores,&in/line&tenant,&local&retailer,&sit/down&restaurants,&movie&theaters,&national&in/line&tenants&and&local&retailers.&The& relationship& with& the& tenants& are& really& valuable& because& it& is& easier& to& make& agreement& and& can& bring& the&tenants& in& one& shopping& center& to& other& shopping& centers& in& its& portfolio.& For& example,& Rouse& recently& executed&leases&for&18&Nestle&Toll&House&cafes&to&anchor¢er&courts,&which&shows&its&scope&to&increase&its&occupancy&level.&Furthermore,&anchor&tenants&usually&sign&15/&to&20/year&leases,&which&provide&a&strong&base&for&tenant&retention.&&&
Misperception&! All&the&shopping&malls&in&Rouse&Properties’&portfolio&are&class&B&malls,&which&are&inferior&to&class&A&malls&and&will&fail&
in&the&future&because&they&are&bad&malls.&&The&difference&of&Class&A&mall&and&class&B&mall&is&their&annual&sales&per&square&foot.&Class&A&malls&have&annual&sales&of&$500& to&$750&per&square& foot,&while&class&B&malls&have&annual& sales&of&$250& to&$500&per&square& foot.&However,& it&doesn’t&mean&that&class&B&malls&are&bad&mall.&Class&A&malls&and&class&B&mall&targets&different&quantity&of&customers&and&different&income&level&of&the&customer&groups.&Class&A&mall& is&usually&the&largest&mall& in&the¢er&of&the&city,&serves&larger&quantity&of&customers&and&tend&toward&luxury&goods&for&upper/class&customer.&Class&B&malls&is&normally&large®ional&mall&and&serves&middle&or&upper&middle/income&demographic.& &The&class&B&malls&in&Rouse&Properties&portfolio&are&largest&mall& in&their&town,&but&the&town&may¬&be&the&biggest&town&in&the&world.&Stable&community&and&the¢er&position&in&the&communities&with&little&players&make&the&mall&dominated&in&the&area.&Besides,&tenants&
Name:(Mark(Sun( Phone(#:(434J466J2033( College/School:(CLAS( Year:(2016(
Rouse Properties (NYSE:RSE) Memo are& increasingly& focus& on& entering& class& B& malls& as& increasing& occupancy& cost& of& Class& A& malls& and& lack& of& new&construction,& because& class& B& malls& have& more& affordable& minimum& rent& and& may& generate& even& more& profit&margins.&So&the&class&B&malls&still&have&their&positions&in&the&market.&
! Rouse&Properties&is&the&spinoff&from&other&company,&which&implies&they&are&bad&malls&that&parent&company&tried&to&get&out&off.&&Rouse&Properties&is&the&spinoff&from&General&Growth&Properties,&second&largest&shopping&mall&owner&in&US.&Prior&to&the&spin/off,&Rouse&Properties’&assets&represented&only&7%&of&General&Growth’s&net&operating&income&and&suffered&from&a&lack&of&capital&investment,&focus&and&attention.&&The&spinoff&is&a&way&for&general&growth&to&focus&its&resources&on& it& best& performing& class& A&malls& and& Rouse& Properties&will& concentrate& on& operating& the& 30& class& B&malls& and&making&new&acquisitions.&This&movement&will&bring&focus&and&resource&to&these&30&Class&B&malls&in&Rouse&Properties&Portfolio,&which&shows&on&their&increase&of&occupation&rate&and&permeate&leased&rate.&&The&malls&in&Rouse&properties’&portfolio&are&in&a&really&similar&position&and&size&in&the&market.&It&will&make&Rouse&Properties&specialized&in&organizing&Class& B&malls& and& further& improve& the& internal& growth& of& the& portfolio.& The& 3& acquisitions& after& the& spinoff& show&Rouse&Properties&movement&of&looking&for&external&growth.&&&&&&
&VAR(
! 1.Personal&contact&Joseph(Gyourko(Chairperson,&Real&Estate&Department,&the&Wharton&School&of&the&University&of&Pennsylvania&and&Director,&Samuel&Zell&and&Robert&Lurie&Real&Estate&Center&[email protected]&&&
Class(B(malls(definitely(are(more(risky,&as&we&are&beginning&to&see&some&of&them&fail.&&And,&there&is&no&obvious&alternative&use&for&failed&malls,&so&their&values&can&fall&very&low&if&they&fail.&&That&said,(there(clearly(will(be(markets(and(cases(in(which(you(do(not(need(a(Class(A(mall(to(be(successful.&
&Professor(Katkish(Executive&in&Residence,&Professor&of&Finance&and&real&estate&in&Kogod&School&of&Business,&American&University&and&the&Founder&and&President&of&the&asset&management&firm&First&Management&Group&Inc.&(202)/966/7668&&&
Rouse(Properties(have(a(really(good(reputation(in(the(REIT(market.&The&Mall&in&Columbia,&MD&is&a&big&thing&when&they&were&built.&The&most&important&factor&for&the&success&of&a&mall&is&right&response&to&the&market.&When&I&was&in&the&equity&fund,&I&don’t&really&look&at&whether&they&are&class&A&or&Class&B&malls,&what&I&was&looking&for&is&whether&the&malls&correctly&response&to&the&market&demands.(Rouse(know(how(to(hire(the(right(people&and&couple&of&my&friends&are&working&in&Rouse&Properties.&The&parking&is&another&crucial&parts&of&the&success&of&a&shopping&mall,&especially&during&holiday,&if&customers&cannot&find&parking&space,&90%&of&them&will&choose&to&leave.&But(Rouse(has(been(in(this(market(for(a(really(long(time,(they(have(enough(knowledge(to(handle(it.(Their(malls(are(classic(and(build(in(a(really(good(location.(Online&retailer&definitely&is&a&big&competitor&of&the&shopping&malls,&because&the&shopping&malls&are&expensive&to&build,&but&online&retailers&like&amazon&don’t&need&to&invest&in&that.&The&sales&are&also&highly&depending&on&the&market&situation.&In&the&recession,&some&of&the&REIT&even&gives&free&rent&to&the&anchors&and&major&in/line&shop,&because&they&cannot&lose&this&major&traffic.&This(year(is(a(good(year(for(Rouse(Properties(and(they(starts(to(recover(from(the(recession.(From(my(projection,(retail(shopping(malls(will(still(have(its(important(position(in(the(following(10J20(years(and(I(am(really(positive(about(the(performance(of(Rouse(Properties(based(on(its(historical(performance.&
Sam(Wald(Portfolio&manager&with&Fidelity&Investments.&&&
Investing(in(class(B(mall(operators(is(a(wise(choice:&I&feel&class&B&mall&operators&are&very&inexpensive&right&now&relative&to&the&other&retail&retailers&and&to&the&broader&REIT&universe;&The(markets(are(currently(underestimating(the(future(growth(of(class(B(mall(operators.(&
Teri(Schaller(General&manager&of&Colony&Square&Mall,&OH&&&Interview&in&the&Mall&
“Colony&Square&Mall&is&the&only&enclosed®ional&shopping&mall&in&30/miles&radius&and&we&have&been&serving&the&local&people&for&30&years.&We&have&a&Cinemark&cinema&and&place&for&kids&to&play.&This&mall&becomes&a&great&place&for&local&people.&This(year(Dunham’s(Sports(move(into(the(65,000(square(foot(space(formerly(occupied(by(Sears.(This(change(provides(a(wider(product(selection(for(the(customers(and(enhance(the(shopping(experience(of(the(customers((“(&
&&&
Rouse Properties (NYSE:RSE) Memo &&
! Case&study&(see&the&appendix)&&! DCF&(see&the&appendix)&
&&&&&&&&&&How(It(Plays(Out(
! Rouse&continue& increase&of&the&occupancy&and& leased&rate&and&more&temporary&occupancy&converts&to&permanent&occupancy,&which&brings&to&further&growth&of&revenue,&net&operating&income&and&fund&from&operation.&&
! Rouse&uses& its&300&million& liquidity& to&make&more&acquisitions&of& the&shopping&mall& that& is& the&dominant&shopping&mall&in&protected&market.&&&
! Lower&rate&of&unemployment&and&increase&of&the&income&level&of&middle&class&and&upper&class&will&increase&the&sales&of&the&goods&in&the&shopping&mall.&
! Consumers&enjoy&the&shopping&experience&in&Rouse’s&shopping&malls,&so&they&go&to&the&mall&more&frequency&and&stay&there&for&a&longer&duration,&which&bring&more&sales&to&the&mall.&&
&Risks(/(What(Signs(Would(Indicate(We(Are(Wrong?(
! The&company’s&ability&to&maintain&its&status&as&a&REIT:&If&the&company&loses&its&status&as&a&REIT,&it&will¬&have&the&tax&reduction,&which&will&influence&the&net&income&of&this&company.&But&from&my&research,&the&company&will&hold&their&REIT&status&unless&something&extreme&happened,&such&as&environmental&problems,&terrorist&attack.&&
! The& competition& from&online& retailers& such& like&amazon:& It& is& undeniable& that&online& retailers& take&a& lot&of&market&share& from& the& retail& shopping&mall,& because& they& can&avoid& sale& tax& and& the& cost&of&building&expensive& shopping&mall.&It&will&still&big&a&risk&for&Rouse&Properties&in&the&future.&However,&the&retail&shopping&malls&of&Rouse&will&still&have&its&position& in& the&market,&because& from&my&survey& in&Colony&Square&Mall,&buying&goods& in& shopping&mall& is&more&reliable&and&people&also&go&to&shopping&malls&for&entertainment&purposes,&to&meet&friends&and&eat.&&
! Close& of& the& anchors:& Once& one& or& more& anchors& close,& it& sets& off& a& chain& reaction& of& reduced& shopping& traffic,&increased& financial&pressure&on&smaller& in/line&stores&and&decreased&revenue& for&maintenance&and&operations& that&can&quickly&send&a&mall& in&to&death.& &Rouse&did&a&really&good&job&in&finding&new&anchors&to&fill&the&gap&from&closing&anchors.&For&example,&Sears&vacated&two&boxes&upon&lease&expiration& in&early&2013:&with&60&days,&Rouse&re/leased&both& boxes& to& higher,&more&market& relevant& retailers.& I& went& to& Colony& Square&Mall,& Zanesville,& OH& to& check& the&condition&of&the&new&re/leased&anchor.&The&released&the&Sears’s&box&to&Dunham’s&sporting&goods& in&Colony&Square&Mall,&which& is& the&only& full/line& sporting& goods& retailer& in& the& trade& area,& capitalizing&on&outdoor& and& recreational&focus&of&market.&The&transaction&was&executed&at&multiples&of&prior&rent&and&has&generated&strong&returns&on&capital&deployed.&&This&action&shows&management&team’s&fast&reaction&to&the&problems&of&this&company.&&
! Financing&debt:&As&a&REIT,&Rouse&holds&a&lot&of&debt,&which&may&bring&the&company&to&bankrupt&if&the&company&can¬& pay& for& their& debt.& The& total& debt& of& Rouse& is& 1170&million,& with& 20.6& million& for& the& year& ending& 2013& and&approximately& $192.2&million& for& the& year& ending& 2014.& I& feel& confident& that& Rouse&will& not& have& any& problem& to&finance& their& debt.& The& company& currently& has& sufficient& liquidity& to& satisfy& all& of& our& commitment& in& the& form&of&$603.5&million&of&consolidated&unrestricted&cash and $945.0 million of available credit under our credit facility as of September 30, 2013, as well as anticipated cash provided by operations. Besides,&Rouse&has&done&really&good&to&close&their& debt.& Rouse& has& closed& $451& million& of& new& mortgage& since& formation& and& generated& net& proceeds& of&approximately&$78&million.&This&enabled&Rouse& to& reduce& its&outstanding& recourse&debt&by&over&33%,& increase&our&weighted&average&maturity&date&to&3.7&years&from&2.9&years&and&reduce&our&weighted&average&interest&rate&to&5.19%&from&5.55%�
&Signposts(/(FollowJUp(
! Growth:& Occupation& rate,& lease& rate,& revenue,&net&operating&income&&&
! Finances:&debt&level,&free&cash&flow,&liquidity,&&&! Acquisition:& Assess& the& new& acquisitions& to&
check&whether&they&have& limited&downside&and&significant&growth&opportunities.&&&&
! Demography:& the& unemployment& rate& and&income&level&of&the&mid/class&and&upper/class&&&
&
Important(Company(Financial(Data(Price&(30/11/13):&&$24.39&&&&&&&&&&&&&&&&&52&week&range:&$14.86/24.77&&Market&Capitalization:&1.2B&&&&&&&&&&&&&P/E:&N/A&2012&Revenue:&233.9M&&&&&&&&&&&&&&&&&&&&EPS:&/0.8&
&&&&
Rouse Properties (NYSE:RSE) Memo &VAR:&case&study:&Colony&Square&Mall& Colony&Square&Mall&(3575&Maple&Avenue&Zanesville&OH&43701)&I&went&to&the&Colony&Square&Mall&on&Sunday&Dec&1.&I&did&an&in/store&survey&and&interviewed&the&lease&manager&of&the&store.&Colony&Square&is&the&only&enclosed&shopping&Mall&in&30&miles&radius&and&severs&240,000&people&in&seven&county&areas&and&is&the&retail&core&for&southeastern&Ohio.&&&
Parking:&&Plenty&of&space&for&parking,&which&also&conforms&the&statement&of&Professor&Katkish:&The&parking&is&another&crucial&parts&of&the&success&of&a&shopping&mall,&especially&during&holiday,&if&customers&cannot&find&parking&space,&90%&of&them&will&choose&to&leave.&But&Rouse&has&been&in&this&market&for&a&really&long&time,&they&have&enough&knowledge&to&handle&it.&&&&
Anchors:&JCpenny,&Dunham’s&Sports,&and&Elder/Beerman.&&From&the&results&of&my&in/store,&Anchor&store&is&one&of&the&main&reason&people&go&to&Colony&Square&Mall&which&bring&more&traffic&and&have&the&chain&effects&to&other&tenants&in&the&shop.&Dunham’s&Sports&adds&more&diversified&good&selection&to&the&mall,&which&will&drive&more&customer&to&come.&&&
Rouse Properties (NYSE:RSE) Memo In/line&tenant:&American&Eagle&Outfitters,&Victoria's&Secret,&Foot&Locker,&f.y.e&
Food&court&will&extend&customers&duration&of&shopping&in&the&mal&
• Entertainment:&Cinemark,&Perry's&Glo&Putt.&Entertainment&will&
definitely&increase&the&number&and&frequency&of&customers&visiting&
the¢er.&&
Free&WIFI&covers&every&corner&of&the&mall,&which&will&extend&customers&duration&of&shopping&in&the&mall.&&
Rouse Properties (NYSE:RSE) Memo Economic&Growth&With&the&discovery&of&vast&oil&and&gas&reserves&in&the&area’s&Utica&shale,&Colony&Square&Mall&is&positioned&to&reap&the&benefits&of&a&major&uptick&to&the&local&economy.&The&increase&of&the&income&level&of&the&residence&there,&will&definitely&boost&the&sale&in&the&shopping&Mall&
DCF
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NewcomerstownNewcomerstownNewcomerstownNewcomerstownNewcomerstownNewcomerstownNewcomerstownNewcomerstownNewcomerstownCoshoctonCoshoctonCoshoctonCoshoctonCoshoctonCoshoctonCoshoctonCoshoctonCoshocton
New ConcordNew ConcordNew ConcordNew ConcordNew ConcordNew ConcordNew ConcordNew ConcordNew ConcordNorth ZanesvilleNorth ZanesvilleNorth ZanesvilleNorth ZanesvilleNorth ZanesvilleNorth ZanesvilleNorth ZanesvilleNorth ZanesvilleNorth Zanesville
LoganLoganLoganLoganLoganLoganLoganLoganLogan
UticaUticaUticaUticaUticaUticaUticaUticaUtica
Mount VernonMount VernonMount VernonMount VernonMount VernonMount VernonMount VernonMount VernonMount Vernon
McConnelsvilleMcConnelsvilleMcConnelsvilleMcConnelsvilleMcConnelsvilleMcConnelsvilleMcConnelsvilleMcConnelsvilleMcConnelsville
PhiloPhiloPhiloPhiloPhiloPhiloPhiloPhiloPhilo
CrooksvilleCrooksvilleCrooksvilleCrooksvilleCrooksvilleCrooksvilleCrooksvilleCrooksvilleCrooksville
ShawneeShawneeShawneeShawneeShawneeShawneeShawneeShawneeShawnee
LancasterLancasterLancasterLancasterLancasterLancasterLancasterLancasterLancaster
Harbor HillsHarbor HillsHarbor HillsHarbor HillsHarbor HillsHarbor HillsHarbor HillsHarbor HillsHarbor Hills
PataskalaPataskalaPataskalaPataskalaPataskalaPataskalaPataskalaPataskalaPataskala HeathHeathHeathHeathHeathHeathHeathHeathHeath
DresdenDresdenDresdenDresdenDresdenDresdenDresdenDresdenDresden
CambridgeCambridgeCambridgeCambridgeCambridgeCambridgeCambridgeCambridgeCambridge
ZanesvilleZanesvilleZanesvilleZanesvilleZanesvilleZanesvilleZanesvilleZanesvilleZanesville
NewarkNewarkNewarkNewarkNewarkNewarkNewarkNewarkNewark
NEW TOWNE MALLNEW TOWNE MALLNEW TOWNE MALLNEW TOWNE MALLNEW TOWNE MALLNEW TOWNE MALLNEW TOWNE MALLNEW TOWNE MALLNEW TOWNE MALL
INDIAN MOUND MALLINDIAN MOUND MALLINDIAN MOUND MALLINDIAN MOUND MALLINDIAN MOUND MALLINDIAN MOUND MALLINDIAN MOUND MALLINDIAN MOUND MALLINDIAN MOUND MALL
RIVER VALLEY MALLRIVER VALLEY MALLRIVER VALLEY MALLRIVER VALLEY MALLRIVER VALLEY MALLRIVER VALLEY MALLRIVER VALLEY MALLRIVER VALLEY MALLRIVER VALLEY MALL
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4040
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77
145
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16
158
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345
13
145
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164
37
149
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16
206
541
60
158
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621
39
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145
26
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209
258
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13
146
16
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586
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668
Average Household IncomeColony Square Mall
Zanesville, OH
Data Source: The Nielsen Company March, 2013Data Source: The Nielsen Company March, 2013Data Source: The Nielsen Company March, 2013Data Source: The Nielsen Company March, 2013Data Source: The Nielsen Company March, 2013Data Source: The Nielsen Company March, 2013Data Source: The Nielsen Company March, 2013Data Source: The Nielsen Company March, 2013Data Source: The Nielsen Company March, 2013
2013 Average HH Income
Below $40,000$40,000 to $50,000$50,000 to $60,000$60,000 to $70,000$70,000 and Above
lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllColony Square Mall
Major Shopping Center
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Lifestyle Shopping Center
((((((((((((((((((((((((((((((((((((((((((((((((( Outlet Shopping Center
Trade Area Boundary
5 MILES
0 4 8
miles
Rouse Properties (NYSE:RSE) Memo
Rouse Properties (NYSE:RSE) Memo Colony Square Mall Marketing Research Survey
1. How far do you live from this mall?
A. Within 5 miles
B. Within 30 miles
C. Within 50 miles
D. More than 50 miles away
2. Who are you with?
A. Just myself
B. My friends
C. My boyfriend/girlfriend
D. My family
Other (please specify) 3. How often do you shop at Colony Square Mall?
A. This is my first time.
B. More than one time per month
C. One time per month
D. Once per quarter
Other (please specify) 4. Why do you choose to go to Colony Square Mall? (Multiple answers)
A. It is closer to my home and it is really convenient to go
B. I can find good deals here
C. It has the stores I want to go
D. It is a good place to hang out E. Cinema or food court
5. Which stores or places are you planning to go to?
A. Anchors (Dunham’s Sports, JCpenney, Elder-Beerman)
B. In-line tenants
C. Kiosks
D. Cinema
E. Food court Please specify the in-line tenants you want to go &&& &
I did 25 surveys in the Colony Square Mall The result from the survey shows that the mall is mainly serves the people live within the 30 miles (15 people within 5miles, 8 people within 30 miles, 2 people are visitors living more than 50 miles away.
The mall is a great family place, 18 people came with Their family and 7 people are friends.
Most of the people come here pretty often: more than 50% of people come here around one time per month.
People come here mainly because the mall has the stores they want to go and it is a good place to hang out.
Anchors is the main traffic driver: 19 people come to the mall for the goods in the Anchors
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