Tuesday, May 5, 2020

Mall Owner That Spent Big to Modernize Faces Bill as Stores Sit Closed

The Wall Street Journal
A mall owner’s struggles to pay down debt show that investments to contend with online shopping risk leaving the industry more vulnerable during the pandemic recovery.

Pyramid Management Cos. of Syracuse, N.Y., which owns and operates 14 properties in New York and Massachusetts, said it has invested hundreds of millions of dollars in recent years to make its retail centers about more than shopping.

The privately held firm installed an 85-foot-tall indoor rope course in one mall and a 70-foot one in another. At some malls it added minigolf, popular themed restaurants like Margaritaville and comedy-and-dining club Levity Live. It also developed hotels near its malls in an effort to appeal to consumers beyond its local base. . . . more