Global shopping mall giant Unibail-Rodamco-Westfield returned to the floor of the retail real estate industry's key conference in Las Vegas after being absent for years, eager to talk about its plans for enhancing its properties.
Paris-based URW had a small booth at ICSC's annual confab at the Las Vegas Convention center. The company hasn't been an official exhibitor on the floor of the trade group's show since Unibail-Rodamco acquired mall owner Westfield in 2018 for roughly $16 billion.
"The time is right," Dominic Lowe, URW's chief operating officer for the United States, told CoStar News regarding having a visible presence at the conference.
URW did a dramatic about-face regarding its U.S. holdings. It announced in 2022 that it planned to divest the properties. But by summer 2023, URW pivoted and said it would hold on to a winnowed-down stable of its best-performing American malls.
The retail landlord sees the opportunity to redevelop some of its flagship malls into mixed-use destinations by adding housing and hotels to excess land at the properties. URW is looking for investors and development partners with multifamily experience for those projects, adding complementary uses to retail centers, according to Lowe. That's why URW was ready for a return to the show floor in Las Vegas and Lowe was himself at its booth.
"We're at a really exciting and pivotal moment for the company," he said. "As we focus on growth, being front and center with both existing partners and potential new ones is vital to making that strategy successful."
URW as well as the largest U.S. mall owner, Simon Property Group, have held their meetings with retailers and developers at hotels — not the convention center — on the Strip for years during the ICSC conference. And this year, URW maintained its ultraluxurious suite at the Nobu Villa at Caesar's Palace to hold some meetings even while being very publicly back on the conference floor at the convention center.
Each location serves a purpose, according to Lowe.
"The Villa lets us stay very close to our tenants and leasing partners, with space for more in‑depth conversations," he said. "Being present in the booth is about connecting with our business and trade partners. Together, they let us cover both sides really well."
In addition to Lowe, URW's leasing team and asset managers were also at the company's booth.
URW was slated to meet with ICSC officials Wednesday to discuss having a booth at the ICSC's December dealmaking conference at the Jacob Javits Center in New York City, according to Lowe.
In an email, the trade group said it was pleased to welcome URW back to the show floor in Las Vegas.
URW is trying to use all available avenues to communicate what its brand is to the retail real estate industry.
"At a high level, we have a truly unique portfolio of irreplaceable assets, and a clear ambition to materially grow each of them over the long term," Lowe said. "We’re also highly mindful of our impact on the environment and the communities we operate in. Consistent with our Better Places 2030 strategy, we focus on growing responsibly while creating long‑term value for people and communities, including our aim to achieve net-zero carbon neutrality."