Nov 22, 2008 7:01 pm US/Central
MOA Projects Growth Despite Slowing Economy
(WCCO)
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"We're very optimistic that it's still going to be a good holiday season at the Mall of America, mainly because this is a destination location," said Jasper.
CBS
Almost everywhere you turn, the predictions about this year's holiday season are dire, but Minnesota's largest mall says it will be OK. The Mall of America expects to end the year up two to three percent in sales. It's down from its seven percent growth in 2007, but still fares better than many others retail spots.
"It's the Mall of America," said Tim Renken, summing up why sales at the MOA are stronger than other malls.
Mall spokesman Dan Jasper attributes the growth the amusements and the wide variety of unique stores. He said international traffic is still strong due to a relatively weak dollar. He also said many people come from Wisconsin and Iowa because there's no sales tax on clothes in Minnesota.
"We're very optimistic that it's still going to be a good holiday season at the Mall of America, mainly because this is a destination location," said Jasper.
Within the past month, three new stores have opened to long lines. The American Girl store was packed Saturday morning and a line formed to get into the Nike store before it opened.
Traffic was also strong at the new Columbia Sportswear store. It's one of three new Columbia stores across the country. Kerry Barnes, Columbia's vice-president of retail, said his company saw Minnesota as a good market for outdoor clothes and thought the Mall of America had to best fit for their 2009-2010 retail strategy.
"We are a global company and so there's a great amount of tourist business that comes through here as well. We're not just speaking to the locals, we're also speaking globally to all of our consumers across the world," he said.
Two new stores, American Apparel and True Religion Jeans, will open later this year. Plans to open a hotel connected to the Mall are set for the spring.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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