In This Article:
The Macerich Company MAC announced that it sealed a multi-year sponsorship and member engagement agreement with PenFed Credit Union, America’s second-largest federal credit union, for its Tysons Corner Center Plaza. This arrangement will aid in elevating the brand appeal and reach of the center’s experiential marketing programs and media network, attracting millions of shoppers and PenFed members annually.
Spanning 1.8 million square feet and termed a “Fortress property” by Marerich’s president and CEO, Tysons Corner, is a premier shopping center preferred by major brands and retailers as a first-to-market destination for their products and services. A behemoth with more than 300 shops and specialty restaurants, the center attracts shoppers and visitors from around the world.
As part of its annual programming calendar, the Tysons Corner Center offers free entertainment, food tastings, fitness activities and more, while supporting more than 20 unique, local community partners at its outdoor event and community gathering space, “The Plaza”, which will now become “PenFed Plaza at Tysons Corner Center”.
PenFed’s sponsorship agreement with Tysons Corner will aid in expanding the former’s reach to the local community and its around 400,000 members across the Washington Metropolitan area, which is also known as the DMV area. Its members will be able to avail exclusive rights like VIP seating at Plaza events. PenFed will be able to showcase its brand exclusively across the Tysons Corner Center campus.
Final Thoughts on Macerich
Macerich’s above securing of sponsorship from PenFed for Tysons will augur better connectivity and engagement with the target audience through its media network and marketing programs. Also, this will help PenFed to propagate its products and services to potential members.
MAC enjoys a portfolio of premium shopping centers in the United States. The company’s focus on omni-channel retailing is likely to support its long-term growth. Shift toward re-use and mixed-use properties through recapture and repositioning of anchor tenants remains a key emphasis, while bringing brands to new markets at its mall will likely attract shoppers. However, growing e-commerce adoption by consumers raises concerns for the company.
Shares of this Zacks Rank #4 (Sell) company have lost 1.7% in the past six months, outperforming its industry's decline of 8%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the retail REIT sector are Regency Centers REG and Tanger, Inc. SKT, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.