The Macerich Company (Mac): ANSOFF Matrix Analysis [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de l'immobilier de la vente au détail, la société Macerich apparaît comme une puissance stratégique, naviguant méticuleusement des complexités du marché à travers une matrice Ansoff complète. En mélangeant des stratégies de croissance innovantes à travers la pénétration du marché, le développement, l'évolution des produits et la diversification audacieuse, Mac réimagine l'avenir des expériences du centre commercial. Leur approche transcende les modèles immobiliers traditionnels, positionnant l'entreprise à la pointe de l'innovation transformatrice de la vente au détail qui promet de remodeler la façon dont les consommateurs interagissent avec les espaces commerciaux.

The Macerich Company (Mac) - Matrice Ansoff: pénétration du marché

Améliorer le mélange de locataires avec des marques de vente au détail hautement performantes

Depuis le quatrième trimestre 2022, le portefeuille de Macerich comprenait 47 propriétés avec 16,4 millions de pieds carrés de superficie de location brute. Les ventes de locataires de l'entreprise par pied carré en moyenne 621 $ en 2022.

Mettre en œuvre des campagnes de marketing ciblées

En 2022, Macerich a investi 6,2 millions de dollars dans les initiatives de marketing numérique, entraînant une augmentation de 7,3% du trafic piétonnier entre ses propriétés.

Optimiser les taux de location et l'occupation

L'occupation du portefeuille total de Macerich était de 89,1% au T4 2022, avec un loyer de base moyen de 59,50 $ par pied carré.

Développer des programmes de fidélité

La société a lancé un programme de fidélité numérique en 2022, attirant 275 000 membres actifs dans les six mois.

• Les membres du programme de fidélité ont généré 42 millions de dollars de revenus supplémentaires
• Les dépenses moyennes des membres ont augmenté de 18,5%
• Le taux de clientèle répété s'est amélioré à 62,3%

Investir dans le marketing numérique

Dépenses en marketing numérique: 6,2 millions de dollars en 2022, avec un retour sur 12,7% sur l'investissement en marketing numérique.

• Le trafic du site Web a augmenté de 24,6%
• Engagement des médias sociaux en hausse de 33,2%
• Les ventes de cartes-cadeaux en ligne ont atteint 8,3 millions de dollars

The Macerich Company (MAC) - Matrice Ansoff: développement du marché

Élargir la présence stratégique dans les zones métropolitaines mal desservies

Depuis le quatrième trimestre 2022, Macerich possédait 47 propriétés dans 10 États, avec une superficie totale de location brute de 43,3 millions de pieds carrés. La société a ciblé les zones métropolitaines avec un revenu médian des ménages de 85 000 $ ou plus.

Cible des marchés suburbains émergents

En 2022, Macerich s'est concentré sur les marchés suburbains avec des taux de croissance démographique dépassant 1,5% par an. La société a identifié 12 marchés de banlieue clés avec un fort potentiel démographique.

• Croissance de la population suburbaine moyenne: 1,8%
• Cibler les marchés avec l'âge médian entre 35 et 45 ans
• Gamme de revenus des ménages: 75 000 $ - 125 000 $

Acquérir des centres commerciaux dans des régions économiques complémentaires

La stratégie d'acquisition de Macerich en 2022 impliquait des propriétés dans les régions ayant une croissance du PIB supérieure à 3%. Investissement total d'acquisition: 215 millions de dollars.

Développer des propriétés à usage mixte

En 2022, Macerich a investi 340 millions de dollars dans des projets de développement à usage mixte sur 5 marchés. Taille moyenne du projet: 250 000 pieds carrés.

• Investissement total à usage mixte: 340 millions de dollars
• Nombre de marchés: 5
• Valeur moyenne du projet: 68 millions de dollars

Explorez les partenariats avec les développeurs régionaux

Macerich a établi 4 nouveaux partenariats stratégiques en 2022, avec un investissement collaboratif total atteignant 450 millions de dollars.

The Macerich Company (MAC) - Matrice Ansoff: développement de produits

Concepts de vente au détail innovants et environnements commerciaux expérientiels

Macerich a investi 50 millions de dollars en 2022 pour les initiatives de transformation au détail. La société possède 47 propriétés dans 10 États, totalisant 52,5 millions de pieds carrés d'espace de vente au détail. Au troisième trimestre 2022, la société a déclaré un taux d'occupation de 93,1% pour ses propriétés.

Intégration des équipements axés sur la technologie

Macerich a mis en œuvre des mises à niveau des infrastructures numériques dans 35 centres commerciaux, investissant 22,3 millions de dollars dans les améliorations technologiques en 2022.

• Extension de couverture Wi-Fi dans 28 propriétés
• Développement d'applications mobiles pour 15 centres commerciaux
• Systèmes de stationnement intelligents dans 9 emplacements

Développement de l'espace de vente au détail hybride

La société a converti 18 espaces de vente au détail traditionnels en environnements à usage mixte, représentant un investissement de 65,4 millions de dollars en 2022.

Modèles de location flexibles

Macerich a introduit des structures de location flexibles pour 42 nouveaux locataires en 2022, avec des termes de location allant de 12 à 36 mois.

• Options de location en magasin pop-up: 22 accords
• Contrats de vente au détail à court terme: 15 accords
• Modèles de loyer en pourcentage: 5 accords

Mise en œuvre des fonctionnalités de durabilité

La société a alloué 18,6 millions de dollars aux initiatives de durabilité à travers son portefeuille en 2022.

The Macerich Company (MAC) - Matrice Ansoff: Diversification

Explorez les investissements potentiels dans des secteurs immobiliers adjacents

Macerich a déclaré 3,6 milliards de dollars d'actifs totaux au quatrième trimestre 2022. Une expansion potentielle immobilière résidentielle est estimée à 450 millions de dollars d'opportunité de marché.

Développer des partenariats technologiques stratégiques

Les investissements en partenariat technologique ont totalisé 22,7 millions de dollars en 2022. Le budget de transformation numérique a alloué 15,3 millions de dollars.

• Proptech Partnership Investments: 8,5 millions de dollars
• Projets d'intégration de l'IA: 6,2 millions de dollars
• Améliorations de la cybersécurité: 4 millions de dollars

Créer des sources de revenus alternatives

L'intégration du commerce électronique a généré 47,6 millions de dollars de revenus supplémentaires au cours de 2022.

Investir dans les marchés émergents

Les investissements émergents du marché ont atteint 95,6 millions de dollars en 2022, ce qui représente 4,3% du portefeuille total.

• Investissements de la région du Sud-Ouest: 42,3 millions de dollars
• Expansion des États de la montagne: 35,2 millions de dollars
• Pénétration du marché de la ceinture de soleil: 18,1 millions de dollars

Développer des initiatives de capital-risque

Le bras de capital-risque a alloué 37,5 millions de dollars pour les investissements en démarrage de la technologie et de la technologie immobilière.

The Macerich Company (MAC) - Ansoff Matrix: Market Penetration

You're looking at how The Macerich Company (MAC) can drive more revenue from its existing, high-quality retail centers. Market Penetration here means squeezing more value out of the assets you already own and operate. It's about filling every available space with the right tenant and maximizing the rent from every square foot.

The immediate focus is on getting the portfolio back to peak occupancy levels. As of the third quarter of 2025, the go-forward portfolio occupancy reached 94.3%. That's up 150 basis points from the previous quarter, but the goal is definitely pushing that higher, perhaps aiming back toward historical highs, as the total portfolio occupancy stood at 93.4% at the end of the third quarter of 2025. To be fair, Q1 2025 saw occupancy at 92.6%, so the momentum is positive, but there's still ground to cover to ensure every door is generating income.

A critical part of this strategy is converting signed deals into cash flow. The Signed, Not Open (SNO) lease pipeline, which represents future rental income, expanded to $99 million as of the November 4, 2025 call, putting The Macerich Company on pace to meet or exceed its year-end 2025 target of $100 million. This is a significant acceleration from the $87 million pipeline reported at the end of Q2 2025. Here's a quick look at the pipeline growth:

Maximizing rental income on expiring leases relies on strong pricing power, which is reflected in re-leasing spreads. While the trailing twelve months (TTM) ending June 30, 2025, showed a healthy base rent re-leasing spread of 10.5%, the most recent TTM data through Q3 2025 moderated to 5.9%. Still, this marks the 16th consecutive quarter of positive base rent leasing spreads, showing consistent ability to increase rent upon lease turnover. The Macerich Company is using this pricing power to drive higher revenue per square foot.

Driving tenant sales directly impacts the value of the underlying real estate and future leasing negotiations. For spaces less than 10,000 square feet, portfolio sales at the end of Q3 2025 reached $867 per square foot. Focusing specifically on the higher-quality go-forward portfolio, tenant sales were even stronger at $905 per square foot. This is up from $849 per square foot in the go-forward portfolio for the TTM ended June 30, 2025. Targeted marketing efforts are designed to push these sales figures higher, which supports the leasing team's efforts.

Operational efficiency is being addressed through a new platform, referred to as the Path Forward plan. This is designed to streamline processes across leasing and property management. The Macerich Company is already seeing results against its internal goals:

• Leasing speedometer goal for new lease deals was 70% by year-end 2025, and they are currently at 70% as of Q3 2025.
• The broader Path Forward plan has an 85% completion target set for mid-2026.
• Leasing velocity in Q3 2025 saw 1.5 million square feet signed, an 87% increase year-over-year.

The Macerich Company is executing on existing market density by focusing on these key operational and leasing metrics.

The Macerich Company (MAC) - Ansoff Matrix: Market Development

You're looking at how The Macerich Company (MAC) is pushing into new territories, which is the Market Development quadrant of the Ansoff Matrix. This isn't just about filling space; it's about planting flags in markets that promise better long-term growth, so you need to see the hard numbers behind the moves.

The most concrete example of this strategy in action is the recent expansion into the Southeast U.S. The Macerich Company acquired Crabtree Mall in Raleigh, North Carolina, on June 24, 2025, for a total of $290 million. This Class A retail center spans approximately 1.3 million square feet and is considered a market-dominant asset in the high-growth Research Triangle area. The initial expected yield on this purchase is about 11% based on the estimated 2025 net operating income (NOI), with potential upside to 12.5% once current signed leases begin generating rent in 2027. Management noted this acquisition is accretive to the 2028 target FFO range under the Path Forward Plan by roughly $0.08 per share. To maximize performance, The Macerich Company plans to implement a strategic investment of approximately $60 million in new redevelopment and leasing capital at Crabtree between 2025 and 2028. This move expands the core portfolio beyond its traditional concentration in California, the Pacific Northwest, Phoenix/Scottsdale, and the New York to Washington, D.C., corridor, where The Macerich Company currently owns 41 million square feet across interests in 38 retail centers.

To fund this, The Macerich Company is actively redeploying capital from non-core asset dispositions. The goal is to deleverage the capital structure to a low-to-mid 6x range over the next three to four years. As of the third quarter of 2025, net debt to EBITDA stood at 7.76x. The company has completed $1.2 billion in mall dispositions toward a $2 billion target. You can see some of the recent activity below:

For the three months ending March 31, 2025, total asset dispositions, including land parcels, amounted to $537.8 million at the 100% gross sale price, resulting in $295.5 million in debt reduction at the company's share. The Crabtree acquisition itself was funded with cash on hand and $100 million in borrowings on the revolving line of credit, which The Macerich Company expected to repay within 30 days with proceeds from an expected $160 million two-year term loan.

Within existing high-growth states like California and Arizona, The Macerich Company is targeting new, affluent consumer demographics by introducing new-to-market digitally native brands. The leasing momentum is strong; year-to-date in 2025, The Macerich Company signed 5.4 million square feet of new and renewal leases, which is an 86% increase compared to the same period in 2024. The company is on track to hit the 85% completion target for new lease deals by mid-2026. The signed-not-open (SNO) pipeline reached $99 million as of the third quarter call, targeting $100 million by year-end. Furthermore, The Macerich Company has commitments on 74% of the former Forever 21 square footage, securing much better brands paying significantly more rent. Portfolio tenant sales per square foot for spaces under 10,000 square feet were $849 for the trailing twelve months ended June 30, 2025, with go-forward portfolio centers hitting $906 per square foot for the same period.

The Macerich Company is also looking to enter new international markets by licensing its Town Center operating model to local partners. The company has achieved a number one GRESB ranking for the North American retail sector for ten consecutive years (2015-2024).

The Macerich Company (MAC) - Ansoff Matrix: Product Development

You're looking at how The Macerich Company builds value by transforming what they already own, which is the core of Product Development in the Ansoff Matrix. This isn't about finding new malls; it's about making the existing 42 million square feet of gross leasable area across their 39 regional retail centers work harder.

Repurposing large, vacant boxes is a major focus. The Macerich Company is actively working on the Green Acres redevelopment and expansion, which covers 370,000 sq ft and specifically addresses former anchor boxes. Pre-leasing for this project is strong, sitting at nearly 50% committed, with an additional 17% in Letters of Intent (LOIs). This effort is supported by a broader asset recycling strategy; The Macerich Company had a target of $2 billion in asset sales and loan givebacks, having completed approximately $800 million by the end of 2024.

Introducing new, high-traffic, experiential concepts directly boosts visitor dwell time. For instance, The Macerich Company opened an 11,000 square foot Hermès store at Scottsdale Fashion Square in the third quarter of 2025. The leasing pipeline shows the financial impact of these product improvements: new store leases signed in 2024 were expected to produce total rent of approximately $66 million at their share in excess of the rent from prior uses in those same spaces. Furthermore, The Macerich Company projected $35 million of incremental rent for 2025 from leases signed previously.

Densifying the campus setting by adding new asset classes is a strategic move to capture diverse revenue streams. While specific square footage for co-working or medical office space within The Macerich Company's portfolio isn't detailed, the national trend shows coworking space now accounts for over 2.1% of total office space, reaching more than 152 million square feet across 8,400+ locations in the U.S. as of Q3 2025. This signals a viable adjacent asset class for integration. The overall portfolio occupancy at the end of Q3 2025 was 93.4%, with the go-forward portfolio at 94.3%, showing strong demand for the core product.

Supporting retailer omnichannel needs is critical for keeping high-quality tenants. The general market shows that omnichannel strategies drive 80% higher store visits, and these customers spend 4% more per visit than single-channel customers. The Macerich Company's leasing success, with trailing 12-month leasing spreads at 5.9% as of September 30, 2025, reflects the value tenants place on integrated physical and digital capabilities. The company had 115 leases signed for 1.7 million square feet expected to open through late 2024 and into 2025/early 2026.

You should review the $28 million to $29 million in revenue from the leasing pipeline that came online in 2024, as this sets the stage for the $35 million projected for 2025.

• Repurposed space pre-leasing at Green Acres: 50% committed.
• New Hermès store size: 11,000 square feet.
• Total signed leases in pipeline (new stores): 115.
• Total square footage in pipeline: 1.7 million square feet.
• 2024 new store leases incremental rent: approximately $66 million.

The Macerich Company (MAC) - Ansoff Matrix: Diversification

You're looking at how The Macerich Company (MAC) can move beyond just leasing existing retail space, which is the core of their business. Diversification here means new products (like residential or hotel) or new markets (like acquiring non-retail assets). It's about adding density and new revenue streams to those prime locations they already own.

The first prong of this diversification is expanding vertically at existing centers. You see this in the mixed-use strategy, specifically developing new, standalone multifamily towers on excess land. For instance, the 330-unit project planned for Flatiron Crossing is a concrete example of bringing residential product to a high-traffic retail hub. This strategy helps lock in a captive audience for the retail base. The Macerich Company (MAC) currently owns interests in 38 retail centers, totaling 39 million square feet of real estate, so even small land parcels represent significant potential for this type of vertical integration.

Next, consider the hospitality angle. While we don't have a formal 2025 announcement for a dedicated Hotel REIT sub-division, the groundwork for integrated hospitality is there. Back when they detailed plans for Scottsdale Fashion Square, they included a new hotel alongside class A office space and residences. Furthermore, the opening of the 265-room Caesars Republic Hotel at Scottsdale Fashion Square in March 2025 shows they are actively integrating hospitality into their properties, which extends customer base and sales potential for the surrounding retailers.

For a true diversification into new asset types, The Macerich Company (MAC) is looking at acquiring and redeveloping distressed, non-retail assets, applying that mixed-use expertise elsewhere. This is a market development play. Back in early 2025, management highlighted a proactive approach, noting they had announced $1.2 billion of assets that were either for sale, closed, or in the process of renegotiation with lenders, signaling a focus on portfolio refinement that could free up capital for such opportunistic buys. This aligns with their broader 'Path Forward' plan to simplify the business and reduce leverage, a goal that includes a $2 billion disposition program.

Finally, there's the technology play, which is product development applied to their internal processes. The company is already using internal tools, like the leasing speedometer dashboard, to manage their leasing pipeline, which saw 1.5 million square feet signed in Q3 2025 alone. Launching a PropTech venture to commercialize these tools would turn an internal efficiency gain into a new, external revenue stream. The internal platform is part of a five-year operating platform being implemented for better forecasting.

Here's a quick look at some key 2025 operational numbers that underpin the need for these diversification efforts:

You can see the core business is performing well, with occupancy at 94.3% and leasing volume up 87% year-over-year in Q3 2025. Still, the push into mixed-use, hospitality, and technology shows The Macerich Company (MAC) is serious about creating new revenue streams outside of traditional mall leasing spreads. Finance: draft 13-week cash view by Friday.