We want to transform the malls into dynamic entertainment and multi-use centers.
Shopping center developer CBL & Associates Properties Inc. on Thursday pledged to step up efforts to remake its malls by wooing more entertainment, fitness, services and other new tenants.
“Reinvent is the word of the year at CBL,” said company Chief Executive Stephen Lebovitz in a call with analysts, adding that plans are to turn a growing number of its properties into “vibrant town centers.”
The remarks were a day after the company reported lackluster first quarter results, with funds from operations, as adjusted, falling 4 cents per share from a year ago.
Top: Both upper and lower levels are crowded with shoppers on Black Friday last year at Hamilton Place mall.Above: A shopper glances into one of the many shops inside Hamilton Place mall during Black Friday last year.
Shares of Chattanooga-based CBL, the company that owns and operates Hamilton Place mall and Northgate Mall in the city, fell to their lowest point in more than seven years Thursday.