Chattanooga-based CBL & Associates Properties Inc., the shopping center developer and operator that became a publicly traded company in 1993, is at an inflection point it's corporate history.
Over the past year, the real estate investment trust's share price on the New York Stock Exchange has fallen as CBL and other similar companies combat what they see as a negative narrative over the future of the retail sector.
CBL's founding family remains heavily involved in day-to-day management, including Chairman Charles Lebovitz, who with five partners formed CBL & Associates Inc. in 1978 to develop malls and community centers.
His son, Stephen, is CEO of the company that owns Hamilton Place mall and Northgate Mall in Chattanooga. Another son, Michael, is executive vice president of development and administration. Alan, a third son, was recently promoted to senior vice president of management.
Stephen Lebovitz says the company, which holds interests in or manages 121 properties across the country, will focus less on its sites as conventional malls and more as suburban town centers.
Still, he says, every mall is different.
"It's not a cookie-cutter approach," the company CEO says. "Different users are attracted to different markets. It's a reflection of what the consumer wants."
Charles Lebovitz says there's evolution in the business.
"New names. New types of business. This is the lifeblood of a successful shopping mall," he says.
Stephen Lebovitz says that brother Michael was recently in Los Angeles looking at the latest industry projects and trends.
"We're always traveling and exchanging information," he says.
While the internet has become a force, Alan Lebovitz says that what online shopping can't replace is "the community aspect" of malls and shopping centers. He cites the "social engagement" of shopping, eating, and interacting with families, friends and neighbors.