The Macerich Company MAC is benefiting from a clearer split in retail real estate: demand is concentrating in better malls, stronger trade areas and locations where tenants can support omnichannel strategies.
That trend gives Macerich a credible growth path, but not a frictionless one. Redevelopment, anchor reuse and selective acquisitions are improving the portfolio, while digital competition, tenant churn and leverage keep the stock story balanced.
MAC Benefits From Premium Space Demand
Macerich’s strongest trend signal is tenant demand for premier mall space. Roughly 90% of its go-forward net operating income comes from Class A properties, and these assets sit in affluent trade areas where retailer demand is concentrated. As of March 31, 2026, portfolio leased occupancy was 93.4%, while Go-Forward Portfolio Center leased occupancy was 94.5%.
Sales productivity also supports the case. Tenant sales for spaces under 10,000 square feet reached $899 per square foot, while Go-Forward Portfolio sales were $941 per square foot. Those figures help explain why retailers are still committing to high-quality physical locations when traffic, merchandising and trade-area income support the store economics.
Simon Property Group SPG offers a useful industry reference point because it also focuses on premier shopping, dining, entertainment and mixed-use destinations. Tanger Inc. SKT, an owner and operator of outlet and open-air retail shopping destinations, shows that demand for physical retail remains relevant beyond enclosed malls.
MAC Turns Empty Anchors Into New Growth
Anchor repositioning is not just a project list for Macerich. It is a structural response to older department-store boxes that need new uses, stronger traffic drivers and more productive surrounding tenancy.
The company has committed all 30 targeted anchor and big-box replacements under its Path Forward plan. These projects cover 2.9 million square feet and are expected to generate approximately $750 million in annual tenant sales, with six anchors open, 12 under construction, five executed and seven with leases out.
The strategy also supports in-line leasing. Signed-not-open leasing has increased to $116 million toward the company’s $140 million target, with about 80% of that revenue expected to flow through to net operating income over time.
MAC Uses Acquisitions to Extend Growth
Macerich’s acquisition strategy is selective rather than sprawling. Annapolis Mall, acquired in April 2026, added a Class A regional mall of roughly 1.5 million square feet, along with an adjacent 13.1-acre vacant Sears parcel.
The asset came with repositioning potential. Annapolis Mall had 353,000 square feet of new leases executed across 18 tenants before closing, giving Macerich a signed leasing base to convert into future growth.
Other projects reinforce the same theme. FlatIron Crossing, Green Acres Mall and Scottsdale Fashion Square involve redevelopment spending tied to higher-quality assets where new space, tenant upgrades and signed-not-open leasing can lift future net operating income.
MAC Still Faces Digital and Tenant Pressures
The bullish trend case still has structural offsets. Tenant bankruptcies remain disruptive, with 2026 results expected to be affected by Express, Forever 21 and Claire’s bankruptcies, along with any future tenant filings.
E-commerce also remains a long-term competitive pressure. Macerich’s push into restaurants, experiential uses and traffic-driving anchors can help defend destination value, but it does not remove the risk that some categories keep migrating online.
Macerich Company (The) Price and EPS Surprise
Macerich Company (The) price-eps-surprise | Macerich Company (The) Quote
How MAC Ratings Frame the Trend Story
The bottom line is that Macerich has several credible trend supports: premium-space demand, anchor reuse, redevelopment and selective acquisitions. The issue for investors is whether these trends can translate into steadier earnings visibility over the next several quarters.
MAC currently carries a Zacks Rank #3 (Hold). This suggests that the positive operating setup is not yet a cleaner near-term stock call. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Style Scores add another layer of caution. Macerich has a VGM Score of D, with a Value Score of C, Growth Score of D and Momentum Score of D. Since stronger Style Scores generally point to better expected performance within the Zacks framework, these grades indicate investors may want firmer evidence that leasing progress and redevelopment gains can consistently improve value, growth and momentum.
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This article originally published on Zacks Investment Research (zacks.com).
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