The Macerich Company (MAC - Free Report) , the Santa Monica, CA-based retail real estate investment trust (“REIT”) has made the announcement of bringing the transformative smart retail concept at Santa Monica Place, through WithMe. This technology creates a retail environment that blends offline and online shopping to offer an exceptional experience to the customers. The NY-based Century 21 Department Store, embedded with the WithMe technology, will make its debut in the West Coast soon.
The objective of this technology is to create a shopping experience that is both simple and enjoyable for the consumers. Working with a top REIT like Macerich will provide it an excellent opportunity to expand its reach. Further, the launch of the WithMe platform with a top retailer like Century 21 at an around 8,000 square-foot, two-level flagship location, will create an environment that customers will surely cherish.
Macerich is engaged in owning, acquiring, leasing, managing, developing and redeveloping regional and community shopping centers in high barrier-to-entry U.S. markets. The company reported first-quarter 2016 adjusted funds from operations (“FFO”) per share of 89 cents, which came in higher than both the Zacks Consensus Estimate and the prior-year quarter tally of 86 cents. Improvement in mall tenant annual sales aided the results.
Currently, Macerich has a Zacks Rank #3 (Hold). Investors interested in the retail REIT space may consider stocks like Retail Opportunity Investments Corp. (ROIC - Free Report) , Retail Properties of America, Inc. (RPAI - Free Report) and Saul Centers Inc. (BFS - Free Report) . All these stocks hold a Zacks Rank #2 (Buy).
Note: Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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