The malls want to create brand identities as powerful locally as McDonalds', Coca-Cola and Nike are globally. Branding has become particularly important for the highly acquisitive real estate investment trusts, which grow in part by gobbling up a diverse set of properties all over the nation. To draw shoppers to their properties wherever they are, the REITs have to make sure that their names are synonymous with certain standards of products and services. The Nordstrom name, for example, acquired its cachet because every Nordstrom store promises a similar set of services and goods no matter what market the Seattle-based chain enters. In the first week of March, Simon Property Group, the Indianapolis-based REIT that owns Lynnhaven Mall and Chesapeake Square Mall, will launch a branding campaign for the 241 retail properties it owns or manages.
Shoppers earn points toward travel and merchandise discounts for every dollar they spend.
Simon also has a Visa card that shoppers in its malls can use to gain 2 percent rebates. Simon property gift certificates are accepted at all of Simon's malls across the nation. For Williamsburg's Prime Outlets, which, like MacArthur, aims to be a tourist destination, a good brand name is crucial. In June, Baltimore-based Prime Retail bought Horizon Group Inc., which owned 22 outlets, including Williamsburg's Berkeley Commons Outlet Center. In doing so, Prime Retail became the largest chain of outlets in the country.