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Retailers Face a New World

Leading experts confronted the new world of retail at Connect New York, held Sept. 19, 2017 at The Underground, Rockefeller Center

“There are 1,200-ish regional malls in the U.S. — there should probably be 850,” said Michael McNaughton, senior vice president of U.S. development for Westfield World Trade Center (pictured, third from left).

Retail experts talked about the impact of online sales on the retail business, and the struggle for retailers to attract shoppers to their stores. Their tools are experiences like unique locations and shops — and “experience” retailers such as restaurants and fitness.

McNaughton said that Westfield’s Oculus mall at the WTC is now fully-occupied — counting the 280,000-square-feet that the Port Authority has delivered to Westfield.

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