Four planned developments transform approach to addressing evolving consumer demand
CHICAGO and CHANHASSEN, Minn., April 13, 2017 — The rapidly changing consumer landscape and ever-growing healthy living mindset have converged as S&P 500 retail real estate company, GGP (NYSE: GGP), and Healthy Way of Life Company, Life Time, have announced plans to transform the consumer retail experience at four GGP properties across the country – with more likely to come.
GGP and Life Time are collaborating to reimagine the mall spaces traditionally occupied by large anchor stores. The collaboration will bring comprehensive, resort-like healthy living, healthy aging and healthy entertainment destinations to these properties and better serve time-starved consumers and their evolving needs and demands.
“Our retail partners have come to rely on GGP to consistently support their success – from sustainable development projects to renovations and expansions that elevate our properties and successfully increase traffic and sales,” said Sandeep Mathrani, GGP Chief Executive Officer. “We envision a transformative consumer retail experience that is highlighted by Life Time’s unique ability to deliver comprehensive healthy living communities for all ages. Their distinctive vision encompasses healthy living, healthy aging, and healthy entertainment – from the way people shop, live, eat, work, socialize, exercise, and seek medical care. Ultimately, this partnership will bring exciting and truly unique diversification to our retail environments, along with a large, top-tier consumer demographic.”
GGP and Life Time currently are co-creating developments at these GGP properties:
- Baybrook Mall, Southeast Houston, TX
- The Shops at Bravern, Bellevue, WA
- Southwest Plaza, Littleton, CO
- Quail Springs Mall, Oklahoma City, OK
Life Time Chairman, CEO and Founder, Bahram Akradi, has envisioned a phased approach and created detailed plans that directionally transform these retail shopping centers into ‘healthy lifestyle villages,’ where people shop, live, work, entertain, socialize and exercise, visit their doctor and relax at the spa. “We are focused on developing all-inclusive, healthy living, healthy aging, healthy nutrition, and healthy entertainment destinations that encompass the full spectrum of daily life for thousands of individuals, couples and families of all ages. We are excited to partner with GGP given their focus on creating great customer experiences, which is directly in line with our mission to create innovative, healthy lifestyle destinations and experiences. Moreover, it has been fantastic working with Sandeep and his team. He is a courageous leader with great vision and an amazing ability get things done.”
Additional details regarding each development will be announced in the coming months.
About GGP Inc. (GGP)
GGP is an S&P 500 company focused exclusively on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP. As a leading real estate investment trust (REIT), GGP currently owns and operates 126 retail properties in 40 states. With a focus on creating an optimal customer experience, GGP owns and operates best-in-class retail properties that provide an outstanding environment for its communities, retailers, employees and shareholders.
About Life Time® – Healthy Way of Life
Life Time is a privately held, comprehensive healthy living, healthy aging and healthy entertainment Lifestyle Company and brand that offers a personalized and scientific approach to long-term health and wellness. Through its portfolio of distinctive resort-like destinations, athletic events and corporate health services, the Healthy Way of Life Company helps members achieve their goals everyday with the support of a team of dedicated professionals and an array of proprietary health assessments. As of April 13, 2017, the company operates 123 centers in 26 states and 35 major markets under the LIFE TIME FITNESS® and LIFE TIME ATHLETIC® brands in the United States and Canada. Additional information is available at www.lifetimefitness.com.
