Macerich’s 2025 Annual Report Signals a Bifurcated Retail Market as REIT Reshapes West Coast Portfolio

The Santa Monica-based mall operator's 10-K highlights record leasing, healthy retailer demand and the widening gap between fortress centers and lower-tier malls The Macerich Company's 2025 annual report lands with a through-line that will resonate across the commercial retail industry: physical retail is not in decline, but it is splitting into two markets. One market […]