Concord Mills & Carolina Place could have single owner
CHARLOTTE, N.C. - Two of the largest malls in our area – Concord Mills and Carolina Place could soon join forces under a single owner. Add SouthPark and you’ve got a mall-opoly of sorts.
They’re both giants in Charlotte’s retail sector, and they could soon be under the control of one company. Simon, which owns Concord Mills is trying to buy the bankrupt General Growth Properties, owner of Carolina Place.
It would be a mega deal on the national scene which could create a mall-oply of sorts in the Queen City.
“That’s going to be big business coming in owning all those malls,” says Shale Green.
In the Charlotte-area, General Growth owns Carolina Place, Valley Hills in Hickory, and The Bridges at Mint Hill. Those three would join Concord Mills and SouthPark as part of the Simon group.
Customers say it’s not something they tend to think about.
“Yeah when I go to the mall that's the least of my concerns as who's owning it, I’m there to shop,” says Juliana Stilwell.
It is a concern though for retailers and their bottom line. The National Retail Federation argues a merger could lead to higher rents, meaning cost increases stores could pass on to you.
“They have control of the prices at that point and I like competition to keep the prices down," says Concord resident Martsene Flowers.
But Simon’s CEO argues they’d still have plenty of competition from other retailers and the Internet.
And, customers say they wouldn't mind a merger if things stay the same.
"A variety of stores and you know because it's a wonderful place to go to,” says Monica Tyson.