Who owns Somerset Mall? That’s a question many have pondered, as this bustling shopping destination has become emblematic of the vibrant retail scene in Somerset. Well, the answer is quite simple: Somerset Mall is owned by Somerset Holdings, a renowned real estate company with an impressive portfolio spanning multiple industries. Curious to know more about Somerset Holdings and their vision for this iconic mall? Join us as we dive into the story behind this ownership and discover what makes Somerset Mall a top destination for shoppers and investors alike. Come along on this journey and uncover the world of Somerset Mall, where endless possibilities await.
Table of Content
Who Owns Somerset Mall?
When it comes to popular shopping destinations, Somerset Mall is undoubtedly one of the top choices for many. Located in Troy, Michigan, Somerset Mall is a premier shopping center with a wide range of retail stores, restaurants, and entertainment options. But have you ever wondered who owns this bustling mall? In this article, we will delve into the ownership of Somerset Mall, exploring its history, current ownership, and the impact it has on the local community.
A Brief History of Somerset Mall
Before delving into the current ownership of Somerset Mall, it is essential to understand its roots. The mall first opened its doors in 1969, featuring major retailers such as J.C. Penney, Sears, and Hudson’s department store (which later became Marshall Field’s and then Macy’s). Over the years, Somerset Mall has evolved into a high-end shopping destination, with a mix of luxury and affordable brands, attracting visitors from all over the region.
The Taubman Company
Currently, Somerset Mall is owned by the Taubman Company, a prominent real estate investment trust (REIT) specializing in upscale shopping centers. The Taubman Company, founded by A. Alfred Taubman in 1950, has a long-standing history in the development and management of premium retail properties.
Taubman Centers, Inc.
In 1992, the Taubman Company went public, forming Taubman Centers, Inc., which became one of the largest owners, operators, and developers of regional shopping malls in the United States. Taubman Centers operates numerous shopping centers across the country, including the well-known Mall at Short Hills in New Jersey and The Gardens Mall in Florida.
Taubman’s Focus on Luxury and Quality
One notable aspect of Taubman Centers’ portfolio is its focus on luxury and high-quality retail. Somerset Mall perfectly aligns with this approach, as it offers a curated mix of luxury brands, designer boutiques, and upscale department stores. This emphasis on luxury shopping experiences has propelled Somerset Mall to its esteemed position as a sought-after retail destination.
The Impact on the Local Community
Ownership of Somerset Mall extends beyond the mere acquisition of physical property. The presence of a thriving mall significantly impacts the local community, bringing economic growth, job opportunities, and a sense of community engagement. Let’s explore some key aspects of Somerset Mall’s impact on the local community:
Economic Growth
Somerset Mall serves as an economic engine for the city of Troy and the surrounding region. The mall attracts visitors from across Michigan and beyond, stimulating the local economy by driving consumer spending and generating tax revenue. Additionally, Somerset Mall’s success has attracted business investments and led to the development of nearby commercial establishments, further contributing to the area’s economic growth.
Job Creation
As a large shopping center, Somerset Mall creates numerous employment opportunities for the local community. From retail sales associates and restaurant staff to maintenance workers and security personnel, the mall employs a diverse range of individuals who contribute to its smooth operation. The availability of these jobs not only provides income but also fosters skill development and career growth within the retail industry.
Community Engagement and Events
Somerset Mall actively engages with the local community through various events and initiatives. Throughout the year, the mall hosts seasonal celebrations, fashion shows, charity events, and other activities that attract residents and visitors alike. These events not only enhance the shopping experience but also foster a sense of community spirit and pride.
Supporting Local Businesses
Somerset Mall’s presence benefits not only the national brands occupying its space but also local businesses and entrepreneurs. The mall provides a platform for local artisans, small businesses, and pop-up shops to showcase their products and reach a broader customer base. This symbiotic relationship between larger retailers and local businesses contributes to a vibrant and diverse retail ecosystem.
The Future of Somerset Mall
Looking ahead, Somerset Mall is set to continue its legacy as a premier shopping destination. Taubman Centers, Inc. remains committed to enhancing the customer experience and maintaining the mall’s position as a hub for high-quality retail. With ongoing renovations, introducing new brands, and keeping up with evolving consumer trends, Somerset Mall strives to provide an exceptional shopping experience for years to come.
Whether you visit Somerset Mall for its luxury offerings, renowned department stores, or community events, the ownership by the Taubman Company and the dedication to excellence have undoubtedly contributed to its success.
As we’ve explored, Somerset Mall’s ownership history, current status under the Taubman Company, and its impact on the local community are integral parts of understanding this iconic shopping destination. Next time you stroll through its halls or explore its shops, you’ll have a better understanding of the forces behind Somerset Mall’s success.
LUXURY MEGA MALL – SOMERSET COLLECTION
Frequently Asked Questions
Who owns Somerset Mall?
The ownership of Somerset Mall is held by the Somerset Group.
What is the Somerset Group?
The Somerset Group is a real estate investment and development company that specializes in acquiring and managing commercial properties across the country.
When was Somerset Mall acquired by the Somerset Group?
Somerset Mall was acquired by the Somerset Group in [insert year].
Does the Somerset Group own any other malls?
Yes, the Somerset Group owns several other malls throughout the region, including [list other malls, if applicable].
What are the future plans for Somerset Mall?
The Somerset Group has plans to renovate and expand Somerset Mall to enhance the shopping experience and attract more retailers and visitors.
Final Thoughts
Somerset Mall is currently owned by Taubman Centers, a renowned real estate investment trust. With a vision of creating high-quality retail environments, Taubman Centers acquired Somerset Mall in their portfolio. This ownership allows them to oversee the management, leasing, and development of the mall, ensuring it remains a top destination for shoppers. Somerset Mall’s ownership by Taubman Centers ensures a continued commitment to maintaining a vibrant and successful shopping experience for all visitors.