NEW ORLEANS, La. – The makeover of the old Riverwalk Mall has attracted huge national retailers as tenants. It is another indication that confidence in the city’s economy is growing.
The Howard Hughes Corporation announced Monday a long list of big-name tenants for the mall as part of the $70 million redevelopment project.
Stretched along the riverfront for decades, the Riverwalk has long been a part of the city’s fabric. The revamped retail center will be called “The Outlet Collection at Riverwalk.”
“We think it’s going to be a nice catalyst for the rebirth of retail in the city of New Orleans, not just downtown, but across the city,” said Mark Bulmash, Sr. Vice President of Development for the Howard Hughes Corporation.
The interior of the once-struggling retail center has been gutted, and plans for the new space have enticed national retailers, including some that have never operated in Louisiana. Among them, Neiman Marcus’ Last Call Studio. It will be the first Neiman Marcus store in the state. Coach’s Men’s Factory Store, Tommy Bahama, Kenneth Cole Company Store, Loft Outlet, Chico’s Outlet, Gap Outlet, Clarks/Bostonian Outlet, Hartstrings Children’s Wear, U.S. Polo Association Outlet, New Balance Factory Shoes, and Sunglass Warehouse are among dozens of other tenants.
Many local restaurants like Café du Monde and Raising Cane’s are among the new eateries that will be a part of the Riverwalk.
“We think it’s a really compelling retail mix [and] that there will be a little something for everybody,” Bulmash said.
As part of the redevelopment, 50,000 square feet will be added, for a total of 250,000 square feet of retail space next to the Hilton Riverside Hotel. Almost all of the space is rented, with 94 percent of the leases executed, according to the Howard Hughes Corporation.
The Downtown Development District is thrilled.
“It’s a tremendous benefit to downtown and to the city, because recent studies have shown $1.9 billion of retail sales have seeped out of this city because we didn’t have a place for people to shop,” said Anthony Carter, Director of Finance and Administration for the DDD.
But instilling confidence in national retailers to be part of the redevelopment of the Riverwalk didn’t happen overnight.
“We’re seeing a lot better response to our inquiries with tenants now than we did two-and-half years ago when we first tried to get them interested in New Orleans and the opportunity,” Bulmash said. “Back then it really was an issue. The question that kept being asked of us was, why New Orleans? They really hadn’t thought about the city since Katrina.”
It was a turnaround in perception about the city that the DDD was confident would come.
“We’re showing there is vibrant life downtown, and national retailers are paying attention to that,” said Carter.
Bulmash expects the project to create about 700 construction jobs and the same amount of retail jobs, although not all of them will be full time.
Sales taxes from the Riverwalk once it reopens by the summer of 2014 are estimated to be $6.9 million annually.
Neiman Marcus among stores coming to revamped Riverwalk
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