From the streets of NYC to its first mall location
Risks are inherent in the retail industry. Retailers take risks everyday with their product launches, seasonal fashion strategies and their real estate decisions. Owners take risks with the real estate investments they make as well as the retail and restaurant leases they sign. Tisha Maley’s experience in the real estate industry and knowledge of retail brands gives her a competitive advantage when determining when and where to take risks.
When she found Tory Burch and then signed the retailer to its third store and first mall location at Phipps Plaza, the brand was a newcomer to the industry and had not yet become the household name it is today. In 2004, Tory Burch had one location in New York and one in Los Angeles and had not yet been featured on Oprah. Although Tory Burch was an unproven tenant, Maley sensed they were an exciting brand on the rise and set out to secure their presence at Phipps Plaza.
First, Maley convinced Tory Burch that Atlanta and the Phipps Plaza shopper was the perfect fit for their brand. Then, she convinced Simon Property Group that Tory Burch was worth the risk for Phipps Plaza, the REIT’s signature asset. This deal netted sales per square foot results that far exceeded both parties’ expectations, redefined the Phipps Plaza shopping experience and led to numerous Tory Burch store openings throughout the Simon Property Group’s portfolio. A very smart risk indeed.