Episode 320: Macerich CEO Says Consumers Largely Confident, Despite Current Uncertainty
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Consumers remain largely confident about their personal situations, despite a host of broader economic and geopolitical concerns, says Tom O\\u2019Hern, CEO of Macerich (NYSE: MAC). That sentiment is fueling sales and leasing volumes across the REIT\\u2019s portfolio of retail and mixed-use real estate.
\\u201cThe resiliency of the American consumer is amazing, and it is once again on display. Shoppers have come roaring back to our centers to shop with a purpose,\\u201d O\\u2019Hern told the REIT Report.
During the first quarter, sales were 111% of what they were pre-COVID.
\\u201cDespite the economic uncertainty regarding inflation that we haven't frankly seen in decades, higher mortgage rates, a very volatile stock market, and the war in Ukraine, American consumers remain largely confident about their own situations,\\u201d O\\u2019Hern said.
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