|Industry|| Shopping malls |
|Founded||1965 (as Germez Developments)|
|Headquarters||Edmonton, Alberta, Canada|
| Nader Ghermezian (chairman)|
Don Ghermezian (CEO)
Number of employees
|Subsidiaries|| American Dream Meadowlands |
Mall of America
West Edmonton Mall
Triple Five Group is a conglomerate based in Edmonton, Alberta, Canada, which specializes in shopping centres, entertainment complexes, hotels, and banks, along with 3 indoor amusement parks. The company owns and operates two of North America's largest malls, the West Edmonton Mall in Alberta and the Mall of America in Minnesota, both of which contain a wide variety of entertainment attractions alongside traditional retail.The company also owns the American Dream Meadowlands, which opened at the Meadowlands Sports Complex in New Jersey on October 25, 2019.
Germez Developments was founded by Jacob Ghermezian in 1965, and his family, the Iranian-Canadian Jewish Ghermezian family, remains the owners and operators of the company today.Jacob's four sons were the core of the business, and after them the brothers' children have begun to take leadership roles in the company, including CEO Don Ghermezian and Braze founder Mark Ghermezian.
In the mid-1970s, Germez Developments was involved in land speculation on the outskirts of Edmonton. The province of Alberta established "restricted development areas" (RDAs) encircling Edmonton and Calgary in 1974, and two years later announced that the areas would be used as "transportation and utility corridors".Germez was one of several companies that bought up large parts of the RDA ring around Edmonton, paying higher prices to rural landowners than the government was willing to offer. Despite not being allowed to develop the land, Germez dramatically raised its prices before selling its parcels back to the government. The Ghermezians made an $18 million profit when the Albertan government purchased the land in 1979, and much of that profit was used to finance their first retail project, the West Edmonton Mall.
The Ghermezians began developing the West Edmonton Mall in 1974.Early in the development process, Raphael Ghermezian was faced with allegations of attempted bribery towards an alderman on the Edmonton city council. Eskandar Ghermezian retaliated with accusations of favor-seeking against the son of another Edmonton alderman. The first phase of the mall was completed in 1981, and Triple Five immediately began further construction for a second phase which opened in 1983 and a third in 1985. These expansions brought the West Edmonton Mall from the largest in Canada to the largest in the world.
In addition to building the West Edmonton Mall, Triple Five also developed the Eaton's Centre mall and mixed-use development in downtown Edmonton, which began development in 1980and opened in 1986. The Ghermezians held a 50% stake in the complex, alongside Confederation Life Insurance, which bought Triple Five's share of the development for $1 in 1991.
In 1985, Triple Five created Peoples Trust, a bank and trust company whose first branch was located in their West Edmonton Mall. When Peoples Trust opened, its primary focus was on residential mortgages and guaranteed investments. Today, there are branches across Canada, and the bank offers several other services, including mortgages for care facilities and other commercial properties, and prepaid credit cards.
After the demolition of the Metropolitan Stadium in Bloomington, Minnesota, in 1985, the Ghermezian brothers approached the Bloomington Port Authority with a proposal for their second mall, which would be larger than West Edmonton Mall was at the time.The project was quickly approved, and ultimately became the Mall of America, which has remained the largest mall in the United States since it opened in 1992.
Triple Five announced its plans in 1986 to build its third major project, considering Toronto, Montreal, and Niagara Falls, New York as possible locations.Montreal was dropped from consideration soon after, pitting the other two cities against each other for a project that was then dubbed "Fantasyworld". In the Toronto suburb of Mississauga, the first proposed location was rejected and the project was ultimately dropped. In Niagara Falls, the state of New York offered $400 million in subsidies to build Fantasyworld. The state later canceled its offer after deciding that the project was unlikely to be completed while Triple Five was preoccupied with building the Mall of America.
The late-1980s Soviet policy of glasnost encouraged Western businesses to seek opportunities in Russia and the other Soviet republics. In December 1988, Triple Five proposed building a megamall in Moscow, competing with the Cyrus Eaton Group's similar proposal in Leningrad. 1,500,000 square feet (140,000 m2) of retail floor space, the Leeds development would have demolished significant parts of Holbeck to build a series of octagonal skyscrapers for mixed-use development. The project was intended to be completed by 1993, but was never approved. Other Triple Five proposals prior to 1994 were made in Burnaby, British Columbia, Tampa, Florida, Beijing, China, Burbank, California, Oberhausen, Germany, and various cities in Japan.Both proposals were dropped, and within the month Triple Five had moved on to a proposal for a complex in Holbeck, Leeds, England. In addition to over
The American Dream Mall was first proposed for Silver Spring, Maryland, in the Baltimore–Washington metropolitan area, in August 1995. A mixed-use development with an area of 2,150,000 square feet (200,000 m2), Triple Five proposed that only 650,000 square feet (60,000 m2) be used for retail space, while also including an NHL-sized ice hockey rink, a large wave pool, an IMAX theater, and a Fantasyland hotel similar to the West Edmonton Mall hotel. With the support of Montgomery County, the plan grew to include "a multimedia educational facility, sports club, and wellness center", and at the request of a board of local residents, a performing arts center and a miniature golf course were added to the project. As with Fantasyworld in Niagara Falls, local and state governments in Maryland were concerned by the amount of public money that was expected to fund the project. Montgomery County gave up on the American Dream project by the end of 1996, and ultimately the site was used for a smaller commercial development called Downtown Silver Spring.
In the early 2000s, Triple Five fought a legal battle over the majority ownership of the Mall of America. TIAA-CREF, who had held a 27.5% equity stake in the property since 1989, sold its share to Simon Property Group in 1999, making Simon the mall's majority owner. Triple Five sued, arguing that this deal was made in secret and that Simon breached its fiduciary duty in doing so. Simon was forced to sell the 27.5% stake to Triple Five when the case was decided in 2003, making Triple Five the majority owner of the mall it had developed and operated.
Triple Five announced in 2004 that its next major project would be the Great Mall of Las Vegas. While not as large as the Mall of America, the plan for over 2,000,000 square feet (190,000 m2) of floor space still would have placed it among the largest shopping malls in the nation. The project was approved by local authorities in early 2008 and was expected to begin construction by the end of the year. However, plans for the mall were shelved as a result of the late 2000s recession, and by the end of 2010 Triple Five defaulted on the loan for the mall's intended real estate.
West Edmonton Mall lost the title of world's largest shopping mall in 2004, with the opening of the Golden Resources Mall in Beijing, China. The following year, the New South China Mall in Dongguan opened and took the title, with an area of over 7,000,000 square feet (650,000 m2). Triple Five has disputed whether these developments are actually shopping malls, and continues to claim that West Edmonton Mall is the world's largest. In 2005, Triple Five also attempted to enter the Chinese retail market with two proposed projects: the Mall of China in Dalian, and the Triple Five Wenzhou Mall in Wenzhou. Both of these were intended to feature over 10,000,000 square feet (930,000 m2) of floor space, and each would have become the largest mall in the world if completed. As of 2015, a project called "Triple Five China Dream" had been announced as an addition to the under-construction Beijing Daxing International Airport.
Mark Ghermezian founded Appboy, a mobile marketing automation company based in New York City, in 2011.He has raised millions in venture capital investments from family members and Triple Five. The company, now known as Braze, advertises that it serves 420 million mobile users.
On April 29, 2011, Triple Five took ownership of the unfinished Meadowlands Xanadu mall in East Rutherford, New Jersey, which had been under construction since 2004. The company had previously attempted to develop the site, having made a proposal for "MeadowFest America" in 2002 before construction on Meadowlands Xanadu began.The project was renamed American Dream, placing it under a brand that had previously been used for the Silver Spring project. The mall was intended to open in fall 2013, but legal disputes with the New York Giants and Jets and financial setbacks have continually delayed construction. The company has pledged 49% of its West Edmonton Mall and Mall of America to finance this project. As with many of Triple Five's projects, the company has requested significant public funding to build American Dream Meadowlands, and has received hundreds of millions of dollars from the state of New Jersey to finish the project. The mall opened on October 25, 2019.
Triple Five announced American Dream Miami in 2015, a project in Miami-Dade County, Florida which would become the largest mall in the United States if built. As of May 2018, the proposal for American Dream Miami has been approved by local authorities, but construction on the mall has not yet begun, pending regulatory approval.
In 2022, Triple Five Worldwide LLC was sued in federal court for allegedly distributing counterfeit bottles of hand sanitizer containing potentially unsafe levels of methanol at the height of the COVID-19 pandemic, which unlawfully used the "Urbane Bath & Body" trademark of an unrelated company. Several members of the Ghermezian family have been implicated in the lawsuit.
Mall of America (MOA) is a shopping mall located in Bloomington, Minnesota, a suburb of the Twin Cities in Minnesota, United States. It lies southeast of the junction of Interstate 494 and Minnesota State Highway 77, north of the Minnesota River, and across the Interstate from the Minneapolis St. Paul International Airport. It opened in 1992, and is the ninth largest shopping mall in the world, and the largest in the western hemisphere.
West Edmonton Mall (WEM) is a shopping mall located in Edmonton, Alberta that is owned, managed, and operated by Triple Five Group. It is the second most visited mall in Canada, after the Toronto Eaton Centre in Toronto, followed by Metrotown Mall in Burnaby, and the 23rd largest in the world by gross leasable area. It is currently the 2nd largest shopping mall, by square footage, in North America behind the Mall of America. Mall of America encompasses 5.6 million square feet and West Edmonton Mall encompasses 5.3 million square feet. By store count, West Edmonton Mall is the highest in the Western Hemisphere as it currently counts over 800 occupants, in comparison to Mall of America's 520 occupants. The mall was founded by the Ghermezian brothers, who emigrated from Iran in 1959. Its major anchors include Hudson's Bay, London Drugs, La Maison Simons, The Brick, Toyota, and Winners/HomeSense, Indigo Bookstore
Edmonton International Airport is the primary air passenger and air cargo facility in the Edmonton Metropolitan Region of the Canadian province of Alberta. Designated as an international airport by Transport Canada and operated by Edmonton Airports, it is located 14 nautical miles south southwest of Downtown Edmonton in Leduc County on Highway 2 opposite of the city of Leduc. The airport offers scheduled non-stop flights to major cities in Canada, the United States, Mexico, the Caribbean, Central America and Europe.
Plaza Las Américas is a shopping mall in Hato Rey, San Juan, Puerto Rico, located at the intersection of Routes 18 and 22. "Plaza", as it is known to many Puerto Ricans, was the first indoor shopping mall built in Puerto Rico. It is the largest shopping mall in the Caribbean and the second largest in Latin America. Anchor stores are JCPenney, Macy's, Sears, Sears Brand Central, Forever 21, Old Navy, Caribbean Cinemas and Marshalls. Cuba Libre and Macy's Backstage are coming soon to the mall.
The Meadowlands Sports Complex is a sports complex located in East Rutherford, in Bergen County, New Jersey, United States. The facility is owned and operated by the New Jersey Sports and Exposition Authority (NJSEA).
Wynn Las Vegas, often simply referred to as Wynn, is a luxury resort and casino located on the Las Vegas Strip in Paradise, Nevada, United States, on the site of the old Desert Inn Hotel. The US$2.7-billion resort is named after casino developer Steve Wynn and is the flagship property of Wynn Resorts. The resort covers 215 acres (87 ha). It is located at the northeast corner of Las Vegas Boulevard and Sands Avenue, directly across The Strip from the Fashion Show Mall.
The Mills Corporation was a publicly traded real estate investment trust headquartered in Chevy Chase, Maryland, United States, acquired on April 3, 2007 by an investment group composed of Simon Property Group and Farallon Capital Management. The company developed, owned, and operated major super-regional shopping malls. The company built 18 "Landmark" centers in which the malls were named after "Mills", like "Vaughan Mills," or "St. Louis Mills"; and also over 20 "21st Century Retail" regional malls that they started operating in 2002, like Del Amo Fashion Center and Southdale Center. Most former Mills facilities have a large movie theater from 10–30 screens, and a large food court. Their facilities were normally built in colorful modern/abstract architectural designs, but in recent years have been renovated to more conventional designs with mainly neutral colors. Simon Property Group assumed management of the former Mills properties after the acquisition, and is operating the former "Landmark Mills" group as a separate operating segment within its organization.
Edmonton City Centre is a shopping mall in the downtown core of Edmonton, Alberta, Canada, across the street (west) from Churchill Square.
American Dream is a retail and entertainment complex in the Meadowlands Sports Complex in East Rutherford, New Jersey, United States. The first and second of four opening stages occurred on October 25, 2019, and on December 5, 2019. The remaining opening stages occurred on October 1, 2020 and afterwards.
Prizm Outlets, formerly the Fashion Outlets of Las Vegas, is a 371,000-square-foot (34,500 m2) outlet shopping center in Primm, Nevada, located just off Interstate 15 at the California state line, approximately 40 miles (64 km) southwest of Las Vegas. It is owned by Rialto Capital Management, on land leased from the Primm family.
The Mall at Short Hills, also known as the Short Hills Mall, is a shopping mall located in the Short Hills section of Millburn, New Jersey, United States. It is located 10 miles (16 km) west of Newark Airport and 19 miles (31 km) west of Manhattan, and is situated near both Morris and Union counties along the Passaic River.
Downtown Edmonton is the central business district of Edmonton, Alberta. Located at the geographical centre of the city, the downtown area is bounded by 109 Street to the west, 105 Avenue to the north, 97 Street to the east, 97 Avenue and Rossdale Road to the south, and the North Saskatchewan River to the southeast.
The Great Mall of Las Vegas was a proposed $750M shopping mall in northwestern Las Vegas, Nevada, United States, shelved in 2009. The project was promoted by Triple Five Nevada, an affiliate of the Triple Five Group, the developers of other very large mall projects such as the Mall of America and West Edmonton Mall. The mall was to contain a large shopping center, condominiums, and office space.
The Downtown Summerlin shopping center or DTS is an outdoor shopping, dining, and entertainment center. It is a part of the greater Downtown Summerlin area, a 400-acre (160 ha) development which lies within the community of Summerlin South on the western outskirts of Las Vegas, Nevada. The shopping center contains 1,600,000 square feet (150,000 m2) and is located on 106 acres (43 ha).
The Ghermezian family is a Canadian business family of Iranian Jewish origin. The Ghermezians are best known for building North America's three largest shopping malls: West Edmonton Mall, Mall of America, and American Dream. The family has been based in Edmonton since 1964.
A power center or big-box center is a shopping center with typically 250,000 to 600,000 square feet of gross leasable area that usually contains three or more big box anchor tenants and various smaller retailers, where the anchors occupy 75–90% of the total area.
American Dream Miami is a proposed megamall and entertainment complex intended for Miami-Dade County, Florida, United States. If built, it will become the largest shopping mall in the nation. The project shares its branding with American Dream Meadowlands in New Jersey. It is being developed by Triple Five Group, owners of three of North America's largest malls, American Dream Meadowlands, West Edmonton Mall and Mall of America.
Marina Pacifica is a marina-adjacent shopping mall featuring movie theaters, shopping, dining & copious parking. It is in southeastern Long Beach, California between Second Street and the Los Cerritos Channel. The shopping center has variously been named Marina Pacifica Mall and Marina Pacifica Shopping Center.
DreamWorks Water Park is an indoor water park within the American Dream shopping and entertainment complex, at the Meadowlands Sports Complex in East Rutherford, New Jersey, United States. The park opened on October 1, 2020. The water park includes 1 water slides and 15 attractions, and covers 8.5 acres (3.4 ha).
Sandy's Blasting Bronco is a compact steel launched roller coaster at Nickelodeon Universe amusement park, within the American Dream Meadowlands shopping and entertainment complex, at the Meadowlands Sports Complex in East Rutherford, New Jersey, United States. The coaster is located indoors and launches riders both forwards and backwards through a compact layout.