Date: January 26, 2026The Macerich Company (NYSE: MAC) stands as one of the most resilient players in American retail real estate. Founded in 1964 as MaceRich Real Estate Company by Mace Siegel and Richard Cohen in New York, it began as a modest developer of strip centers and shopping properties. Over six decades, Macerich has grown into a leading REIT focused on high-quality regional malls and mixed-use centers, navigating booms, busts, crises, and the rise of e-commerce.Founding and Early Growth (1964–1994)Macerich started small, building and managing retail properties primarily in the Midwest and Northeast. A pivotal early figure was Dana K. Anderson, a University of Kansas (KU) graduate from Salina, Kansas, who joined in 1966—shortly after the company's start—and became one of its key founders and long-term leaders.Anderson, who would later serve as Executive Vice President, Chief Operating Officer, and Vice Chairman of the Board (eventually Vice Chairman Emeritus), played a crucial role in Macerich's expansion. His Midwestern connections helped the company secure deals like the early stand-alone discount store in Topeka (which evolved into a Gordman's) and the landmark 1972 acquisition of White Lakes Mall in Topeka, Kansas. This deal marked a shift from strip centers to full shopping malls, setting the stage for national growth.In the 1970s–1980s, Macerich built a reputation for high-quality retail management. Dana Anderson helped develop 17 centers across the Midwest and even Annapolis, MD, drawing on his Kansas roots to identify opportunities in heartland markets.The company went public in 1994 as a REIT under ticker MAC, unlocking capital for aggressive expansion.National Expansion and Peak Years (1990s–2000s)The late 1990s and 2000s saw Macerich become a dominant force in premium retail. Key acquisitions included Westside Pavilion (Los Angeles), Queens Center (New York), and portfolios from Westcor Realty, strengthening its Southwest presence.The company focused on Class A malls in affluent areas—think Scottsdale Fashion Square (Arizona), Santa Monica Place (California), and Tysons Corner Center (Virginia)—attracting anchors like Nordstrom and Macy’s. Redevelopments added entertainment, dining, and mixed-use elements to adapt to evolving consumer tastes.Stock performance reflected the era's retail boom, peaking at around $85.76 in 2006.Challenges and Resilience (2008–2010s)The 2008 financial crisis hammered retail REITs. Macerich's stock fell to $14.11 as leasing slowed and financing tightened. The company prioritized liquidity and balance-sheet strength.Recovery came through a focus on top-tier assets. Redevelopments incorporated offices, hotels, and experiential tenants. In 2015, Macerich rejected a $16.8 billion takeover bid from rival Simon Property Group amid activist pressure, choosing independence to pursue its strategy.Stock rebounded to $84.14 that year, showcasing confidence in its premium portfolio.Pandemic and Post-2020 Adaptation (2020–2026)COVID-19 devastated malls: closures, bankruptcies, and tenant struggles drove the stock to a low of $11.42 in 2020 (and even $11.26 in 2022). Macerich responded with rent relief, digital partnerships (curbside pickup, e-commerce tie-ins), and accelerated diversification—adding fitness, groceries, entertainment, and non-retail uses.By 2023–2025, recovery took hold. The company emphasized debt reduction, sustainability (LEED certifications, energy efficiency, solar), and premium properties like The Grove (Los Angeles), Fashion District Philadelphia, and others.As of mid-January 2026, MAC trades around $18.16–$18.74 (with fluctuations; recent closes near $18.43–$18.74, market cap ~$4.7 billion). Analysts remain mixed but note positive signals: record leasing activity, acquisitions like Crabtree Valley Mall (expected to boost FFO), and a $2 billion disposition program wrapping up. The portfolio now spans about 38–50 centers (roughly 39 million sq ft), concentrated in high-barrier markets like California, Phoenix/Scottsdale, Pacific Northwest, and Metro NY/DC.Macerich continues to lead in sustainability, earning top GRESB rankings for North American retail for a decade.Dana K. Anderson's Lasting ImpactDana K. Anderson's influence extends far beyond Macerich. After decades building the company, he transitioned to consultant and Vice Chairman Emeritus. He returned to Lawrence, Kansas, where he and his wife Sue have been prolific KU philanthropists—donating millions to the School of Business, Anderson Family Football Complex, Strength and Conditioning Center, marching band, women's rowing, and more (over 150 gifts total, plus the Anderson Family Business Opportunity Fund).In 2016, Anderson helped Macerich (in partnership with Taubman) acquire the iconic Country Club Plaza in Kansas City for $660 million—bringing his professional legacy full circle to his home state.Honored in the Lawrence Business Hall of Fame (2020) and as a KU standout, Anderson exemplifies how Midwestern roots and vision shaped one of retail's enduring success stories.Personal NoteI had the privilege of working at MaceRich/Macerich from February 1983 to 1996—right through the IPO and early public years. Seeing the company evolve from those foundational days to today's adaptive, premium-focused REIT has been remarkable. Dana K. Anderson's early leadership and regional insight were key to that foundation.Macerich's history is one of resilience: adapting to economic cycles, consumer shifts, and digital disruption while staying committed to quality properties and community impact. As retail real estate continues evolving, Macerich remains a bellwether for the sector.If you're interested in deeper dives—specific properties, financials, recent earnings (next report February 2026), or more on Dana Anderson's KU legacy—drop a comment or reach out!Henry McClure
@mcre1
