La compañía Macerich (MAC): Análisis de 5 fuerzas [Actualizado en enero de 2025]

En el panorama dinámico de los bienes raíces comerciales, la Compañía Macerich navega por un complejo ecosistema de las fuerzas del mercado que dan forma a su posicionamiento estratégico. A medida que la dinámica del centro comercial evoluciona en medio de la interrupción tecnológica y los comportamientos cambiantes del consumidor, comprender la intrincada interacción de la energía del proveedor, las demandas de los clientes, las presiones competitivas, los riesgos de sustitución y las barreras de entrada al mercado se vuelven cruciales. Esta profunda inmersión en el marco de las cinco fuerzas de Porter revela los desafíos y las oportunidades matizadas que enfrenta Macerich para mantener su ventaja competitiva en el $ 500 mil millones Mercado inmobiliario minorista.

The Macerich Company (Mac) - Las cinco fuerzas de Porter: poder de negociación de los proveedores

Concentración de proveedores en desarrollo inmobiliario comercial

A partir de 2024, la cadena de suministro de construcción de bienes raíces comerciales demuestra una concentración significativa. Los 4 principales proveedores de materiales de construcción controlan aproximadamente el 62% del mercado especializado de desarrollo minorista.

Dinámica especializada de la cadena de suministro

La compañía Macerich enfrenta un poder de negociación de proveedores moderado con las siguientes características:

• Duración promedio del contrato: 3-5 años
• Mecanismos de precios fijos en el 68% de los contratos a largo plazo
• Proveedores alternativos limitados para materiales especializados de desarrollo minorista

Dependencia de los servicios arquitectónicos e de ingeniería

Los proveedores de servicios arquitectónicos e ingenieros demuestran poder de mercado moderado. Las 3 principales empresas especializadas sirven aproximadamente el 55% de los proyectos de desarrollo de los centros comerciales a nivel nacional.

Implicaciones de precios y costos

La volatilidad del costo del material en 2024 rangos entre 7-12% en diferentes categorías de construcción, lo que impacta la dinámica de negociación de proveedores.

• Precios del acero: 8.5% de fluctuación año tras año
• Materiales de concreto: 9.2% Variabilidad del precio
• Vidrio arquitectónico: 11.3% de inestabilidad de costos

The Macerich Company (Mac) - Las cinco fuerzas de Porter: poder de negociación de los clientes

Dinámica del mercado de inquilinos minoristas

A partir del cuarto trimestre de 2023, Macerich administra 47 propiedades en 10 estados, con un total de 18.6 millones de pies cuadrados de espacio minorista. La cartera de la compañía incluye 52 centros minoristas en los principales mercados estadounidenses.

Palancamiento nacional de negociación de la cadena minorista

Grandes minoristas nacionales como Nordstrom, Target y Macy's ocupan un espacio significativo en las propiedades de Macerich, que representan el 35% del total de la mezcla de inquilinos.

• Los 10 inquilinos principales representan el 23.4% de los ingresos por alquiler de base total
• Término de arrendamiento promedio para cadenas nacionales: 5-7 años
• Término de arrendamiento promedio ponderado restante: 6.4 años

Sensibilidad de ubicación y tasa de alquiler

Las propiedades de Macerich se encuentran en mercados de altos ingresos con ingresos familiares promedio de $ 120,500 dentro de las áreas comerciales.

Demanda minorista experimental

Macerich ha invertido $ 200 millones en propiedades transformantes para apoyar conceptos minoristas experimentales, dirigidos a los Millennials y los consumidores de la Generación Z.

• El 60% de la nueva mezcla de inquilinos se centra en el comercio minorista experimental
• Inversiones de integración digital: $ 45 millones en 2023
• Proyectos de desarrollo de uso mixto: 7 desarrollos en curso

The Macerich Company (Mac) - Las cinco fuerzas de Porter: rivalidad competitiva

Análisis de competidores del mercado

A partir de 2024, el panorama competitivo para Macerich Company involucra a actores clave en el sector de Fideicomiso de Inversión de Bienes Raíces (REIT): REIT):

Métricas de intensidad competitiva

Indicadores de rivalidad competitivos para Macerich Company en 2024:

• Número de competidores directos en el sector REIT minorista: 12
• Ratio de concentración del mercado: 65.4%
• Tasas de ocupación promedio en el panorama competitivo: 88.3%
• Volumen anual de adquisición/disposición de la propiedad: $ 3.2 mil millones

Dinámica de la presión del mercado

Tendencias de consolidación del sector

Métricas de consolidación de bienes raíces minoristas para 2024:

• Fusiones y adquisiciones totales de REIT: 17 transacciones
• Valor de transacción total: $ 6.5 mil millones
• Tamaño promedio de la transacción: $ 382 millones
• Tasa de consolidación: 4.2% del valor de mercado total

The Macerich Company (Mac) - Las cinco fuerzas de Porter: amenaza de sustitutos

Creciente competencia de comercio electrónico desafiando los espacios minoristas tradicionales

Las ventas de comercio electrónico de EE. UU. Alcanzaron $ 1.1 billones en 2023, lo que representa el 14.8% de las ventas minoristas totales. La cuota de mercado de Amazon en comercio electrónico fue del 37.6% en 2023. Las plataformas de compras en línea como Shopify reportaron $ 6.3 mil millones en ingresos totales para 2022.

Aumento de la popularidad de los desarrollos de centros de uso mixto y de estilo de vida

El mercado inmobiliario de uso mixto proyectado para llegar a $ 45.6 mil millones para 2025, con una tasa compuesta anual del 17.2%. Los centros de estilo de vida representaban el 12.5% ​​de los nuevos desarrollos de bienes raíces comerciales en 2023.

• Los desarrollos de uso mixto aumentaron 22.3% en áreas metropolitanas
• Inversión promedio por proyecto de uso mixto: $ 87.4 millones
• Tasas de ocupación para centros de estilo de vida: 89.6%

Opciones de inversión alternativas en bienes raíces comerciales

Fideicomisos de inversión inmobiliaria (REIT) Capitalización total de mercado: $ 1.3 billones en 2023. Rendimiento promedio de dividendos REIT: 4.7%. Las plataformas de inversión inmobiliaria en línea recaudaron $ 3.2 mil millones en 2022.

Plataformas de compras digitales y virtuales emergentes

Se espera que el mercado de la plataforma de compras virtuales alcance los $ 17.8 mil millones para 2025. Las experiencias de compras de realidad aumentada (AR) crecieron un 45.3% en 2023. La plataforma de realidad virtual de Meta reportó $ 2.1 mil millones en ingresos de tecnologías relacionadas con el metaverso.

• Descargas de aplicaciones de compras AR: 62.4 millones en 2023
• Adopción de tecnología de sala de ajuste virtual: 38.7% entre los principales minoristas
• Plataformas de personalización de productos en línea: tamaño de mercado de $ 4.6 mil millones

The Macerich Company (Mac) - Las cinco fuerzas de Porter: amenaza de nuevos participantes

Requisitos de capital en desarrollo inmobiliario comercial

La compañía Macerich enfrenta barreras significativas para los nuevos participantes a través de requisitos de capital sustanciales:

Complejidad regulatoria y de zonificación

Las barreras regulatorias crean desafíos de entrada sustanciales:

• El proceso de aprobación de zonificación puede tomar 18-36 meses
• Costos legales y de cumplimiento estimados: $ 2 millones - $ 5 millones por proyecto
• Se requieren estudios de impacto ambiental: $ 250,000 - $ 750,000

Requisitos de inversión iniciales

Métricas clave de inversión para nuevos participantes de bienes raíces comerciales:

Conocimiento del mercado y relaciones de inquilinos

Barreras relacionadas con la experiencia del mercado:

• Tiempo promedio para establecer la red de inquilinos: 5-7 años
• Costos de adquisición de inquilinos típicos: $ 500,000 - $ 2 millones
• Inversión de investigación de mercado requerida: $ 250,000 - $ 750,000

The Macerich Company (MAC) - Porter's Five Forces: Competitive rivalry

The competitive rivalry facing The Macerich Company is high, stemming from direct competition within the Class A retail REIT space. You are competing head-to-head with established giants like Simon Property Group for market share, tenant quality, and investor perception. This rivalry isn't just about rent per square foot; it's a battle for dominance in creating premier, experience-driven retail destinations in the most attractive U.S. markets.

The pressure is evident in the recent financial outcomes. For the third quarter of 2025, The Macerich Company reported a net loss of $\mathbf{(\$87.4) \text{ million}}$, which, while an improvement from the $\mathbf{(\$108.2) \text{ million}}$ loss in the same period last year, still reflects the ongoing operational headwinds and sector pressures you are navigating. Still, the company is fighting back with strong leasing metrics.

Competition for desirable new tenants and the capital needed for redevelopment is fierce. Macerich's success in securing new business is a direct measure of its competitive standing. For instance, in Q3 2025, the company signed leases encompassing $\mathbf{1.5 \text{ million square feet}}$, an $\mathbf{81\%}$ to $\mathbf{87\%}$ increase year-over-year, showing momentum in capturing tenant demand. Furthermore, the $\mathbf{16\text{th}}$ consecutive quarter of positive base rent leasing spreads, coming in at $\mathbf{5.9\%}$ above expiring base rent for the trailing twelve months ended September 30, 2025, demonstrates pricing power against rivals.

The core of this rivalry centers on asset quality and strategic location. The Macerich Company's portfolio is concentrated in high-barrier-to-entry areas like California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor, which are the same prime targets for competitors like Simon Property Group. You have to continuously invest to keep these properties ahead of the curve, which requires access to redevelopment capital. The company's proactive asset management, including Q3 2025 sales of Lakewood Center for $\mathbf{\$332 \text{ million}}$ and Atlas Park for $\mathbf{\$72 \text{ million}}$, helps manage capital structure while focusing on core assets.

Here's a look at how The Macerich Company's operational performance in Q3 2025 stacks up against key competitors on certain metrics:

The rivalry is also fought on the grounds of operational efficiency and portfolio health, which directly impacts your ability to fund future growth and maintain shareholder returns. You need to watch how your peers are managing their balance sheets and NOI growth:

• Portfolio tenant sales per square foot (spaces < 10k sq ft, TTM ended 9/30/2025): $\mathbf{\$867}$.
• Go-Forward Portfolio Centers Net Operating Income (NOI) increase (Y/Y Q3 2025): $\mathbf{1.7\%}$.
• Interest Expenses growth (Y/Y Q3 2025): $\mathbf{27.3\%}$ to $\mathbf{\$72.7 \text{ million}}$.
• Quarterly Dividend Amount: $\mathbf{\$0.17}$ per share.
• Stock Price (as of November 25, 2025): $\mathbf{\$16.52}$.

To compete effectively, The Macerich Company must continue to demonstrate superior asset management, as evidenced by its $\mathbf{39 \text{ million square feet}}$ portfolio across $\mathbf{38 \text{ retail centers}}$. The pressure is on to convert that high-quality physical footprint into consistent, positive net income, especially when competitors like Regency Centers reported FFO per share of $\mathbf{\$1.15}$ in the same period.

The Macerich Company (MAC) - Porter's Five Forces: Threat of substitutes

You're looking at the digital shift, and honestly, the numbers show why e-commerce is the primary substitute threat for The Macerich Company's physical assets. As of the second quarter of 2025, U.S. ecommerce accounted for 16.3% of total sales on a seasonally adjusted basis, according to the Commerce Department. That's up from an unadjusted 15.5% in the same period. The Macerich Company's portfolio occupancy as of September 30, 2025, stood at 93.4%, which is a slight dip from 93.7% a year prior, showing the constant pressure from these alternatives. Still, The Macerich Company is seeing strong tenant performance in its best spaces; tenant sales per square foot for spaces less than 10,000 square feet for the trailing twelve months ended September 30, 2025, reached $867, up from $834 year over year. It's a tale of two markets, really.

Here's a quick look at how the digital sales growth compares to The Macerich Company's leasing activity in Q3 2025:

Lifestyle centers and mixed-use developments are The Macerich Company's direct answer to the consumer desire for experiences over just transactions. You see this strategy baked into their development pipeline. For instance, plans are moving forward to re-envision the 25-acre outdoor village at FlatIron Crossing into a new, mixed-use entertainment district integrating multi-family, office, and hotel components. Also, at Green Acres, a transformation is underway that will bring 300,000 square feet of new entertainment, dining, and retail brands to the property. This focus on creating community cornerstones is a direct countermeasure to the convenience of staying home.

The defintely growing trend of adaptive reuse of older malls into non-retail, mixed-use property nationally supports The Macerich Company's strategy, even if their focus is on high-quality centers. Nationally, developers converted nearly 25K apartments from existing buildings in 2024, a 50% jump from 2023. Office conversions made up nearly 24% of those completed units in 2024. This broader market shift validates the capital allocation toward non-traditional uses within prime retail footprints, which The Macerich Company is doing selectively.

Consumers substituting trips with home delivery or BOPIS (buy-online-pick-up-in-store) is captured in the overall e-commerce growth, but The Macerich Company's leasing velocity shows that physical retail still captures significant demand. They signed leases encompassing 1.5 million square feet in Q3 2025 alone, an 81% increase in leased square footage signed year over year on a comparable center basis. That's real, tangible commitment from retailers.

• Leases signed in Q3 2025: 1.5 million square feet.
• Leasing speedometer progress: Currently at 70% toward the year-end 2025 goal.
• Sign Not Open (SNO) pipeline: Expanded to approximately $99 million.
• Positive base rent re-leasing spreads: 16th consecutive quarter.
• Liquidity position (as of Nov. 4, 2025): Around $1 billion.

The Macerich Company (MAC) - Porter's Five Forces: Threat of new entrants

You're looking at the barriers preventing a new, well-funded competitor from building a prime, Class A mall from scratch today. Honestly, the hurdles are immense, especially when you consider the capital required just to break ground on a modern facility.

Extremely high capital costs for acquiring and developing prime, large-scale retail sites.

New entrants face construction cost benchmarks that can range from $150 to $250 per square foot for modern retail centers. For a premium lifestyle center, which is what a new competitor would likely attempt to build to compete with The Macerich Company (MAC)'s assets, costs jump to between $420 to $580 per square foot. Considering The Macerich Company (MAC) owns 42.2 million square feet of gross leasable area, the scale of capital needed is staggering. Furthermore, material costs, like steel rebar, hovered around $912 per ton as of February 2025, and construction costs overall were predicted to rise between 5% and 7% in 2025. Redevelopment is the current play, as new ground-up development is often deemed too risky or expensive, with some estimates suggesting new construction costs could exceed $400 per square foot.

Significant regulatory hurdles and lengthy zoning approval processes.

Securing the necessary entitlements for a large-scale project is a multi-month, often multi-year, drain on capital and time. In some Florida jurisdictions, if a development permit requires a public hearing, the final decision deadline extends to 180 days after the application is deemed complete. In major markets like Chicago, large projects still rely on the Planned Development (PD) process for customized zoning. While Los Angeles is streamlining its code, reducing administrative steps from over 120 to approximately 60 in some projects as of mid-2025, the complexity remains market-dependent.

Existing Class A mall locations are essentially irreplaceable in dense, high-income markets.

The Macerich Company (MAC) has strategically concentrated its portfolio in irreplaceable trade areas, including California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. You simply cannot replicate the existing footprint of The Macerich Company (MAC)'s 29 consolidated regional malls and 10 unconsolidated regional malls. This scarcity value is reflected in the high performance of their existing assets; for instance, their go-forward portfolio sales were $905 per square foot at the end of Q3 2025, compared to the overall portfolio average of $849 per square foot over the prior twelve months ending June 2025.

New entrants face difficulty securing anchor tenants without an established portfolio.

The traditional anchor model is changing, but securing a high-traffic draw remains critical, and established landlords have the leverage. New entrants must compete against The Macerich Company (MAC)'s existing leasing momentum; they signed 5.4 million square feet of new and renewal leases year-to-date in 2025, an 86% increase compared to the same period in 2024. A new developer would struggle to offer the same stability, especially when The Macerich Company (MAC)'s leased occupancy stood at 93.4% as of September 30, 2025.

Here's a quick look at the financial scale of the existing portfolio versus the cost to build new, which illustrates the barrier:

The difficulty in entry is compounded by the shift in tenant strategy, meaning a new entrant must not only secure land but also curate a completely new, high-traffic tenant mix, which The Macerich Company (MAC) is actively managing through its existing pipeline:

• The Macerich Company (MAC) Q3 2025 Signed Not Open (SNO) pipeline target was set at $100 million by year-end.
• The Macerich Company (MAC) reported a 7.8% increase in Funds From Operations (FFO) attributable to common stockholders for Q3 2025.
• New store leases signed by The Macerich Company (MAC) in Q1 2025 were expected to produce gross revenue of approximately $80 million at their share over 2024's prior use revenue.
• The Macerich Company (MAC) is targeting $2 billion in mall dispositions, with $1.2 billion closed to date.