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93-626: The Galleria , stylized theGalleria and also known as the Houston Galleria , is an upscale mixed-use urban development and shopping mall located in the Uptown District of Houston, Texas , United States. The development consists of a retail complex, as well as the Galleria Office Towers complex, two Westin hotels , and a private health club . The office towers and hotels are separately owned and managed from
186-553: A "Focus List". The list was also referred to as a "name and shame" list. Beginning in 2010, CalPERS stopped publicly naming companies on the list and instead began dealing with such companies privately. In 2012, CalPERS initiated a program to monetize the Focus List. Each year, after the Board approves staff recommendations for Focus List companies, CalPERS increases investments in those companies. New Focus List companies are added to
279-784: A "document of collegiality" in October 2001). Other controversies have affected the Board, such as: CalPERS employees perform under the direction of the chief executive officer (CEO) of CalPERS. Past CEOs have been: Earl W. Chapman (1932–1956); Edward K. Coombs (acting, 1956); William E. Payne (1956–1974); Carl J. Blechinger (1975–1983); Sidney C. McCausland (1984–1986); Kenneth G. Thomason (acting or interim, 1987); Dale M. Hanson (1987–1994); Richard H. Koppes (interim, 1994); James E. Burton (1994–2002); Robert D. Walton (interim, 2002); Fred R. Buenrostro, Jr. (2002–2008); Kenneth W. Marzion (interim, 2008–2009); Anne Stausboll (2009–June 2016); and Marcie Frost (October 2016 – Present). Reporting to
372-602: A 3,000% increase from before the 1999 benefits expansion. Promised benefits exceeded funds available by $ 241.3 billion. Unfunded retiree healthcare costs add an additional $ 125 billion to California's public retirement debt. During Gavin Newsom 's tenure, activists have increasingly called for CalPERS to more broadly divest from fossil fuels . On February 17, 2022, State Senator Lena Gonzalez introduced legislation that would require CalPERS and CalSTRS divest. The CalPERS board has opposed proposals to divest. The bill passed
465-492: A few jurisdictions, notably California , have expanded the right of freedom of speech to ensure that speakers will be able to reach consumers who prefer to shop, eat, and socialize within the boundaries of privately owned malls. The Supreme Court decision Pruneyard Shopping Center v. Robins was issued on 9 June 1980 which affirmed the decision of the California Supreme Court in a case that arose out of
558-738: A free speech dispute between the Pruneyard Shopping Center in Campbell, California, and several local high school students. This is a list of the world's largest shopping malls based on their gross leasable area (GLA), with a GLA of at least 250,000 m (2,700,000 sq ft). Some wholesale market complexes also function as shopping malls in that they contain retail space which operate as stores in normal malls do but also act as producer vendor outlets that can take large orders for export. CalPERS The California Public Employees' Retirement System ( CalPERS )
651-570: A hotel, luxury condominiums, and office space and sits atop a block-long base containing an eight-level atrium-style retail mall that fronts on the Magnificent Mile . Vertical malls are common in densely populated conurbations in East and Southeast Asia. Hong Kong in particular has numerous examples such as Times Square , Dragon Centre , Apm , Langham Place , ISQUARE , Hysan Place and The One . A vertical mall may also be built where
744-493: A large number of new malls had been built near major cities, notably the MEGA malls such as Mega Belaya Dacha mall near Moscow . In large part they were financed by international investors and were popular with shoppers from the emerging middle class. A shopping property management firm is a company that specializes in owning and managing shopping malls. Most shopping property management firms own at least 20 malls. Some firms use
837-534: A major competitor to shopping malls. In the United States , online shopping has accounted for an increasing share of total retail sales. In 2013, roughly 200 out of 1,300 malls across the United States were going out of business. To combat this trend, developers have converted malls into other uses including attractions such as parks, movie theaters, gyms, and even fishing lakes. In the United States,
930-955: A mall the center reverts to its own name and branding, such as the Ashley Centre in Epsom . Similarly, following its rebranding from Capital Shopping Centres, intu Properties renamed many of its centres to "intu (name/location)" (such as intu Lakeside ); again, malls removed from the network revert to their own brand (see for instance The Glades in Bromley ). One controversial aspect of malls has been their effective displacement of traditional main streets or high streets . Some consumers prefer malls, with their parking garages, controlled environments, and private security guards , over central business districts (CBD) or downtowns , which frequently have limited parking, poor maintenance, outdoor weather, and limited police coverage. In response,
1023-473: A new state law allowed SERS to invest in real estate. SERS then built a 670,000-square-foot (62,000 m ), 16-story building in Sacramento which opened in 1965; part of the building housed SERS employees, and part of the building was leased to other state agencies. The "first major new benefit for SERS members," health insurance, began in 1962 with the passage of a law that was later amended to become
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#17327825437061116-846: A number of subsequent papers, including: CalPERS commissioned three studies that were released in 2007-2008 about the economic impacts of the following: Key findings of the CalPERS Economic Impacts in California Report for the fiscal year ending June 30, 2012 included: CalPERS touted the studies as demonstrating the value of the agency with news releases such as "CalPERS and CalSTRS Pensions Power Up State and Local Economies". The studies and their use by CalPERS were criticized as follows: Among other "offerings to ensure [its] workers are happy as well as healthy," CalPERS has an onsite Montessori method child care facility, conducts employee surveys every two years, offers
1209-806: A popular way to build retail across the world. Gruen himself came to abhor this effect of his new design; he decried the creation of enormous "land wasting seas of parking" and the spread of suburban sprawl. Even though malls mostly appeared in suburban areas in the U.S., some U.S. cities facilitated the construction of enclosed malls downtown as an effort to revive city centers and allow them to compete effectively with suburban malls. Examples included Main Place Mall in Buffalo (1969) and The Gallery (1977, now Fashion District Philadelphia ) in Philadelphia. Other cities created open-air pedestrian malls . In
1302-576: A shape reminiscent of a tree which is made of steel covered with glass. The project was awarded a Gold Leadership in Energy and Environmental Design (LEED) rating. In 2012, Governor Jerry Brown signed legislation that reduced benefits for all new state employees and sought to combat pension spiking . Legislators rejected Governor Brown's proposals to include a 401(k) type defined contribution plan and to require CalPERS Board members to be independent, not themselves pensioners. Governor Brown promoted
1395-549: A similar naming scheme for most of their malls; for example, Mills Corporation puts "Mills" in most of its mall names and SM Prime Holdings of the Philippines puts "SM" in all of its malls, as well as anchor stores such as The SM Store, SM Appliance Center, SM Hypermarket, SM Cinema, and SM Supermarket. In the UK, The Mall Fund changes the name of any center it buys to "The Mall (location)" , using its pink-M logo; when it sells
1488-587: A single percent at the November California elections, 1992 . Proposition 162, also known as the "California Pension Protection Act of 1992," gave the PERS board "the sole and exclusive fiduciary responsibility over the assets of" PERS. To avoid confusion with public employees' retirement systems in other states, the organization's name was changed to "CalPERS" in 1992. By 1996, the CalPERS portfolio
1581-423: A training and wellness program, and administers a nationally known employee recognition program. The employee recognition program has several components: Two CalPERS employees received 2000 National Association for Employee Recognition (NAER) Recognition Champion Awards for the employee recognition program. In addition, CalPERS itself won a 2002 Best Practices award from NAER. The employee recognition program
1674-676: A year before the Great Recession , no new malls were built in America, for the first time in 50 years. City Creek Center Mall in Salt Lake City , which opened in March 2012, was the first to be built since the recession. Malls began to lose consumers to open-air power centers and lifestyle centers during the 1990s, as consumers preferred to park right in front of and walk directly into big-box stores with lower prices and without
1767-767: A year on an investment portfolio of 261 billion in October 2007 and down to 186 billion in October 2008. This is a 2.5% return on investment over the 11-year period. Income or loss from investments fluctuates from year to year; between 1998–99 and 2007–08, the highest income was $ 40.7 billion in 2006-07 and the greatest loss was $ 12.5 billion in 2007–08. As of October 2008, CalPERS had a total of $ 186.7 billion in assets invested as follows: $ 104.9 billion (56.2%) in equities, $ 41.0 billion (21.9%) in fixed income, $ 20.9 billion (11.2%) in real estate, $ 16.2 billion (8.7%) in cash equivalents, and $ 3.7 billion (2.0%) in inflation linked assets. In 2010 CalPERS revised its strategic asset allocation mix using its Asset Liability Management process. By
1860-487: A year. With the stock market decline in 2008, during the financial crisis of 2007–2008 , there were large investment income losses. There was a 12 billion dollar investment income loss in 2008 and 55 billion in 2009. The 124 billion dollars of income in the nine-year period 1999-2007 was reduced by half as a consequence of the combined losses of 67 billion in 2008 and 2009. This totals to 57 billion dollars of investment income during this 11-year period, or about 5.1 billion
1953-535: Is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families". In fiscal year 2020–21, CalPERS paid over $ 27.4 billion in retirement benefits, and over $ 9.74 billion in health benefits. CalPERS manages the largest public pension fund in the United States, with more than $ 469 billion in assets under management as of June 30, 2021. CalPERS
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#17327825437062046-641: Is budgeted in 2014-2015 for administrative functions in CalPERS, such as paying the salaries of 2,700 CalPERS employees. CalPERS current fund balance value as of June 2021 is 466.66 Billion. CalPERS derives its income from investments, from member contributions, and from employer contributions. Investment Income has fluctuated in the last 15 years, 1999–2013, with five years of losses and 10 years of gains. There were investment income gains of $ 17 billion in 1999, $ 16 billion in 2000 and $ 5 billion in 2003. The stock market declines in 2001 led to investment income losses of 12 billion in 2001 and 10 billion in 2002. Thus,
2139-539: Is known for its shareholder activism ; stocks placed on its "Focus List" may perform better than other stocks, which has given rise to the term "CalPERS effect". Outside the U.S., CalPERS has been called "a recognized global leader in the investment industry", and "one of America's most powerful shareholder bodies". As of 2018, the agency has $ 360 billion in assets, and is underfunded by an estimated $ 150 billion, with current assets below 70% of necessary to provide for liabilities. In an effort to reduce this shortfall, at
2232-556: Is positioned below the mall's central glass atrium which was originally added by Hines to increase the visibility of the stores in the lower level. There is a jogging track on the roof around the atrium with a view to this rink. About 50 restaurants and specialty food stores at all prices and service points are located throughout the Galleria complex. A Nobu was added to the property and opened in June 2018. Two hotels are located directly in
2325-634: The Williams Tower is also connected to the mall. See also: List of companies in Houston See: List of colleges and universities in Houston [REDACTED] Category [REDACTED] Texas portal Shopping mall A shopping mall (or simply mall ) is a large indoor shopping center , usually anchored by department stores . The term mall originally meant a pedestrian promenade with shops along it, but in
2418-531: The dot-com bubble burst, and CalPERS did not grow, instead losing value in the stock market downturn of 2002 . In 2001–2002, CalPERS provided technical assistance for the Sarbanes-Oxley Act because it had sustained financial losses from the Enron and WorldCom bankruptcies. After the Great Recession , in 2009 CalPERS investments lost 24%, dropping $ 67 billion in value. Chairman Crist retired from
2511-524: The overhead of traditional malls (i.e., long enclosed corridors). Another issue was that the growth-crazed American commercial real estate industry had simply built too many nice places to shop—far more than could be reasonably justified by the actual growth of the American population, retail sales, or any other economic indicator. The number of American shopping centers exploded from 4,500 in 1960 to 70,000 by 1986 to just under 108,000 by 2010. Thus,
2604-442: The "Public Employees' Medical and Hospital Care Act". Because by 1967 SERS was contracting with 585 local public agencies for retirement benefits, its name was changed to the "Public Employees' Retirement System" (PERS). With the passage of a ballot proposition and a state law in 1966–1967, PERS was allowed to invest 25% of its portfolio in stocks; in 1984, Proposition 21 removed the 25% limitation. State Treasurer Jesse M. Unruh
2697-735: The 1980s, and especially in the early 1990s under the pioneering leadership of CEO Dale Hanson, CalPERS has used its influence as one of the largest shareholders in the world to change the way certain things are done in business. It is especially known for its shareholder activism concerning corporate governance , in which it has been described as the most influential pension fund and as "a leader among activist institutions". Among other examples of its shareholder activism, CalPERS has: CalPERS has received some criticism for its shareholder activism: Beginning in 1987, CalPERS placed certain companies, with which it had "concerns about stock and financial underperformance and corporate governance practices" on
2790-532: The 500-room Galleria Plaza Hotel (now The Westin Galleria Houston). Marshall Field's joined the mall in 1979, in a store designed by noted architect Philip Johnson . In 1986, a second major expansion, Galleria III, opened with a new wing to the west of Marshall Field's, anchored by Macy's . Access to Galleria III from the main mall was through the Marshall Field's store limiting the success of
2883-610: The 600,000 square foot Highland Mall will be a campus for Austin Community College . In France , the So Ouest mall outside of Paris was designed to resemble elegant, Louis XV -style apartments and includes 17,000 square metres (180,000 sq ft) of green space. The Australian mall company Westfield launched an online mall (and later a mobile app) with 150 stores, 3,000 brands and over 1 million products. The COVID-19 pandemic also significantly impacted
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2976-647: The American market in 2022, the United States had an average of 24.5 square feet of retail space per capita (in contrast to 4.5 square feet per capita in Europe). In 2019, The Shops & Restaurants at Hudson Yards opened as an upscale mall in New York City with "a ' Fifth Avenue ' mix of shops", such as H&M , Zara , and Sephora below them. This is one of the first two malls built recently, along with American Dream in which both opened in 2019 since City Creek Center . Online shopping has also emerged as
3069-546: The CEO, the executive officers of CalPERS are: deputy executive officers for customer services and support, health benefit programs, policy and planning, operations and technology, and external affairs; a general counsel ; a chief actuary ; and a chief financial officer ; a chief information officer ; a chief risk officer ; and a chief investment officer . Under the executive officers, CalPERS employees work in 23 major branches, divisions, and offices. Approximately $ 415.1 million
3162-676: The Galleria complex. The 400-room Houston Oaks Hotel opened in September 1971, soon after the opening of the first wing of the Galleria. The 500-room Galleria Plaza Hotel opened on November 18, 1977, soon after the opening the second wing. Both were managed from their opening by Western International Hotels. That chain was renamed Westin Hotels in 1981, and the hotels were renamed The Westin Galleria and The Westin Oaks in 1984. The Galleria has three office towers with Galleria Financial Center acting as
3255-622: The Gruen-designed Southdale Center , which opened in the Twin Cities suburb of Edina, Minnesota , United States in October 1956. For pioneering the soon-to-be enormously popular mall concept in this form, Gruen has been called the "most influential architect of the twentieth century" by Malcolm Gladwell . The first retail complex to be promoted as a "mall" was Paramus, New Jersey 's Bergen Mall , which opened with an open-air format on November 14, 1957, and
3348-670: The International Council of Shopping Centers, is a shopping mall with over 800,000 sq ft (74,000 m ) of gross leasable area, three or more anchors, mass merchant, more variety, fashion apparel , and serves as the dominant shopping venue for the region (25 miles or 40 km) in which it is located. Not classified as malls are smaller formats such as strip malls and neighborhood shopping centers , and specialized formats such as power centers , festival marketplaces , and outlet centers . Shopping centers in general may have their origins in public markets and, in
3441-779: The Middle East, covered bazaars . In 1798, the first covered shopping passage was built in Paris, the Passage du Caire . The Burlington Arcade in London was opened in 1819. The Arcade in Providence, Rhode Island , built in 1828, claims to be the first shopping arcade in the United States. Western European cities in particular built many arcade-style shopping centers. The Galleria Vittorio Emanuele II in Milan, which opened in 1877,
3534-551: The PERS’ actuarial projections and the appointment of a majority of its board of directors. Public employee unions responded by seeking an amendment to the Constitution of California that would guarantee the board's independence, remove the fund's duty to minimize contributions or administrative costs, and require the provision of benefits to “take precedence over any other duty.” The initiative, known as Proposition 162, passed by
3627-543: The State's contributions by projecting an average annual return of 8.25% over the next decade. When Board member Phil Angelides ’ aide questioned whether the stock market could grow that long, Board Chairman William Crist, a former union president, replied that they “could make all sorts of different assumptions and make predictions, but that’s really more than I think we can expect our staff to do.” CalPERS' chief actuary, objected, finding that it would be “fairly catastrophic” if
3720-607: The Texas market and sold its Marshall Field's Texas stores. The San Antonio location was sold to Macy's, and three Houston and Dallas stores to Saks Fifth Avenue . Saks Fifth Avenue would relocate its Post Oak Boulevard location into the Galleria as a flagship location after extensive renovations. The new Saks Fifth Avenue opened in 1997. Hines Interests sold the mall in 1999 to a partnership of Urban Shopping Centers , Inc. and institutional funds advised by Walton Street Capital, LLC. The Walton Street affiliated funds separately purchased
3813-464: The United States after World War II , with larger open-air shopping centers anchored by major department stores, such as the 550,000-square-foot (51,000 m ) Broadway-Crenshaw Center in Los Angeles , built in 1947 and anchored by a five-story Broadway and a May Company California . In the late 1950s and into the 1960s, the term "shopping mall" was first used, but in the original sense of
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3906-406: The United States were considered to be "dying" (40% or higher vacancy rates) and nearly one-fifth of all malls had vacancy rates considered "troubling" (10% or higher). Some real estate experts say the "fundamental problem" is a glut of malls in many parts of the country creating a market that is "extremely over-retailed". By the time shopping mall operator Unibail-Rodamco-Westfield decided to exit
3999-432: The United States, Persian Gulf countries , and India, the term shopping mall is usually applied to enclosed retail structures (and is generally abbreviated to simply mall ), while shopping center usually refers to open-air retail complexes; both types of facilities usually have large parking lots , face major traffic arterials , and have few pedestrian connections to surrounding neighborhoods. Outside of North America,
4092-508: The United States, developers such as A. Alfred Taubman of Taubman Centers extended the concept further in 1980, with terrazzo tiles at the Mall at Short Hills in New Jersey , indoor fountains, and two levels allowing a shopper to make a circuit of all the stores. Taubman believed carpeting increased friction, slowing down customers, so it was removed. Fading daylight through glass panels
4185-424: The basement dining rooms. A common feature of shopping malls is a food court: this typically consists of a number of fast food vendors of various types, surrounding a shared seating area. When the shopping mall format was developed by Victor Gruen in the mid-1950s, signing larger department stores was necessary for the financial stability of the projects, and to draw retail traffic that would result in visits to
4278-421: The board and it was later revealed he had accepted more than $ 800,000 from a firm to ensure hundreds of millions of investment from CalPERS. In November 2005, CalPERS expanded its headquarters with the 560,000-square-foot (52,000 m ) "Lincoln Plaza East & West" buildings which cost $ 265 million. The architecture of the buildings, which received praise, includes an entry tower 90 feet (27 m) high in
4371-455: The buyout, Rodamco's ownership interest and management operation of the mall was acquired by Simon Property Group in early 2002. During these rapid ownership changes, development continued on a third expansion of the shopping center, known as Galleria IV. Completed in March 2003, it added 800,000 sq ft (74,000 m) to the south, anchored by Nordstrom and Foley's , as well as an additional 70 stores. Upon completion of Galleria IV,
4464-593: The companies engaged by CalPERS significantly outperformed the Russell 1000 . In 1994, Nesbitt published a study that found that companies on the Focus List trailed the S&;P 500 prior to being put on the list, but outperformed the S&;P 500 after being put on the list, and named this phenomenon the "CalPERS effect". The term has been used in the newsmedia. Whether a "CalPERS effect" actually exists has been studied in
4557-474: The construction of any more. Out-of-town shopping developments in the UK are now focused on retail parks , which consist of groups of warehouse style shops with individual entrances from outdoors. Planning policy prioritizes the development of existing town centres, although with patchy success. Westfield London ( White City ) is the largest shopping centre in Europe. In Russia , on the other hand, as of 2013
4650-415: The current Board members are Rob Feckner (President), Priya Sara Mathur, Michael Bilbrey, John Chiang , Richard Costigan, Richard Gillihan, JJ Jelincic , Henry Jones (Vice President), Ron Lind, Betty Yee, Bill Slaton, Teresa Taylor and Dana Hollinger. Between 1999 and 2001, several conflicts among Board members were notable: In response to such conflicts, the Board took various measures (e.g., it adopted
4743-515: The end of 2016 the board lowered their expected annual rate of return on investments from 7.5% to 7.0%, increasing the costs California cities must pay toward their workers' pensions. For comparison: Discussion about providing for the retirement of California state employees began in 1921, but only in 1930 did California voters approve an amendment to the State Constitution to allow pensions to be paid to state workers, and only in 1931
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#17327825437064836-464: The end of the fiscal year ended June 30, 2013, CalPERS had a total of $ 257.9 billion in assets invested as follows: $ 166.3 billion (64 percent) in equities, $ 40.2 billion (16 percent) in fixed income, $ 25.8 billion (10 percent) in real assets, $ 10.6 billion (4 percent) in cash equivalents, $ 9.2 billion (4 percent) in inflation-linked assets, $ 5.2 billion (2 percent) in hedge funds, and $ 0.5 billion (0.0 percent) in multi-asset class and other. Beginning in
4929-652: The equivalent of a U.S. mall, are located in city centres, usually found in old and historic shopping districts and surrounded by subsidiary open air shopping streets. Large examples include Westquay in Southampton ; Manchester Arndale ; Bullring Birmingham ; Liverpool One ; Trinity Leeds ; Buchanan Galleries in Glasgow ; St James Quarter in Edinburgh ; and Eldon Square in Newcastle upon Tyne . In addition to
5022-501: The existing Foley's would be renamed Macy's in September 2006. The original Macy's continued to operate until 2014 when it was razed to accommodate the relocation of Saks Fifth Avenue into a new state of the art flagship store on the Macy's at Sage site. After the Saks relocation, the Marshall Field's building was reconstructed into smaller shops. These provided direct access to Galleria III and
5115-421: The five-year period 1999 to 2003 period had a cumulative income of $ 16 billion, or about three billion a year on an investment portfolio of over $ 200 billion. The next four years were a period of investment income stability; a 24 billion investment income in 2004, 22 billion in 2005, 21 billion in 2006, and 41 billion in 2007. This four-year period had a cumulative investment income of $ 108 billion, or $ 27 billion
5208-574: The fund only grew at 4.4%. The benefits expansion bill, SB 400, passed with unanimous backing by California State Assembly Democrats and was signed into law by Governor Gray Davis . CalPERS then produced a video promoting the legislation with Chairman Crist promising greater benefits “without imposing any additional cost on the taxpayers” and the California State Employees Association president praising it as “the biggest thing since sliced bread”. The next year
5301-815: The geography prevents building outward or there are other restrictions on construction, such as historic buildings or significant archeology . The Darwin Shopping Centre and associated malls in Shrewsbury , UK, are built on the side of a steep hill, around the former town walls; consequently the shopping center is split over seven floors vertically – two locations horizontally – connected by elevators, escalators and bridge walkways. Some establishments incorporate such designs into their layout, such as Shrewsbury's former McDonald's , split into four stories with multiple mezzanines which featured medieval castle vaults – complete with arrowslits – in
5394-476: The hub of the mall where the shops and offices share a common atrium with glass elevators and offices overlooking the mall below. The Galleria Financial Center is occupied by many financial institutions such as Merrill Lynch , UBS AG , Citigroup , law offices, financial services companies and energy trading companies. The other two office buildings are Post Oak Tower, and the Galleria Tower. Additionally,
5487-851: The inner city shopping centres, large UK conurbations will also have large out-of-town "regional malls" such as the Metrocentre in Gateshead ; Meadowhall Centre , Sheffield serving South Yorkshire ; the Trafford Centre in Greater Manchester ; White Rose Centre in Leeds ; the Merry Hill Centre near Dudley ; and Bluewater in Kent . These centres were built in the 1980s and 1990s, but planning regulations prohibit
5580-995: The late 1960s, it began to be used as a generic term for the large enclosed shopping centers that were becoming increasingly commonplace. In the United Kingdom and other countries, shopping malls may be called shopping centres . In recent decades, malls have declined considerably in North America , particularly in subprime locations, and some have closed and become so-called " dead malls ". Successful exceptions have added entertainment and experiential features, added big-box stores as anchors, or converted to other specialized shopping center formats such as power centers , lifestyle centers , factory outlet centers, and festival marketplaces . In Canada, shopping centres have frequently been replaced with mixed-use high-rise communities. In many European countries and Asian countries , shopping malls continue to grow and thrive. In
5673-594: The late 1960s. The enclosed shopping center, which would eventually be known as the shopping mall, did not appear in mainstream until the mid-1950s. One of the earliest examples was the Valley Fair Shopping Center in Appleton, Wisconsin , which opened on March 10, 1955. Valley Fair featured a number of modern features including central heating and cooling, a large outdoor parking area, semi-detached anchor stores, and restaurants. Later that year
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#17327825437065766-453: The mall. It features Macy's , Nordstrom , Neiman Marcus , and Saks Fifth Avenue . With 3 million square feet (280,000 m) of space that includes 2,400,838 square feet (223,045.1 m) of gross leasable area with 400 stores, the Galleria is the largest mall in Texas and the seventh largest shopping mall in the United States. The idea of an indoor shopping center with a hotel
5859-571: The mall. The challenge of this type of mall is to overcome the natural tendency of shoppers to move horizontally and encourage shoppers to move upwards and downwards. The concept of a vertical mall was originally conceived in the late 1960s by the Mafco Company, former shopping center development division of Marshall Field & Co. The Water Tower Place skyscraper in Chicago , Illinois was built in 1975 by Urban Retail Properties. It contains
5952-471: The most visited attraction in Greater Houston . Dillard's , which technically is not a part of the Galleria, is located across the street from Neiman Marcus. The Galleria includes a 20,000-square-foot (1,900 m) ice skating facility with 80 feet (24 m) x 180-foot (55 m) rink. The rink, known as "Polar Ice" and originally built in 1970, was the first ever built inside a mall. The rink
6045-618: The name of the complex (such as Toronto Eaton Centre ). The term mall is less-commonly a part of the name of the complex. The International Council of Shopping Centers , based in New York City , classifies two types of shopping centers as malls: regional malls and superregional malls. A regional mall, per the International Council of Shopping Centers, is a shopping mall with 400,000 sq ft (37,000 m ) to 800,000 sq ft (74,000 m ) gross leasable area with at least two anchor stores . A super-regional mall, per
6138-498: The new Saks Fifth Avenue store. In 2008, Forbes ranked the Galleria as one of the world's best shopping malls. Since the end of the government lockdown during the COVID-19_pandemic , the Galleria has announced several new additions, including Rag & Bone , Bally , Savage X Fenty , Tous , Wilson , NBA Store , Moncler , Psycho Bunny , Blue Nile , Marc Jacobs , Offline by Aerie , and John Varvatos . With 35 million annual visitors, The Galleria has constantly been named
6231-464: The new expansion. Subsequent solutions to solve the problem with signage and a bypass through the parking garage did not have much success in changing this issue. This brought the mall to almost 1.6 million ft². In February 1989 the Galleria was 93% occupied, making it the mall with the fifth highest percentage of occupied space in the Houston area. In 1996 Dayton-Hudson Corporation (now Target Corporation ), parent company of Marshall Field's , exited
6324-499: The number of dead malls increased significantly in the early 21st century. The economic health of malls across the United States has been in decline, as revealed by high vacancy rates. From 2006 to 2010, the percentage of malls that are considered to be "dying" by real estate experts (have a vacancy rate of at least 40%), unhealthy (20–40%), or in trouble (10–20%) all increased greatly, and these high vacancy rates only partially decreased from 2010 to 2014. In 2014, nearly 3% of all malls in
6417-406: The office and hotel buildings at this time. Urban, in turn, was purchased by Netherlands-headquartered real estate investment group Rodamco North America, N.V. in 2000. Rodamco sold part of its stake in 2001 to the real estate investment arm of CalPERS as it tried to thwart a hostile takeover by a consortium including Westfield Group and Simon Property Group . Ultimately unsuccessful in preventing
6510-429: The portfolio each year, and the portfolio is rebalanced so that holdings remain equally weighted. The purpose of monetizing the Focus List is to replicate the Wilshire studies—using actual funds to demonstrate and measure the “CalPERS Effect.” Monetizing the Focus List also allows CalPERS to realize a return on the increased value that typically occurs following an engagement. In 2014, a study by Wilshire Associates showed
6603-432: The prior year. In the United Kingdom and Ireland, both open-air and enclosed centers are commonly referred to as shopping centres . Mall primarily refers to either a shopping mall – a place where a collection of shops all adjoin a pedestrian area – or an exclusively pedestrianized street that allows shoppers to walk without interference from vehicle traffic. The majority of British enclosed shopping centres,
6696-540: The reconstruction, some of the former Lord & Taylor infrastructure was recycled, although a section of catwalks dating back to the Galleria II's 1976 expansion was demolished; this trend was similar to the Galleria IV's expansion in 2002. In 2005, after the merger of the parent companies of Macy's and Foley's, it was announced that the Macy's store at Sage would remain operational as a full line store and that
6789-678: The reform as the “biggest rollback to public pension benefits in the history of California”, but it only resulted in a 1% to 5% reduction in contribution increases. Total savings from the reform are estimated to be $ 28 to $ 38 billion. In the fall of 2014, CalPERS named Ted Eliopoulos as chief investment officer. He won the #2 ranking in the Public Investor 100 for 2016. Blackstone Group LP announced in November 2015 that it would acquire 43 international and domestic real estate funds from CalPERS for $ 3 billion. In 2015, Kevin de León , who
6882-403: The retail industry. Government regulations temporarily closed malls, increased entrance controls, and imposed strict public sanitation requirements. High land prices in populous cities have led to the concept of the "vertical mall", in which space allocated to retail is configured over a number of stories accessible by elevators and/or escalators (usually both) linking the different levels of
6975-464: The rise and fall of the contribution percentages does not affect member-accrued retirement benefits, which are guaranteed by law. The percentage contributed above the monthly compensation breakpoint depends upon the benefit formula as shown in the “employee contributions” subsection of the summary of Plan Provisions in Appendix B of each public agency, state and schools annual valuation report. With
7068-501: The shopping mall totaled 2.4 million ft² (220,000 m²) of retail space. In January 2005, Lord & Taylor closed their store, with its former space being partially demolished and incorporated into the mall as an additional 100,000 ft² (9,300 m²) of retail space that opened in August 2006. This redevelopment included a Kona Grill, Oceanaire Seafood Room, Del Frisco's Steakhouse , Gigi's Asian Bistro, and nine other retail stores. During
7161-417: The smaller stores in the mall as well. These larger stores are termed anchor stores or draw tenants. In physical configuration, anchor stores are normally located as far from each other as possible to maximize the amount of traffic from one anchor to another. There are a reported 222 malls in Europe. In 2014, these malls had combined sales of US$ 12.47 billion. This represented a 10% bump in revenues from
7254-628: The state senate on May 25 but was halted in the assembly by Jim Cooper . The legal authority for the activities of CalPERS can be found in the constitution, laws, and regulations of the state of California, including: CalPERS is overseen by a 13-member Board of Administration whose members are elected, appointed, or ex officio: Notable past Board members have included Caspar Weinberger (1967–1969), Jesse Unruh (1983–1987), Gray Davis (1986–1994), Matt Fong (1995–1998), Kathleen Connell (1995–2003), Phil Angelides (1999–2006), Willie Brown (2000–2005), and Steve Westly (2003–2006). As of 2017,
7347-544: The terms shopping precinct and shopping arcade are also used. In the UK, such complexes are considered shopping centres though shopping centre covers many more sizes and types of centers than the North American mall . Other countries follow UK usage. In Canadian English , and often in Australia and New Zealand, the term mall may be used informally but shopping center or merely center will feature in
7440-681: The word "mall", meaning a pedestrian promenade in the U.S., or in U.K. usage, a "shopping precinct". Early downtown pedestrianized malls included the Kalamazoo Mall (the first, in 1959), "Shoppers' See-Way" in Toledo , Lincoln Road Mall in Miami Beach , Santa Monica Mall (1965). Although Bergen Mall opened in 1957 using the name "mall" and inspired other suburban shopping centers to rebrand themselves as malls, these types of properties were still referred to as "shopping centers" until
7533-554: The world's first fully enclosed shopping mall was opened in Luleå , in northern Sweden (architect: Ralph Erskine ) and was named Shopping ; the region now claims the highest shopping center density in Europe. The idea of a regionally-sized, fully enclosed shopping complex was pioneered in 1956 by the Austrian-born architect and American immigrant Victor Gruen . This new generation of regional-size shopping centers began with
7626-458: Was a PERS Board member in the mid-1980s. He began PERS' emphasis on corporate governance ; in addition, he was instrumental in creating the Council of Institutional Investors, an organization of pension funds and other institutions that opposed " greenmail and other corporate practices that benefited only management". In 1986, the headquarters building of PERS, now called "Lincoln Plaza North",
7719-488: Was completed in Sacramento at a cost of $ 81 million. The building, which has 492,900 square feet (45,790 m ), is known for its six-story-high atrium and landscaped terraces. In 1990, fund value reached $ 49.8 billion. In July 1991, Governor Pete Wilson addressed the state's $ 14.3 billion budget deficit by removing $ 1.6 billion from the pension fund. Wilson further sought to give the governor's office control of
7812-666: Was envisioned in the 1940s by oilman Glenn H. McCarthy where a second phase was to include the Shamrock Hotel ; this concept was scrapped right after the Hilton Hotel franchise took over the Shamrock in 1955. Glenn H. McCarthy's abandoned concept would influence Gerald Hines in the late 1960s. The Galleria was developed by Gerald D. Hines . The Neiman Marcus anchor store opened first, on January 28, 1969. The mall itself opened on November 16, 1970. The new shopping center
7905-518: Was larger than its predecessors, and inspired the use of the term "galleria" for many other shopping arcades and malls. In the mid-20th century, with the rise of the suburb and automobile culture in the United States, a new style of shopping center was created away from downtowns . Early shopping centers designed for the automobile include Market Square , Lake Forest, Illinois (1916), and Country Club Plaza , Kansas City, Missouri (1924). The suburban shopping center concept evolved further in
7998-768: Was later enclosed in 1973. Aside from Southdale Center , significant early enclosed shopping malls were Harundale Mall (1958) in Glen Burnie, Maryland, Big Town Mall (1959) in Mesquite, Texas, Chris-Town Mall (1961) in Phoenix, Arizona, and Randhurst Center (1962) in Mount Prospect, Illinois. Other early malls moved retailing away from the dense, commercial downtowns into the largely residential suburbs. This formula (enclosed space with stores attached, away from downtown, and accessible only by automobile) became
8091-559: Was modeled after the Galleria Vittorio Emanuele II in Milan , borrowing, as its most distinctive architectural feature, a glazed barrel vault spanning the central axis of the mall. When it opened the mall had 600,000 ft² (56,000 m²) of retail space. The original skylights — which graced among other things a large, floor-level, ice rink, open year-round - had three hanging chandeliers. A connected 400-room hotel
8184-655: Was opened in September 1971, the Houston Oaks Hotel (now The Westin Oaks Houston). The first expansion, known as Galleria II, was begun in 1975 and opened on June 17, 1977. It added 360,000 ft² (33,000 m²) of retail space on two levels, Lord & Taylor and Frost Bros. anchor stores, office space (known as the Galleria Financial Center since the early 1990s). A second hotel also opened as part of Galleria II on November 18, 1977,
8277-408: Was reported to contribute to high employee satisfaction and a low employee turnover rate at CalPERS. CalPERS members contribute a percentage of their salary throughout their active membership. Member contribution rates are set by statute and can vary by membership category (miscellaneous or safety) and by benefit formula. Member contribution rates can change based on legislative law changes. However,
8370-538: Was state law passed to establish a state worker retirement plan. In 1932, the "State Employees' Retirement System" (SERS) began operation. The California State Employees Association , established in 1931, began a close relationship with SERS that continues to this day. In 1939, the state Legislature passed a bill that allowed local public agencies (such as cities, counties, and school districts) to participate in SERS. Initially, SERS could invest only in bonds, but in 1953
8463-426: Was supplemented by gradually increased electric lighting, making it seem like the afternoon was lasting longer, which encouraged shoppers to linger. In the United States, in the mid-1990s, malls were still being constructed at a rate of 140 a year. But in 2001, a PricewaterhouseCoopers study found that underperforming and vacant malls, known as "greyfield" and "dead mall" estates, were an emerging problem. In 2007,
8556-690: Was the California State Senate majority leader at the time, introduced legislation to require CalPERS and CalSTRS divest from coal and the California Democratic Party passed a resolution in support of fossil fuel divestment . The bill was passed and, effective June 1, 2017, CalPERS was prohibited from maintaining holdings in companies that receive at least half of their revenue from thermal coal. In 2016, CalPERS fund value reached $ 295.1 billion. State tax dollar contributions have had to increase to $ 45 billion,
8649-405: Was worth $ 100 billion, and the number of members exceeded 1 million. In 1999, fund value reached $ 159.1 billion, requiring $ 159 million in state tax dollar contributions. In 1999, the CalPERS board proposed a benefits expansion that would allow public employees to retire at age 55 and collect more than half their highest salary for life. CalPERS predicted the benefits would require no increase in
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