The key is to keep the property a destination, Taubman told The Wall Street Journal. “Destination retail centers continue to improve and gain market share. They are not in a recession,” Taubman said, pointing to Beverly Center. “Our efforts to reinvigorate the center are already paying off,” he said. “We’re seeing materially improved traffic and sales productivity. Even with the project not yet completed, its sales per square foot has grown by double digits. If this trend continues, sales will reach historic levels this year.”

The Bloomfield Hills, Mich.–based REIT is also introducing some services for wealthy clients: a veritable army of personal shoppers, as well as London-based concierge service Quintessentially. The firm has also invested with Westfield Group in the OneMarket retail technology network, with the aim of interpreting customer data to boost sales. 

"It will create a marriage of the virtual and real world that will allow us to address customers one on one and make their shopping experience far more efficient," Taubman said. "Ultimately, the major retailers will all have their inventory on the system, using big data. So, when you get in your car and you say to Waze or you go into an Uber and you say you want to go to the Beverly Center, we’re going to know that you’ve pinned a black dress on your picture app. And we’ll be able to tell you, “By the way, that black dress is on the second floor at Bloomingdale’s and we’ll have Louise pull it out right now and put it in a fitting room, and we will take you directly to it.”