Syracuse Executive Invests in Mall Future Amid Industry Retreat
Syracuse Executive Carmen Spinoso is reshaping the future of the shopping mall industry amid significant changes. With years of experience at major mall developers like Pyramid Cos. and Wilmorite, Spinoso launched his own venture, Spinoso Real Estate Group, in 2009. His decision came during a challenging economic period that was forcing many malls to close.
Savvy Management Amid Industry Challenges
Spinoso Real Estate Group, based in Salina, New York, manages and owns shopping centers across the United States. The company operates 40 shopping centers, with 32 managed for third parties and eight owned outright. Notably, more than half of the managed properties are currently in receivership, indicating a vital need for experienced management.
- Founded: 2009
- Number of Shopping Centers: 40
- Owned by Spinoso: 8
- Managed for Third Parties: 32
- Managed Properties in Receivership: 18
From Music Aspirations to Mall Management
Originally pursuing a career in music, Spinoso found his passion for mall management while studying accounting at Le Moyne College. He began his career as a leasing agent for Pyramid, managing properties such as Destiny USA. His deep understanding of mall operations and commitment to revitalizing struggling properties have driven his success.
Lessons from Industry Changes
The retail landscape has transformed significantly over the past decades. The mall industry experienced a sharp decline after the savings and loan crises of the 1980s and 1990s. This led to a consolidation where fewer companies owned the majority of malls, often neglecting poorly performing properties.
Spinoso noted, “During these shifts, many knowledgeable managers left the industry.” This created a gap that his business aims to fill, especially during the Great Recession’s aftermath, which saw a substantial number of mall closures.
Recent Developments and Future Goals
Spinoso is currently managing prestigious malls, including the Hampshire Mall in Hadley, Massachusetts, and Palisades Center in West Nyack. His company has recently expanded its offerings, acquiring two additional malls in Ohio and Tennessee.
Innovative Approaches to Filling Vacancies
Filling vacant spaces left by departing department stores is a priority for Spinoso. At South Park Mall in Strongsville, Ohio, he converted an old Sears location into a Dick’s House of Sport, offering new amenities like climbing walls.
Spinoso stated, “We have to ensure these centers remain attractive with diverse services. If we don’t innovate, consumers will look elsewhere.” His strategy includes hiring existing mall staff to maintain continuity and re-energize operations.
Looking Ahead
While focusing on enhancing malls, Spinoso is also branching into new real estate sectors. His recent appointment as the retail property manager for Grand Central Terminal in Manhattan is a significant step beyond traditional mall management.
Spinoso remains confident about the future of malls. He believes that with effective management, these retail spaces can remain relevant and successful in a rapidly changing market. “Our goal is to create community-centered spaces that attract customers,” he remarked.
As retail environments continue evolving, Spinoso’s initiatives may lead the way in redefining how shopping malls operate and thrive. His commitment to adaptability could prove crucial for surviving and capitalizing on emerging opportunities in the retail landscape.
