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Clear Channel Malls, a division of Clear Channel Outdoor, has announced a partnership with Turnberry Associates to build and maintain directory signage throughout Turnberry’s Aventura Mall in South Florida.
Recently ranked 10th in the U.S. by Women’s Wear Daily based on sales per square foot, Aventura Mall is a “luxury retail, dining and entertainment complex,” according to Clear Channel. Currently undergoing a $20 million dollar renovation and planned 250,000 square foot expansion to be completed in spring 2008, Aventura Mall attracts more than 20 million visitors per year.
The interior of Aventura Mall will feature 16 sign locations in directory units.
In addition to Aventura Mall, Clear Channel Malls’ portfolio includes Shops at La Cantera in San Antonio, Galleria Dallas and Fashion Show in Las Vegas.
In recent months, malls have been aggressively reaching out to advertisers, in part because mall traffic has declined 30 percent in the past decade. Developers have to be creative to supplement revenue.
According to Stanley Eichelbaum, president of Cincinnati-based Marketing Developments, in Latin American and Middle Eastern countries, advertising dollars make up 37 to 38 percent of a mall’s total revenue. In the U.S., those figures hover just below 10 percent, which indicates that the industry may still be in its infancy.
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