GGP Signs Leases with Four New Retail Tenants at Ala Moana Center in Honolulu

Why this matters

The signing of four new retail leases at Ala Moana Center, one of the largest open-air malls in the US, signals a cautious but notable vote of confidence in prime retail assets amid a challenging sector backdrop. Institutional landlords have faced persistent headwinds from e-commerce competition, shifting consumer behavior, and elevated capital costs. Yet, leasing activity at a marquee property in a unique market like Honolulu suggests pockets of resilience and selective tenant demand remain. This development may reflect landlords’ strategic focus on experiential and destination retail concepts that can drive foot traffic and justify rent premiums in gateway locations. The presence of diverse tenants, including a gallery and specialty retailers, points to a broader trend of repositioning retail centers as lifestyle hubs rather than pure shopping venues. For allocators and lenders, such leasing momentum at a high-profile asset offers a barometer for retail fundamentals in secondary but affluent markets where tourism and local spending underpin demand. While not indicative of a broad retail recovery, these leases underscore the nuanced capital flows targeting differentiated retail real estate. They highlight the importance of location, tenant mix, and asset quality in navigating the sector’s uneven recovery and evolving underwriting criteria.

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On the RET wire

• Disclosed retail deal value tracked in August 2026: $1.4B across 54 reported transactions. All Retail coverage →

Computed from Real Estate Trail’s own tracked coverage

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