Audited Verified Review (AVR)

Brief History

The Anchorage 5th Avenue Mall, a 447,000-square-foot regional shopping center, opened in 1987 in downtown Anchorage, Alaska, during the Project 80s building boom. Developed by JCPenney and The Rainier Fund, it replaced small commercial buildings and parking lots.

NAICS Code The Anchorage 5th Avenue Mall operates under NAICS Code 531120 – Lessors of Nonresidential Buildings (except Miniwarehouses).

Ownership

The mall is owned by Northwestern Simon Inc., a subsidiary of Simon Property Group, a publicly traded real estate investment trust (REIT) listed on the NYSE under SPG. Simon Property Group, headquartered in Indianapolis, is one of the largest mall operators globally, managing over 200 properties. The mall was acquired from its original developers, JCPenney and The Rainier Fund, in 1994.

Management

The Anchorage 5th Avenue Mall is managed by Simon Property Group, with no publicly disclosed on-site manager name in available sources. Key corporate management for Simon Property Group includes: David E. Simon, Chairman and CEO. Brian J. McDade, Chief Financial Officer.

Address

The Anchorage 5th Avenue Mall is located at: 320 W 5th Ave, Anchorage, AK 99501, USA. The main phone number for the mall is (907) 258-4003

Economic Impact

The Anchorage 5th Avenue Mall is a cornerstone of Alaska’s retail sector, contributing to the local economy through: Job Creation: Supports employment across 110+ stores, restaurants like Sullivan’s Steakhouse, and mall operations. Tax Revenue: Generates property taxes for the Municipality of Anchorage and sales taxes (Alaska has no state sales tax, but local taxes apply). Tourism and Local Spending: Attracts tourists and locals with unique stores (e.g., Alaska Wild Berry Products) and national brands, boosting downtown commerce. Its proximity to hotels and cruise docks enhances visitor spending.

Employment

The mall supports an estimated 1,000–2,000 jobs across its 110+ stores, food court, and administrative roles, based on typical employment for a 447,000-square-foot regional mall. This includes: Retail Associates: Staff at JCPenney, Sephora, and smaller boutiques. Management and Maintenance: Simon Property Group employs managers, security, and facilities staff.Hospitality: Sullivan’s Steakhouse and food court vendors employ servers and cooks. Exact employment numbers for the mall are not publicly reported, and Simon Property Group’s corporate filings do not break down data by property. Employee feedback is limited, but Yelp reviews suggest a positive work environment for some retail staff, tempered by typical retail challenges like long hours.

Reputation

The Anchorage 5th Avenue Mall enjoys a strong reputation as Alaska’s premier shopping destination, praised for: Retail Diversity: Offers 110+ stores, including unique Alaskan shops and national brands like Apple and Coach, unmatched elsewhere in the state. Accessibility: Skybridges and downtown location make it convenient, especially in winter. Dining: Sullivan’s Steakhouse is a local and tourist favorite, recognized for its steaks and jazz. However, Yelp reviews (61 total) highlight criticisms: Some prefer Dimond Center, another Anchorage mall, for its vibe or store mix. Nordstrom’s 2019 closure reduced the mall’s prestige and traffic.