Shopping Mall Development
Taubman studied architecture at the University of Michigan where he was a member of Zeta Beta Tau Fraternity and Lawrence Technological University, but graduated from neither. He wondered where middle-class families moving to the suburbs would shop. "Demographically, I looked at the numbers, and as far as I was concerned we couldn't miss. And we didn't," he said. Taubman chose upscale areas for lavish shopping centers, offering fountains and prestigious anchor stores like Neiman Marcus. Taubman is famous for his attention to detail such as choosing terrazzo tiles at Short Hills. He said: "|The only point that the customer actually touches the shopping center is the floor. They've got traction as they're walking. Very important. Some of our competitors put in carpet. Carpet's the worst thing you can have because it creates friction." Real estate developer and partner Louis Dubin spoke glowingly about Taubman: "He is the most knowledgeable person I have ever met with the planning and design of real estate ... He's an incredible adviser. There's not a building we build that we don't ask him to look at the plans. He critiques everything–the parking, the closets. He's very meticulous. He has the best eye I've ever seen in my life.
Taubman's hard work and business acumen paid off. Developments such as the Mall at Short Hills in New Jersey continue to be ranked among the most profitable shopping centers in the country. Since the early years, he made a fortune which Forbes magazine estimated at $2 billion. He married Judith Mazor who was the 1962 Miss Israel. He was on the list of Forbes 400 Richest Americans for two decades.
Taubman bought A&W Restaurants in 1982. He said, "There is more similarity in a precious painting by Degas and a frosted mug of root beer than you ever thought possible." He sold A&W to Sagittarius Acquisitions in December 1994.
From 1983 to 1984, Taubman was the majority owner of the Michigan Panthers of the United States Football League. Although the Panthers acquired a fairly loyal following and won the first USFL title in 1983, the USFL's decision to move from the spring to the fall led Taubman to merge his team with the Oakland Invaders for the 1985 season, with himself as majority owner of the Invaders. That team folded along with the rest of the USFL after the 1985 season.
In October 2003, his real estate firm Taubman Centers survived a hostile takeover bid by the Simon Property Group and Westfield America.
He also invested in the real estate investment firm of his stepdaughter's husband, Louis Dubin, in the 1990s and early 2000s.
Read more about this topic: A. Alfred Taubman
Famous quotes containing the words shopping mall, shopping, mall and/or development:
“The most important fact about our shopping malls, as distinct from the ordinary shopping centers where we go for our groceries, is that we do not need most of what they sell, not even for our pleasure or entertainment, not really even for a sensation of luxury. Little in them is essential to our survival, our work, or our play, and the same is true of the boutiques that multiply on our streets.”
—Henry Fairlie (1924–1990)
“The most important fact about our shopping malls, as distinct from the ordinary shopping centers where we go for our groceries, is that we do not need most of what they sell, not even for our pleasure or entertainment, not really even for a sensation of luxury. Little in them is essential to our survival, our work, or our play, and the same is true of the boutiques that multiply on our streets.”
—Henry Fairlie (1924–1990)
“Finishing schools in the fifties were a good place to store girls for a few years before marrying them off, a satisfactory rest stop between college weekends spent husband hunting. It was a haven for those of us adept at styling each other’s hair, playing canasta, and chain smoking Pall Mall extra-long cigarettes.”
—Barbara Howar (b. 1934)
“If you complain of people being shot down in the streets, of the absence of communication or social responsibility, of the rise of everyday violence which people have become accustomed to, and the dehumanization of feelings, then the ultimate development on an organized social level is the concentration camp.... The concentration camp is the final expression of human separateness and its ultimate consequence. It is organized abandonment.”
—Arthur Miller (b. 1915)