Mall owner to retire

Arthur Coppola, CEO of Macerich Co., the operator of Fashion Outlets of Chicago mall in Rosemont, will retire from the U.S. mall owner at the end of the year, the company said.

Coppola joined Macerich as a founding partner in 1976 and has led the company since 1993, according to a statement. Macerich has started looking for a replacement CEO and named Steven Hash, an independent member of the board since 2015, as chairman as of the upcoming annual meeting.

"For over four decades, Macerich has achieved a creative dominance in the market and been a leader in sustainability," Coppola said in the statement. "It's been a privilege to serve as CEO of this amazing company and its predecessor for 30 years," he added.

Mall owners including Macerich are trying to stay relevant as brick-and-mortar retailers shut stores at a record pace, buffeted by the rise of Amazon.com Inc. and other online competitors.

Last month, U.S. mall operator GGP Inc. agreed to be acquired by a unit of Toronto-based Brookfield Asset Management Inc. in a deal valued at about $15 billion. Brookfield has said it plans to unlock the value of the land GGP's malls are built on and redevelop them with its expertise in multifamily residences, offices and hotels.

Macerich owns 48 regional shopping centers across the U.S., according to its website.