The dynamics of retail real estate have undergone a fundamental reassessment over the past decade. As digital commerce matured and consumer behavior evolved, the conventional wisdom that physical retail was in terminal decline gave way to a more nuanced understanding: location quality matters more than ever, and high-traffic urban markets represent some of the most defensible real estate in the world. For companies like Macerich, which specializes in owning and operating premier retail properties in high-barrier-to-entry markets, this shift validates a long-term investment thesis centered on premium locations in demographically wealthy, supply-constrained geographies. The Case for Urban Concentration High-traffic urban...