The Festival Companies was founded in 1980 by Mark A. Schurgin and Rosalind J. Schurgin. Leveraging their entrepreneurial capabilities with a creative and dedicated in-house team of associates, The Festival Companies established itself as a nationally recognized and respected developer, manager and innovator of urban in-fill redevelopment and ground-up center development by creating quality retail destinations merchandised with retailers that suit each of their unique locations and demographics.
Festival's broad base expertise includes regional malls, lifestyle destinations, community centers, neighborhood centers, urban retail, street retail, adaptive re-use and retail-driven mixed-use properties. Over its 30-year history, Festival has acquired, developed and operated highly recognized and successful retail projects throughout the continental U.S. and Hawaii, comprising more than 25 million square feet of retail properties in 23 states.
The firm's Total Retail Concept approach to retail real estate has been ingrained into the firm's culture since its inception. Festival delivers its Total Retail Concept through an integrated and team approach to development, investment and management, drawing from its in-house capabilities in all aspects of the shopping center industry by creating and operating centers that appeal to consumer shopping preferences. Whether it's a lifestyle destination center or a daily-needs neighborhood center, Festival applies its Total Retail Concept to every property, resulting in strong financially stabilized investments that stay abreast of the market place.
Festival has been at the forefront of shopping center innovation throughout its history. It was the originator of the first "Promotional Center" in California in the early 1980s. This highly successful model became the precursor to the Power Center, which has become a prolific product type within the shopping center development and investment industry. Always looking beyond the horizon, Festival was a forerunner in the reformatting of aging regional malls by expanding the regional mall traditional tenant mix, with popular large format specialty retailers and open-air large format retailers. Festival has helped pioneer street retail and transforming downtown retail streets into vibrant shopping districts, including areas of Santa Monica, Pasadena and San Diego. Recently, Festival has been highly recognized for the redevelopment of the world-famous Royal Hawaiian Center in Waikiki, which has received numerous industry awards for the successful and innovative repositioning of this internationally-renowned property. The firm's all-inclusive efforts revitalized this famous landmark destination, creating a nexus of premier retail brands, restaurants, entertainment venues and a public gathering place attracting millions of visitors annually.
Today, the firm operates through three divisions:
Festival Development Corporation (founded in 1980) is the firm's shopping center real estate development and investment arm.
Festival Management Corporation, dba Festival Commercial Real Estate Services (founded in 1990) is the firm's full service third-party real estate services, real estate advisory and management arm.
Festival Retail Fund Management, LLC (founded in 2006) and Festival Retail Property Fund, LLC operate Festival's institutional investment joint-venture platforms. Learn more about The Festival Companies by clicking the Develop, Invest and Manage links above.