Three Generations, One Mall: Liz Holland on Pivoting Merle Hay for the Next Era

What does it take to keep a 70-year-old mall relevant across three generations of family ownership? Liz Holland is the CEO of Merle Hay Mall and the third generation of her family to lead the business that originally bought the land in 1956. In this episode, she walks Neil Timmins through nearly three decades at the helm, starting with the day her 87-year-old grandfather called her in 1997 and told her to leave her legal career in New York and move back to Chicago to take over. Liz breaks down the pivots that have kept Merle Hay alive while other malls have faded. She explains how bringing in Target in 2005 with a mall entrance reshaped the property into a weekly destination, how the addition of junior anchor boxes like Ulta, Ross, and Five Below hybridized the center, and why Flix Brewhouse became an early bet on entertainment in 2014. She also gets candid about the harder chapters: losing both Yonkers and Sears as anchors within 45 days in 2018, the long road of the Iowa Reinvestment Act award, and the eventual pivot from a Buccaneers ice arena partnership to a national volleyball league, Dinks Pickleball, and a multi-use arena that will host Drake Hockey and the Iowa Demon Hawks. Liz contrasts Merle Hay's path with Valley West's structural challenges, shares her vision for the next 20 years, and reflects on what her grandfather taught her about location, patience, and the fact that the work is never really done. 🧠 Liz Holland's Top 5 Takeaways: • Why adding Target with a true mall entrance in 2005 turned Merle Hay into a weekly needs destination • How hybridizing the mall with strip-center style junior anchors expanded the universe of potential shoppers • Why leaning into sports and entertainment fights the obsolescence of the traditional anchor box • How losing Yonkers and Sears within 45 days forced a global rethink of the property • Why real estate is a three to five year business when it comes to capital allocation and return 👤 About Liz Holland: Liz Holland is the CEO of Merle Hay Mall and the third generation of her family to run the business, which originally purchased the land from the Passionist Fathers in 1956 and built Merle Hay Plaza. A former Wall Street professional and bankruptcy attorney with federal government experience, Liz returned to the family company in 1997 at her grandfather's request and has led its evolution ever since. Under her leadership, Merle Hay has navigated the arrival of Jordan Creek, the loss of major anchors, and a pivot toward sports and entertainment, including partnerships with Flix Brewhouse, Dinks Pickleball, and a planned multi-use arena. Liz lives in Chicago and continues to focus on Merle Hay's role as a mid-market, value-driven, regional destination. Contact Info: Website: www.merlehaymall.com Website: www.abbell.com LinkedIn: Elizabeth Holland Learn More: www.littleguyloans.com/learnmore