Who is West Edmonton Mall Properties Inc?

West Edmonton Mall Properties Inc (WEMPI) is the owner and operator of the West Edmonton Mall, located in Edmonton, Alberta, Canada. It is the largest shopping mall in North America by gross leasable area, with over 800 stores and services. WEMPI is also involved in other real estate development and property management activities.

History

WEMPI was founded in 1974 by the Ghermezian brothers. The West Edmonton Mall opened its doors in 1981. In 1993, the mall was expanded to include the Galaxyland amusement park, making it the world's largest indoor amusement park.

Ownership and Management

WEMPI is a privately held company. The Ghermezian brothers remain the majority shareholders and the owners of several other properties in Edmonton and around the world. The company is managed by a team of experienced executives, led by CEO David Ghermezian.

Business Activities

WEMPI's primary business is the ownership and operation of the West Edmonton Mall. The mall is home to a wide variety of stores and services, including department stores, specialty shops, restaurants, and entertainment venues. WEMPI also owns and manages several other properties, including the Galaxyland amusement park, the Fantasyland Hotel, and the Water Park at West Edmonton Mall.

Financial Performance

WEMPI is a profitable company. The company's revenue comes primarily from rent payments from tenants in the West Edmonton Mall. WEMPI also generates revenue from other sources, such as parking fees, admission to Galaxyland, and hotel bookings.

Controversies

WEMPI has been involved in several controversies over the years. In the 1980s, the company was criticized for its use of child labor in the mall. In the 1990s, the company was criticized for its eviction of several tenants who sold controversial religious materials.

Conclusion

WEMPI is a major player in the retail and real estate industries in Canada. The company owns and operates the West Edmonton Mall, the largest shopping mall in North America. WEMPI is a profitable company and is privately held by the Ghermezian brothers.