Cinemas haven’t had the easiest 18 months, but many have rallied in unexpectedly buoyant ways over the last quarter. Just this week we’ve seen Landmark Theaters take on a brand-new long-term lease for the historic Scottsdale Quarter luxury multiplex in Scottsdale, Arizona. This is the first theatre acquisition Landmark has made since the early 80s, and it seems a strange time for such a bold move. Entertainment attorney Los Angeles and industry expert, Brandon Blake, looks at the decision for us.
The luxury multiplex, previously the property of iPic Theatre’s dine-in cinema, offers 8 screens and has been shuttered since January last year. Landmark Theatres’ President and COO Paul Serwitz is on record as calling it “a beautifully designed luxury theatre in an upscale center.” Presumably, this will be the demographic they’re hoping to develop for over time. In fact, they’re hoping to bring in new consumers for brand engagement at the level of an “elevated moviegoing experience.”
The Arizona location is also one that’s long been missing from Landmark’s roster, too, which we assume also plays a part in the decision to take over the lease despite the strange timing.
A historic landmark
The building, a notable landmark in itself near Kierland Blvd, was the original brainchild of TK Architects, offering an open-air entertainment center that seeks to meld the city seamlessly into the surrounding desert.
Landmark Theaters is the U.S’s largest specialized theater chain, with a strong presence of 220 screens throughout 23 markets in the country. While their bread-and-butter is independent cinema and arthouse-style productions, they also show high-quality mainstream pieces. Although founded in 1974, they were bought out in 2018 by the Cohen Media Group, the EP of titles like Frozen River and The Salesman.
While this doesn’t seem exactly the best time to enter into a new market, Landmark seems confident that the new acquisition will do well for them. Let’s wish them luck.
