Ghermezian family
| Company type | Private |
|---|---|
| Industry | Real estate development, Retail |
| Founded | 1967 |
| Founder | Ghermezian family |
| Headquarters | Edmonton , Canada |
Area served | North America |
Key people | Eskandar Ghermezian, Nader Ghermezian, Raphael Ghermezian, Bahman Ghermezian |
| Products | Shopping centers (West Edmonton Mall, Mall of America, American Dream) |
The Ghermezian family () is a Canadian entrepreneurial family with roots in the Iranian Jewish community, distinguished for creating three of North America's largest shopping centers: West Edmonton Mall, Mall of America, and American Dream. Since 1964, their base of operations has been in Edmonton.
As Orthodox Jews, the Ghermezians tend to keep a discreet public presence.[1]
History
The family originated in Pahlavi Iran and engaged in rug trading for multiple generations. Established by Elijah Ghermezian in 1895, they moved to Tehran prior to the outbreak of World War II.
Jacob Ghermezian (1902 – 2000) became one of Iran's most affluent entrepreneurs. In 1943, he notably hosted Roosevelt, Churchill, and Stalin during the Tehran Conference. During the early 1950s, Jacob relocated his family to Montreal and founded Ghermezian Bros. on Sherbrooke Street. By the mid-1960s, their business encompassed 16 stores across North America and was recognized as the largest importer of oriental rugs into the United States.
Seeking to capitalize on Alberta’s oil boom, the family moved to Edmonton in 1964. They incorporated as Ghermez Developments Ltd. in 1967 and later rebranded to Triple Five Corp. Ltd. in 1973. Initially purchasing farmland around Edmonton for oil exploration—though unsuccessfully—they profited significantly by selling land to the provincial government amid green belt development initiatives. The four brothers—Eskandar, Nader, Raphael, and Bahman—diversified their operations from rug trading into major real estate development and construction projects.[2]
In 1994, the family’s default on $450 million in loans led to the collapse of Royal Trust bank.[1]
The Ghermezians live in neighboring residences connected by enclosed walkways within an Edmonton community.[1]
American mega-malls
Their holdings include Alberta’s West Edmonton Mall and Minnesota’s Mall of America (completed in 1992), among other enterprises. In 2011, their Triple Five Group acquired the troubled Xanadu Meadowlands project in New Jersey, renaming it American Dream, which officially opened on October 25, 2019. Attendance was severely impacted by the COVID-19 pandemic, placing their leveraged financial structure at risk; secured creditors could potentially obtain up to a 49% stake in their other large-scale malls.
Although facing criticism regarding excessive retail space in the U.S., the Ghermezians market their malls as retailtainment complexes—integrating enclosed family entertainment resorts with shopping facilities. In 2018, they secured approval for construction of American Dream Miami, projected to become the nation’s largest shopping destination.
Family members
- Elijah (Eliyahu) Ghermezian
- Yacoub (Jacob) Moshe Ghermezian (1902 – 2000), married Nenehjan (Myriam)
- Eskandar Ghermezian
- David Ghermezian
- Don Ghermezian
- Syd Ghermezian
- Jennifer Ghermezian
- Shayna Ghermezian
- Tony (Shimon) Ghermezian
- Raphael Ghermezian
- Pam Ghermezian
- Sharon Ghermezian
- Nader Ghermezian
- Diana Ghermezian
- Rabbi Michael Ghermezian
- Rabbi John Ghermezian
- Justin Ghermezian
- Roy Ghermezian
- Bahman Ghermezian
- Paul (Baruch) Ghermezian
- Mark Ghermezian
- Allen (Yehudah) Ghermezian
- Eskandar Ghermezian
- Yacoub (Jacob) Moshe Ghermezian (1902 – 2000), married Nenehjan (Myriam)