Simon Property Group

Indianapolis -- Simon Property Group said Wednesday that, in partnership with Mitsubishi Estate Co., it began construction of Shisui Premium Outlets (Shisui Town, Inba District, Chiba Prefecture), the ninth Premium Outlet Center in Japan.

Phase I, comprising 234,000 sq. ft. of GLA, is scheduled to open in spring 2013 with approximately 100 stores, including international brands, Japanese brands and restaurants. Simon owns a 40% interest in the project.
 

Toronto -- Indianapolis-based Simon Property Group and Calloway Real Estate Investment Trust, Toronto, announced Tuesday that they will launch construction on Canada’s first upscale outlet center on April 25.

The first phase of the planned 500,000-sq.-ft. center will open in summer 2013.

Toronto Premium Outlets is a 50/50 joint venture between Calloway and Simon, and will feature more than 100 upscale outlet stores.

Rio de Janeiro, Brazil -- Indianapolis-based Simon Property Group and Latin American retail real estate company BR Malls Participacoes S.A. announced Tuesday that they signed a 50/50 joint venture agreement to develop and own outlet centers in Brazil.

The first outlet center of the joint venture is slated to open in Sao Paulo in 2013.
 

Indianapolis -- Mall owner Simon Property Group said Tuesday that Saks Fifth Avenue Off 5th will anchor the company’s two new centers in development in its Premium Outlets division: Phoenix Premium Outlets and St. Louis Premium Outlets.

Phoenix Premium Outlets in Chandler, Ariz., is currently under construction with a spring 2013 opening planned. Phase 1 of the center will be comprised of 360,000 sq. ft. housing approximately 90 outlet stores featuring high-quality designer and name brands.

Phoenix -- Indianapolis-based Simon Property Group said Wednesday that its Premium Outlets division has launched construction of Phoenix Premium Outlets, an upscale outlet shopping center serving the Greater Phoenix and Scottsdale areas.

Phoenix Premium Outlets will be located in Chandler, Ariz. Phase I of the project will be comprised of 360,000 sq. ft. housing approximately 90 outlet stores featuring high-quality designer and name brands. A spring 2013 opening is planned.

Indianapolis -- Simon Property Group announced that it will acquire a 28.7% equity stake in Klépierre from BNP Paribas for approximately $2 billion.

Klépierre is a Paris-based real estate company that focuses on the ownership, management and development of shopping centers, retail properties and offices across Continental Europe. Klépierre’s portfolio includes 271 shopping centers in 13 countries, with 50% of its properties in France and Belgium, 25% in Scandinavia, and the balance in Central and Southern Europe.

Lawrenceville, Ga. -- Indianapolis-based Simon Property Group and its real estate platform The Mills announced that a newly expanded 20,000-sq.-ft. Forever 21 will open at its value retail destination Discover Mills, located in Atlanta.

The enlarged Forever 21 is slated to open summer 2012 near Entry 5 across from Nike Factory Store.

“An expanded and relocated Forever 21 enhances our value retail mix and the overall shopping experience at Discover Mills,” said Karl Woodard, general manager of Discover Mills.

Garden City, N.J. -- A Thursday report in the Wall Street Journal said that Neiman Marcus has moved on from its earlier plans to open a department store in the Mall at Oyster Bay, located in Syosset, N.Y., and owned by Taubman, and has instead decided to open a new 100,000-sq.-ft. anchor store at Simon Property Group’s Roosevelt Field Mall in Garden City.

The new store, slated for 2015 completion, will be part of a $200-million redevelopment of Roosevelt Field.

Shanghai, China -- Indianapolis-based Simon Property Group, along with Chinese retail conglomerate Bailian Group, announced plans to jointly develop a branded Premium Outlet Center in Pudong, Shanghai, China.

Simon Property Group is the world's largest developer, owner and operator of outlet shopping centers, with interests in 70 Premium Outlet Centers located in the United States, Japan, South Korea, Malaysia, Mexico and Puerto Rico.

Vacated shells of circa-1985 outlet shopping centers still dot the nation’s highways, but that’s not the format version that is finding a foothold among consumers and retailers.

A new value-oriented center, anchored by top-tier designer names, has opened the eyes and pocketbooks of American shoppers. Mainstream amenities have created the expectation that, while the goods may be discounted, the experience most definitely isn’t.