Shares of the
Simon Property Group, Inc.
) gained 0.36% during the regular trading session on the NYSE on
Aug 15, following the disclosure of opening celebration of Twin
Cities Premium Outlets in the greater Minneapolis-St. Paul
Twin Cities Premium Outlets, serving the twin cities metro area,
is a joint venture development of Simon Property and Paragon Outlet
Partners. The property is situated at the intersection of Highway
13 and Highway 77 in Eagan, MN and offers 409,000 square feet of
retail space. This upscale shopping center boasts over 100 outlets
stores, comprising famous retailers such as Michael Kors Holdings
), White House l Black Market, Coach, Inc. (
), Nike, Inc. (
) and Calvin Klein.
Apart from operating as a shopping destination, Twin Cities
Premium Outlets contributes to the economic development of the
region by providing over 400 construction-related and 1,600
permanent and part-time jobs.
We expect this strategic property to drive growth for Simon
Property and help augment its top line. With the economy showing
signs of recovery, spending capability of the richer consumers is
improving. Hence, the company has been active in capitalizing on
growth opportunities in top markets worldwide, with special focus
on enhancing its Premium Outlets portfolio.
Recently, Simon Property broke ground for a multi-million dollar
project - Gloucester Premium Outlets - in New Jersey, which is
slated to open in 2015 summer (Read:
Simon Property Breaking Ground for NJ Premium
). We believe that this growth in premium outlets property count
would help the company to leverage on this rise in the richer class
consumerism. As a matter of fact, this retail real estate
investment trust (REIT) currently has 83 Premium Outlet Centers
across the world.
Presently, Simon Property carries a Zacks Rank #3 (Hold).
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