Simon Property Group, Inc.
) recently opened its first Premium Outlet Center in St. Louis,
Chesterfield. The move depicts this retail real estate investment
trust's (REIT) strategy of expanding its Premium Outlets
portfolio in upscale locations across the world.
The new outlet shopping centre - St. Louis Premium Outlets -
was opened in a joint venture with Woodmont Outlets, which is a
developer and operator of retail U.S. shopping centers. This 100%
leased outlet is situated on the south side of I-64/US Highway
40, east of the Daniel Boone Bridge and serves the Greater St.
The first phase of St. Louis Premium Outlets, spanning 350,000
square feet, has 90 outlet stores. This comprises outlets of
brands of several industry-leading companies such as Vera
Michael Kors Holdings Limited
), J.Crew and Nike.
We expect the above-mentioned property to enhance Simon
Property's top-line growth prospects, given the strategic
location of the Premium Outlets Center in one of most highly
productive areas in the U.S.
Simon Property has been actively capitalizing on growth
opportunities in fast-growing markets worldwide, with a focus on
enhancing its Premium Outlets portfolio. Including the recently
opened property, the company now has 80 Premium Outlet Centers
comprising 65 in the U.S and 15 abroad.
Notably, the growing Chesterfield market is attracting other
retail REITs and building up the competitive pressure. Earlier
this month, another REIT
Taubman Centers, Inc.
) opened its fashion outlet center - Taubman Prestige Outlets
Chesterfield - in the western St. Louis suburb of Chesterfield.
Notably, this was the company's first Taubman Prestige Outlet
property in Missouri.
Simon Property currently carries a Zacks Rank #3 (Hold).
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