Consistent with the strategy of expanding its Premium Outlets
portfolio globally in upscale locations,
Simon Property Group, Inc.
) recently opened its third Premium Outlet Center - Busan Premium
Outlets - in South Korea. This retail real estate investment
trust (REIT) opened the asset in a joint venture (JV) called
Shinsegae Simon, with Shinsegae Group.
Busan Premium Outlets, which comprises 343,000 square feet of
retail space, was constructed with a total investment of $148
million. The property is positioned in the southeastern tip of
the Korean Peninsula and 21 km north of downtown Busan, the 2
largest city in Korea. Moreover, Busan Premium Outlets is in
proximity to the largest beach resort in Korea, Haeundae Beach
Resort, which enjoys annual tourist visitations of around 20
Busan Premium Outlets boasts about 180 outlets of various
premium casual lifestyle, sportswear and home fashion brands such
as Adidas, Puma Golf,
), Jill Stuart, Marc Jacobs, Coleman of
) and Calvin Klein of
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 South Korea's highly
Simon Property has been actively capitalizing on growth
opportunities in fast-growing markets worldwide. In relation to
that, on Aug 22, the company opened its first Premium Outlet
Center - St. Louis Premium Outlets - in Chesterfield. Including
Busan Premium Outlets, Simon Property now has 81 Premium Outlet
Centers around the world.
Simon Property currently carries a Zacks Rank #3 (Hold).
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