Simon Property Group, Inc. ( SPG ) came up with an initiative to reward its loyal customers at its shopping centers. The company is joining with Blackhawk Network Holdings, Inc. ( HAWK ) for providing an enhanced Visa Simon Giftcard at its selected malls, premium outlets and mills as well as online at simongiftcard.com.
As a matter of fact, previously, Simon Property customers had the opportunity of buying these giftcards at the company's U.S. shopping locations. But with the help of Blackhawk's participating network of grocery stores and other third-party locations (including online), Simon Property is offering Giftcard outside its centers for the first time.
This new initiative will give Simon Property's loyal shoppers the privilege of exclusive features such as no fees or replacement costs in case of card loss; no fees after purchase; and no expiration of the funds on the card. The enhanced Visa Simon Giftcard will be launched in September this year.
As online shopping is grabbing consumer focus with lucrative deals, Simon Property is embracing technologies and jumping on the bandwagon. This retail real estate investment trust (REIT) is aiming at strengthening its relationship with customers through several ways.
In recent times, Simon Property has taken initiatives like re-launching its brand and marketing programs, launching interactive "digital concierge" network as well as installing Electric Vehicle at its shopping centers. We believe that these efforts by Simon Property are prudent as its ultimate aim is to increase traffic at its properties and see higher demand for its space.
Simon Property currently carries a Zacks Rank #3 (Hold). Investors interested in the retail REIT industry may consider better-ranked stocks like Cedar Realty Trust, Inc. ( CDR ) and Retail Properties of America, Inc. ( RPAI ). Both the stocks sport a Zacks Rank #2 (Buy).