Shares of Simon Property Group, Inc. ( SPG ) gained 1.03% since the company announced the opening of a Rockland County, New York-based shopping center - The Shops at Nanuet - on Oct 10, after extensive redevelopment. The move was in line with the company's concerted endeavor to enhance its overall portfolio.
Simon Property initiated redevelopment work at The Shops at Nanuet last year, following the demolition of the property. Post redevelopment, The Shops at Nanuet now stretches across 750,000 square foot and boasts a cluster of world class fashion and specialty retailers along with several options for dining and entertainment.
Stores of several industry leading retailers such as Apple Inc. ( AAPL ), Banana Republic, Bath & Body Works, Ann Taylor and Fairway Market now houses the shopping center. These tenants will join Macy's, Inc. ( M ) and Sears Holdings Corporation ( SHLD ), which are the oldest tenants housed at the center. Further, Simon Property disclosed that several other tenants like 24-Hour Fitness, Regal Cinemas, Starbucks and BJ's Restaurant & Brewhouse will join The Shops at Nanuet by 2014. Notably, around half of these retailers will mark their debut at the Rockland County.
With its strategic location and widespread overall improvement, The Shops at Nanuet provides a huge upside potential for Simon Property going forward. Particularly, the addition of high-end retailers at the shopping center is expected to draw more visitations and consequently result in increments in rental revenues going forward. It will also boost the job market and economic growth of the Rockland County.
As a matter of fact, Simon Property has been active in capitalizing on growth opportunities in top markets worldwide. In relation to that, earlier this month, the company started development at Premium Outlets Montreal. Moreover, in September, the company disclosed its plan to initiate renovation work at The Galleria, a world-renowned mall in Houston.
Simon Property currently carries a Zacks Rank #3 (Hold).