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Simon Property Group

Business
Multimillion-Dollar Makeover With New Stores, Dining, Outdoor Plaza At NY Mall Multimillion-Dollar Makeover With New Stores, Dining, Outdoor Plaza At NY Mall
Multimillion-Dollar Makeover With New Stores, Dining, Outdoor Plaza At NY Mall A Long Island mall will undergo a multimillion-dollar redevelopment with new retailers, restaurants, and a redesigned outdoor plaza. Smith Haven Mall is set for a major transformation, Simon Property Group said in a news release on Monday, Feb. 10. Work will begin at the Lake Grove shopping center in the summer. The project is expected to finish in 2026. "Whether you're one of our long-time shoppers or stopping by on your way out east, we eagerly await welcoming everyone to discover what's new at Smith Haven Mall," said mall general manager Mathew Boals. The redevelopment will i…

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by Chris Spiker
Business
Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator
Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator JCPenney is merging with a company that owns several other retailers that have also struggled as malls have declined in popularity across the U.S. The 123-year-old department store chain and SPARC Group have combined to form Catalyst Brands, the new company said in a news release on Wednesday, Jan. 8. SPARC Group is the operator of stores including Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brand, and Nautica. Former JCPenney CEO Marc Rosen will become the CEO of Catalyst Brands, which boasts more than $9 billion of revenue and about 60,000 employees at …

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by Chris Spiker
Business
JCPenney Offers Billions To Buy Rival Kohl's, Report Says JCPenney Offers Billions To Buy Rival Kohl's, Report Says
JCPenney Offers Billions To Buy Rival Kohl's, Report Says The owners of JCPenney are bidding to acquire rival Kohl’s, according to a new report. Shopping-mall owners Simon Property and Brookfield Asset Management have offered around $8.6 billion for Kohl's stores, the New York Post reports. Under the plan, JCPenney's parent company would maintain two separate brands and cut costs by $1 billion at Kohl’s over the next several years, the Post said, citing a source. After filing for bankruptcy in the spring of 2020, JCPenney was acquired by Simon Property Group and Brookfield Asset Management. With about 1,160 locations in every state except Hawaii…

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by Joe Lombardi
Business
COVID-19: Mall Owner Pulls Back On Reopening Date COVID-19: Mall Owner Pulls Back On Reopening Date
Covid-19: Mall Owner Pulls Back On Reopening Date Not so fast. Simon Property Group is now hitting the brakes on any potential openings of some New York malls on Saturday, May 16. Earlier this week, the company announced that it intended to open several malls, possibly some in New York, though it planned to take extra safety precautions, including taking customers' temperature and enforcing social distancing. A statement released by the company caused confusion among New Yorkers and politicians alike. “Shopper response to our reopenings has been very positive,” the company said in a statement earlier this week, commenting on properties t…

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by Zak Failla
Business
COVID-19: Concerns Voiced As Local Malls Plan To Reopen COVID-19: Concerns Voiced As Local Malls Plan To Reopen
Covid-19: Concerns Voiced As Local Malls Plan To Reopen Click here for an updated story - COVID-19: Mall Owner Pulls Back On Reopening Date Simon says ... it’s time to reopen some malls in the region amid the novel coronavirus (COVID-19) crisis. Simon Property Group announced this week that Woodbury Common Premium Outlets in Orange County will be reopening on Saturday, May 16, the day after the state “unpauses” and begins reopening some non-essential businesses. Other planned openings in New York include Shops at Nanuet, and The Westchester in White Plains. In total, nearly two dozen properties in the area are expected to reopen, pend…

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by Zak Failla
Real Estate
Woodbury Common Among Nation's Most Lucrative Malls Woodbury Common Among Nation's Most Lucrative Malls
Woodbury Common Among Nation's Most Lucrative Malls  A new study by boutique research firm Boenning & Scattergood for CNBC found that Woodbury Common Premium Outlets is the fourth most lucrative in the U.S. The 20 most valuable malls in the country owned by real estate investment trusts bring make nearly $21 billion in retail sales a year, the study says. The Woodbury Common in Central Valley in Orange County comes in at No. 4 on the list, with a total asset value of $3.2 billion and $1,624 sales per square foot. The mall is owned by Simon Property Group (the same company that owns The Shops at Riverside). The most lucrative mall in Ame…

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by Cecilia Levine