The pandemic in its rear-view mirror, Simon announced this week its plans to develop malls in major growing US markets and also expand its Woodbury Common Premium Outlets in Central Valley, N.Y., north of New York City.
There, the fifth phase of expansion for Woodbury Common will build on a center that attracts 13 million people annually and houses over 250 of the greatest names in fashion. This phase will include approximately 160,000 square feet of new shops, additional parking, amenities and two hotels. Construction is expected to begin in 2024.
Laura Schwartz, regional vice president, leasing, Simon Property Group, told GlobeSt.com last month that "strong foot traffic and sales numbers across nearly every category is apparent, but particularly in the luxury category. This we expect will continue into the future."
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In Los Angeles, Simon will resume development on a 400,000 square foot high-end fashion outlet and value-oriented center, to be located along the high-traffic I-405 freeway—a location that will serve 2.5 million residents within 10 miles. It is targeted to open in 2024.
In Nashville, Simon has plans for a high-end luxury outlet in partnership with locally-based Adventurous Journeys (AJ) Capital. Schwartz also told GlobeSt.com last month that Simon sees "a significant market opportunity in dining, with several first-to-market dining concepts" and that "shoppers are looking for new and innovative experiential retail—not just a place to transact but a place to experience a brand and engage with it in a new way."
In Tulsa, development will resume at Tulsa Premium Outlets, located in Jenks, Okla., off I-75 along Riverside Parkway in 2022.
"This rapidly growing and thriving market is well-positioned for Simon's vision of value-oriented shopping and will serve as a regional draw for the entire greater four-state area," according to a company release. The grand opening is targeted for 2024.
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