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CENTRAL VALLEY, NY-With annual sales of about $1,550 per square foot, or about $1.3 billion per year, Woodbury Common Premium Outlets here outperforms many of even the most successful shopping malls by a two-to-one margin. Beginning in 2016, the 850,000-square-foot Simon Property Group asset could become even more profitable, in part because it will be about 60,000 square feet larger. Simon on Wednesday said it would spend $170 million to give the 27-year-old outlet center its first-ever makeover as well as an expansion.

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