Showing posts with label Mills. Show all posts
Showing posts with label Mills. Show all posts
Mayor and Governor speak about Opry Mills reopening
The mall will open in spring 2012 but will continue to pursue a lawsuit seeking more insurance proceeds from a consortium of 16 insurers over some $150 million in flood damages, the mall’s owners said Tuesday morning.
SOURCE: The Tennessean
Opry Mills will reopen in 2012
"We are thrilled that Opry Mills will be able to spring back to life," said Gregg Goodman, president of The Mills, a Simon company. "Our shoppers will once again be able to experience the great shopping, dining, and entertainment options that made Opry Mills such a huge hit when it opened in 2000 and the general community will benefit from the construction jobs, the return of the retail jobs, and the resulting tax revenues."
Goodman said work to get Opry Mills reopened next year would start immediately. He added that he and his leasing team have met with many retailers and expected a majority of the mall's tenants to be open in the spring of 2012.
Signaling Opry Mills' future success, most of the previous anchor/tenants have committed to be part of the reopening plans. These include OFF 5TH Saks Fifth Avenue, Regal Cinemas Opry Mills Stadium 20 & IMAX, Dave & Buster's, Rainforest Cafe, Aquarium Restaurant, Off Broadway Shoes, and a greatly expanded Forever 21. Bass Pro Shops has already reopened.
Previous in-line stores that have also committed to the restored Opry Mills include Banana Republic Factory Store, J.Crew Factory, Brooks Brothers Factory Store, Ann Taylor Factory Store, Victoria's Secret, and Tommy Hilfiger Company Store.
Additionally, many new tenants to the property are anticipated to open in spring 2012 such as Coach Factory Store, Calvin Klein, Tommy Bahama Outlet, Talbots, Chico's, White House Black Market, Under Armour Factory House, and The LEGO Store.
"The response from the retail community has been incredibly positive and enthusiastic," Goodman said. "It's clear that they prospered at Opry Mills and are anxious to return."
"Regal Entertainment Group is eager to rebuild Regal Cinemas Opry Mills Stadium 20 & IMAX and we're delighted to be part of the restored Opry Mills," said Dick Westerling, senior vice president of marketing at Regal Entertainment Group. "As a Tennessee-headquartered business ourselves, we're happy that this great retail and entertainment landmark is coming back."
"The decision to reopen Opry Mills is a testament to Nashville's strong economy and our resilience in recovering from the 2010 May flood," Nashville Mayor Karl Dean said. "Opry Mills provides over 3,000 retail jobs in our community and has a significant impact on our tax base and the other businesses in the Music Valley area. Its return in 2012 will be another great moment in our city's recovery, and we very much look forward to that day."
Tennessee Governor Bill Haslam said, "This is representative of the remarkable effort exerted to restore the lives and livelihoods affected by the 2010 floods. Bringing these thousands of jobs back online is an incredible boost, and I commend those involved to make this happen so quickly. Tennesseans and Opry Mills have shown everyone how to bounce back."
Opry Mills was severely damaged by high flood waters in May 2010. Losses to the property are currently estimated to exceed $200 million. Unfortunately, Opry Mills' commitment to the citizens and economy of the city of Nashville, Davidson County, and the state of Tennessee was undermined by the refusal of Opry Mills' insurers to fulfill the promises made when they agreed to provide $200 million in flood coverage. Last September, Opry Mills filed a lawsuit in the Chancery Court of Davidson County against the insurers who have refused to honor their contractual commitments for flood insurance coverage, and that case will proceed while Opry Mills is being rebuilt. Since last fall, Opry Mills and Simon have worked hard with stakeholders, including their partners, lenders, and tenants to find an alternative way to fund the costs of reconstruction and rebuild the mall without waiting until the insurance litigation is concluded and are extremely gratified to announce this effort has been successful.
About Opry Mills
Opry Mills is located seven miles from downtown Nashville, between Interstates 40 and 65, and is within walking distance of the Grand Ole Opry and the 2,800-room Gaylord Opryland Resort and Convention Center. For the latest information about the ongoing restoration process at Opry Mills, please call (615) 514-1000 or visit www.oprymills.com. Opry Mills also may be found on Facebook (www.facebook.com/OpryMills) and on Twitter @shoprymills.
SOURCE: PRNEWSWIRE
Restoration firm sues Opry Mills owners for $3.6 million.
 |
Photo by LARRY McCORMACK / THE TENNESSEAN |
Interstate Restoration LLC is suing the owners of Opry Mills mall for $3.6 million, saying its company wasn't fully paid for water removal and cleaning work it did after May's flooding at the still-closed shopping center.
The Texas-based restoration firm said it was not paid for labor, materials and services associated with water extraction and cleanup work at the mall through October, according to a complaint filed in Davidson County Chancery Court.
The company is suing Simon Property Group, along with Opry Mills Mall Limited Partnership and a German bank that acts as its commercial lender, for breach of contract as well as intentional misrepresentation and conspiracy to commit fraud.
The legal complaint says the mall knew it was "under-insured for the property damage sustained because of the flood, and thereafter knew that an insufficient amount of insurance proceeds would be available to pay Interstate for the work" performed in a second phase of cleanup.It also says the mall's owners knew they "were so severely under-capitalized that these entities did not have the ability to pay Interstate."
Simon Property Group issued a statement saying, "Simon Property Group looks forward to defending ourselves vigorously since we believe this lawsuit lacks merit. In particular, the spurious allegations of misrepresentation and fraud are unfounded and represent the worst kind of overreaching by plaintiffs and their attorneys."
The mall's owners are already tied up in a multimillion-dollar lawsuit involving their insurance coverage. That case isn't scheduled for trial until February 2012.
The owners are suing their insurers over a remaining $150 million in insurance proceeds that the mall says it needs to complete repairs. The insurers argue that the coverage is limited to $50 million already paid out.
Interstate's lawsuit said its work at the mall was divided into a first phase that included removing water, demolition and the drying of spaces, and a second phase that included other cleaning work. Simon Property approved the restoration firm's pricing and charges for Phase II on or about July 28, according to the Chancery Court complaint.
Opry Mills lawsuit delayed.
By Nicole Young - The Tennessean
WHAT HAPPENED: Opry Mills filed suit in Davidson County Chancery Court on Sept. 14, 2010, against its insurers for not paying what it considers full coverage, or $150 million, after the May flood caused more than $200 million in damage at the shopping center.
THE BACKGROUND: Insurers paid $50 million last year, but Gregg Goodman, president of The Mills, a Simon Co., said that money covered only repair work through September. Simon Property Group participates in a joint ownership of Opry Mills and is a 50 percent owner.
WHAT NOW: The lawsuit continues to make its way through Chancery Court. A status hearing was scheduled for Friday, but was postponed until Feb. 18. Status hearings cover procedural issues and paperwork. They are intended to make sure the case is moving toward trial, said Les Morris, spokesman for Opry Mills.
WHAT'S NEXT: Davidson County Chancery Court intends to try the case in February 2012, according to Deputy Clerk Brenda Frady.
"Ultimately, we want to enforce the insurance contracts we believe are in place," Morris said. "We initiated this lawsuit last September and, regrettably, nothing has changed from forcing the insurance contract.
"There is no reopening date scheduled at the mall at this time. We can't talk about an opening date until we get a resolution in this case."
Coach and Aerosoles outlets come to Arundel Mills
The mall in Hanover is beefing up its tenant list as it prepares for slots to open at the mall later this year.
Best Buy Mobile, Hakky Shoe Repair & Alteration and Tilly’s are also coming to the mall.
There will also be new dining options - including Buffalo Wild Wings, Red Lobster, Olive Garden and LongHorn Steakhouse - on the outside ring of the mall.
“Arundel Mills is seeing phenomenal success, as retailers are eager to be a part of our unique blend of name-brand outlets and other popular stores,” Gene Condon, general manager of Arundel Mills, said in a statement. “These new additions will enhance Arundel Mills’ already celebrated shopping and dining experience enjoyed by millions of visitors each year.”
SOURCE: The Baltimore Sun
Potomac Mills gets three new retailers.
Washington Business Journal - by Jeff Clabaugh
Potomac Mills will get three new retailers: a designer clothing chain and two shoe stores.DKNY Company Store, Kenneth Cole Company Store and Johnston & Murphy will all open at the mega-mall by spring, Potomac Mills said.
The three retailers will be part of Potomac Mills’ Neighborhood One, anchored by Bloomingdales.
The new retailers continue a reshuffling at Potomac Mills.
In 2010, at least seven retailers closed their Potomac Mills locations, including Body Shop, Hush Puppies and Lindt Chocolate, while at least eight new retailers leased space at the Simon Property Group mall, including J. Crew, Bose and Under Armor.
Potomac Mills has more than 220 stores, making it the largest retail destination in Virginia.
Lacoste Outlet coming to Ontario Mills
Crocodile shirts to come to Ontario Mills this summer.A Lacoste Outlet is scheduled to open in summer at Ontario Mills, the shopping center announced Friday.
Lacoste may be best known for the crocodile emblem embroidered on its polo shirts and other clothing.
The planned Lacoste Outlet is set to open near the mall's Saks Fifth Avenue Off Fifth outlet. Other expected changes at Ontario Mills include expansions of the shopping center's Forever 21 and Burlington Coat Factory stores and the addition of a Sports Authority.
No Parking at Potomac Mills
A planned expansion has led Potomac Mills mall to cut back on commuter parking in its parking lot.
Mall officials announced this week that they will reduce the number of commuter parking spots from 1,000 to 275, effective Feb. 14.
The change is related to plans to expand the mall and add more restaurants, said Mike Sullivan, general manager of Potomac Mills.
The mall, which opened in 1985 and was acquired by the Simon Property Group in 2007, announced plans in 2008 to build an expansion adding 20,000 square feet of retail space and 30,000 square feet of restaurant space on the south side of the property, where the commuter parking lot is located.
Those plans were put on hold when the recession hit the restaurant industry, Sullivan said, but now restaurants are doing better and the mall is hoping to get its expansion plans back on track.
“The economy is getting better and we’re seeing an uptick in leasing in the mall,” Sullivan said. “We felt it was the appropriate time to make the business decision to try to move our expansion plans forward.”
In recent years the mall has added outlet versions of several upscale retailers, including Bloomindales, Neiman Marcus and Coach.
The mall’s only sit-down restaurant, Ruby Tuesday’s, closed in January 2010.
The mall is in talks with several restaurant chains that may be interested in coming, but are concerned about parking, he said.
“When restaurants take a look at the mall… they have a genuine concern that they wouldn’t have room for parking to meet the needs of the lunch time crowd,” Sullivan said.
The plans announced in 2008 called for the expansion to be built near the AMC movie theater, on the same side of the mall as the commuter parking lot.
As part of an agreement with the county, the mall is required to offer 275 parking spots for commuters, but in the 26 years they’ve been open, the mall has traditionally offered more, Sullivan said. A few years ago, at its commuter-parking peak, the mall reserved as many as 1,300 spots for commuters, he said.
“Potomac Mills is private property and it has helped the county with mitigating commuter parking needs for 26 years,” Sullivan said in an e-mail. “Ultimately it is not a private property owner’s responsibility to solve commuter parking issues… rather [it’s] the county’s responsibility.”
County transportation officials are working to compile a list of commuter parking lots in eastern Prince William County that may have space available for the displaced commuters, said Jason Grant, a county spokesman. Officials hope to have that information available sometime next week, he said.
Area commuters said other parking lots fill up quickly and the reduction in spots at Potomac Mills will make their commutes more difficult.
Commuter Robert Gift said other commuter lots on Horner Road and Va. 234 are so full that cars already park illegally there to fit in the lot.
“The county either needs to expand existing lots of build new ones in close proximity to the Potomac Mills lot,” Gift said in a comment on Insidenova.com’s Facebook page.
Another commuter, Hank Minitrez, said he parks at Potomac Mills now because it “is the best, most convenient lot for me to go to.”
“This will definitely cause Horner and Tackett’s Mill lots, which are already bursting at the seams, to be even worse,” he said in a comment on Facebook. “The rarely used lot north of 123 is… under utilized because it really is so out of the way, but I guess that’s where we’ll have to head, adding time to our commute.”
Sullivan said mall officials understand that some commuters may be frustrated by their decision, but, he said, the mall is private property and their priority is improving their business.
“We’re not doing this for any other reason than we are business. This is a business solution,” Sullivan said. “It’s good for the economy, good for jobs and good for the entire county ... if we are able to expand.”
Will Opry Mills re-open in 2011?
Opry Mills mall may be gearing up to reopen.
A $400,000 rehabilitation building permit was issued Tuesday for the mall’s Off Broadway Shoes store.
While mall owner Simon Property Group has not disclosed its plans, Off Broadway “is going to reopen with the rest of the mall,” said Phil Lamantia, director of store operations for the Alpharetta, Ga.-based company. The company has no plans to reopen before other stores, as Bass Pro Shops did in September.
Simon Property Group filed suit against its insurers in September, claiming they are withholding $150 million of the $200 million coverage Simon says it is due. After filing suit, Gregg Goodman, president of Simon subsidiary The Mills, said the lawsuit would force them to miss their original grand reopening goal of August 2011.
Repair work at the mall has since stopped, prompting many to question whether Simon, which had more than $3.7 billion in revenue in 2009, has any real intention of reopening the property.
Lamantia, however, said Simon is sharing their projected time lines for reopening. He declined, however, to share those projections. Simon has been tight lipped about its reopening projections since the May flood, and did not mention the August 2011 date until it had filed suit. A call to a Simon spokesperson has not yet been returned.
Lamantia said the mall “absolutely” will reopen. “And it’ll be bigger and better than it ever was,” he said.
Work on the Off Broadway store will be handled by Management Resource Systems, Inc.
The next hearing in Simon’s insurance lawsuit is scheduled for Jan. 7.
The Block at Orange goes outlet.
Simon Property Group, which also owns Brea Mall, Laguna Hills Mall, Westminster Mall and The Shops at Mission Viejo, bought The Block a few years ago. The Block is one of Orange County’s largest shopping centers at more than 700,000 square feet.
“This has been a center high on our radar since acquisition,” said Gregg Goodman, president of The Mills, a Simon subsidiary that owns The Block.
He likes that the center is less than four miles from Disneyland and wants to capitalize on its tourists. “We know how much tourists like the outlet experience,” he said. The Block has recently announced new outlet tenants such as Carter’s, Tommy Hilfiger Company Store, Original Penguin Company Store, Perry Ellis Company Store and Levi’s Outlet Store.
“We will rebrand the property,” Goodman added. ”We’re not prepared to announce that name yet, but rest assured it will have the word outlet in it. I’m not sure if ‘Block’ means anything.” The new name will also have Orange in it.
Also, this past June, the city approved a 105,000-square-foot expansion at The Block behind Hollister. About 35,000 square feet of that will be occupied by Nordstrom Rack, which is slated to open in spring 2012. Shoppers should expect several more outlet stores in the expanded area, Goodman said.
SOURCE: The Orange County Register posted by HANG NGUYEN, Retail Reporter
Gurnee Mills delays renovations until 2011
Gurnee Mills is preparing for a busy holiday season with the opening of several new stores, but some mall renovations scheduled to be completed by Black Friday have now been pushed back to early next year.
It's been nearly six months since Gurnee Mills representatives presented $5 million worth of renovations to the Gurnee Village Board including new restrooms and entrances and upgraded food courts
The three-year plan was expected to get underway this fall starting with the renovation of three of the mall's busiest restrooms.
"The sad news is we'll have to delay the restrooms until the beginning of next year," said Randy Ebertowski, Gurnee Mills General Manager.
Ebertowski said the architectural plans are "top quality" but it's now too late in the year to get through the village permitting process and have the work completed by Thanksgiving as originally intended.
Plans call for two of the three restrooms to be converted into family restrooms with a doorless entry and baby changing station. Each renovated restroom will also feature granite countertops, graffiti-proof paint, a purse and package shelf in each stall, and hands-free faucets, soap dispensers and dryers. The cost is expected to be about $1.4 million.
Roads fixed
The good news, said Ebertowski, is that nearly $1 million in road resurfacing is scheduled to be completed by November. Asphalt paving of the "outer ring road" from Gurnee Mills Circle East to Stearns School Road is now underway.
This is the third year of the mall's multi-year plan to repave its roads and parking lots, said Ebertowski.
"Each year we've spent about $1 million. We have a few more years to go."
Next year, Gurnee Mills will renovate Entrances A, E, F and J with new lighting, signage and landscaping at a cost of about $1.8 million. Ebertowski said the outdated agricultural theme will be history.
For its final Phase 3, set to begin in 2012, the mall will make $1.6 million worth of interior and exterior renovations including new food court flooring and fixtures, new directional signage and parking lot signs, and a new pile-on sign for I-94.
In April, Ebertowski told the village board these renovations have been long overdue even before the Simon Property Group bought the property from the Mills Corporation in 2007, and that they have been playing catch up in areas where the former owners fell short.
More stores
The Simon Property Group, said Ebertowski, is committed to reinvesting in the mall and continues to welcome new stores.
New stores
This year saw the addition of the 11,000 square foot women's apparel store A'GACI, aerie by American Eagle, Stride Rite Outlet, Toys R Us, Wetzels Pretzels and Kenneth Cole. Additionally, open-air farmers market "What's in Season" opened in the mall parking lot last month.
A temporary Halloween store is also open where Circuit City used to be. The space will next be used to sell Christmas decorations.
Cinnabon is coming soon to the Dine-O-Rama food court. A Build-A-Bear workshop is also expected to be open later this month.
Gurnee Mills is anticipating a successful holiday shopping season, said Ebertowski.
"National reports are projecting a 3 percent increase in retail sales. Our goal is to beat that."
"We feel strongly that our new retailers will draw new interest and we will have a solid holiday season."
For more information about Gurnee Mills call (847) 263-7500 or visit http://www.gurneemills.com/.
SOURCE: Lake Villa Review by ANGELA D. SYKORA
Ontario MIlls gets $4.5 Million from the city for improvements
Improvements to the 1.5 million-square-foot mall will be funded in part by a $4.5-million grant from Ontario’s public redevelopment agency. The owner of the mall, Simon Property Group Inc., did not disclose how much it will spend on the construction, set to begin in January.
Forever 21, the cheap-chic fashion chain that started as a series of small boutiques, will quadruple its space at the mall to 54,000 square feet. Burlington Coat Factory will expand from 80,000 square feet to 112,000 square feet.
Sports Authority, one of the country’s largest sporting goods chains, will come to the mall in a 50,000-square-foot store to be built near the food court.
Improvements will include additional entrances to the mall from parking lots 3 and 4, plus more parking spaces and landscaping. Work is expected to be completed in a few months.
“This is a great example of a public-private collaboration that will create a positive chain reaction to benefit the community,” said Paul Leon, mayor of Ontario.
Ontario Mills opened in 1996 as a super-regional off-price mall that combined retail and entertainment uses. It has more than 200 stores and a 30-screen cinema complex. It attracts millions of visitors a year, including busloads of tourists.
Developer Mills Corp., which built the mall and other U.S. mega centers, was acquired by Simon and Farrallon Capital Management in 2007 in a $1.64-billion takeover.
SOURCE: Los Angeles Times by Roger Vincent
Opry Mills to be closed for another year.
Officials with Simon Property Group, which has a 50 percent ownership stake in the shopping destination, said they never intended to reopen for this year’s Christmas shopping season and that their original goal of opening next summer is now in doubt, having filed a suit this week against its insurance providers.
Mall owners filed suit this week against 17 insurers, claiming they are withholding $150 million of the $200 million in coverage owners say they are due. Repair work at the mall is nearing the $50 million mark, at which point work will stop, Goodman said.
SOURCE: Nashville Business Journal - by Eric Snyder Staff Writer
Opry Mills sues insurers over flood damage.
Opry Mills Mall Limited Partnership, a subsidiary of Simon Property Group, filed suit against 17 insurers in Davidson County Chancery Court, seeking to force them to provide coverage and asking for a jury trial.
According to the suit, Chicago-based Aon Corporation served as Simon’s principal insurance broker; Aon Risk Services Central Inc. is one of the named defendants.
The May flood caused more than $200 million in damage to the mall. According to the suit, the insurers “contend that Opry Mills is only entitled to $50 million in coverage under policies issued by other insurers and none of the $150 million in coverage provided by their policies.”
Without the insurance proceeds, the mall owners claim they cannot reopen. To date, $50 million in repairs have been made, according to the lawsuit.
The suit claims that some insurers are refusing more than $50 million in coverage because the mall falls in a “high hazard flood location,” though mall owners contend that the mall’s location was not included in the list of such locations in their insurance policy. The filing includes certificates of insurance from Aon showing $200 million in flood coverage for the mall, and a post-flood e-mail from Aon confirming $200 million in coverage.
In addition to seeking an enforcement of the full $200 million coverage, the suit requests judgment against the insurers “for three times Plaintiffs’ actual damages proven at trial and all other damages available under the Tennessee Consumer Protection Act.”
SOURCE: Nashville Business Journal
Another Opry Mills store goes into exile
Nike emphasizes the move to the Cool Springs Pointe development north of Moores Lane is only for the time being and that it plans to return to the flooded mega-mall once renovations and repairs are complete.
The iconic shoe giant is the latest retailer forced to find space after the May floods. A number of tenants have relocated to Lebanon's Premium Outlets – which changed its name from Prime Outlets after being acquired by Opry Mills parent Simon Property Group last week.
Some tenants appear ready to weather the closure – Bass Pro Shops has committed to hundreds of thousands of dollars in repairs since the flood, for example – but Simon has repeatedly declined to name any retailers who are looking to relocate, although certainly such a move is easier after last week's Lebanon acquisition.
SOURCE: Nashville Post by J.R. Lind
Coach Factory Outlet store opens next month in Katy
You'll find the mall's newest retailer in Neighborhood 3 occupying about 8,000 square feet of space. The store will feature a selection of lifestyle accessories, including leather handbags, business cases, wallets, weekend and travel accessories, footwear, watches, scarves, sunwear, jewelry and fragrances for men and women.
Earlier this year, the first Off Broadway Shoes store in Texas and an A'GACI store opened at Katy Mills.
SOURCE: UltimateKaty
Arizona Mills
I recently visited my Kids Supercenter store at the Arizona Mills center.
Arizona Mills
5000 S. Arizona Mills Circle
Tempe, AZ 85282
(480) 491-9700
Regular Mall Hours: Mon to Sat: 10:00am - 9:00pm LOCATION
Conveniently located at the Arizona Mills Interchange at the intersection of Interstate I-10 and US Highway 60 in Tempe, Arizona.
Arizona Mills is a mixed use center. There is a combination of full price, discount and outlet stores as well as restaurants, a food court and a movie theater. The center is huge with hundreds of stores in a race-track format.
Recently a new aquarium opened in the mall. Its called the Arizona Sea-Life Aquarium. It was packed the day I was there with people waiting to get in. That should bring some additional footsteps to the mall.
There were only 3 vacancies which is relatively few for a mall this large. There were a fair share of locals and temps filling locations.
Recently a Toys R Us Express opened here. They have been popping up all across the country.
New stores to open at outlet mall include Toys R Us Express
The retail toy store was awarded a zoning certificate by the City of Monroe’s Development Department on June 25, according to city officials.
Other stores that have opened in the past few months at CPO include Joe’s Jeans, New York & Company, Kitchen Collection, Guess, Claire’s Accessories, Under Armour and Lenscrafters. Lacoste is scheduled to open in August, Loft Outlet in September and True Religion in 2011, said Robert Tackett, general manager of the outlet center.
Cincinnati Premium Outlets will celebrate its 1-year anniversary Aug. 6.
SOURCE: Dayton Daily News
Bargain shoppers find their outlets in Texas
Malls that specialize in name brands have held their own by being a destination for consumers who are ready to buy
Joanna Heffernan and her teenage daughter, Kayden Graham, walked out of the Coach outlet store at Houston Premium Outlets, each holding a Coach bag with a purse inside. They had driven from their Richmond home to the sprawling outlet center in Cypress on Wednesday, “just to get away and out of town,” Heffernan said. “It's far enough away that you went somewhere.” And she likes to shop for deals, she added. There are many people like Heffernan who enjoy bargain hunting for name brands and are willing to go a ways to do it.
Developers are opening more outlet malls with such consumers in mind. For example, Simon Property Group, the world's largest shopping center developer, noted in its first quarter earnings report it had four construction projects — all for outlet malls.
In the Greater Houston area, Simon has the two largest collections of outlet stores. Katy Mills at 5000 Katy Mills Circle is more than 1.2 million square feet and has more than 175 stores, 65 percent of which are outlets. Katy Mills opened in 1999 and was acquired by Simon in 2007.
Private school teacher Nikki Vlasek and her 8-year-old daughter, Kate, were in Katy Mills on Tuesday, “making a day out of it. We rode the carousel, she played some video games and she might climb the rock climbing wall,” Vlasek said.
Katy Mills has outlet and traditional stores, and Vlasek said she was gravitating toward bargain shopping at the outlet stores, including Ann Taylor and J. Crew, although she also went to a traditional Old Navy and Claire's there.
Simon's other outlet-focused property, Houston Premium Outlets at 29300 Hempstead, is an upscale concept, said Michele Rothstein, senior vice president of marketing for Premium Outlets.
In November, 25 more outlet stores are slated to open at Houston Premium Outlets, bringing the total to 145. The expanded mall will be 541,000 square feet.
Among the soon-to-arrive merchants, Saks Fifth Avenue Off 5th will become the center's largest store.
High occupancy
High occupancy
For the fourth quarter of 2009, Simon saw 91 percent occupancy for its traditional regional malls, compared with 98 percent for outlet malls. Sales per square foot in regional malls, excluding anchors, was $433, compared to $500 at outlet malls.
The Outlets at Conroe at 1111 League Line has 38 outlet stores including Bass, Guess, Izod, Kitchen Collection, Nike and Tommy Hilfiger. Owned by Newport Beach, Calif.-based Craig Realty Group, the Outlets at Conroe has been doing good business considering the economy, general manager Tanya Tounzen said. “We've seen sales increases every month this year. It's because of our value pricing,” she said.
The economy is helping drive the growth of the outlet sector, said Howard Davidowitz, chairman of Davidowitz and Associates, a national retail consulting and investment banking firm in New York. “More Americans are under financial stress and watching every penny, but they still are drawn to name brands,” he said.
An investment in time
An investment in time
More so than the traditional mall shopper, an outlet mall shopper is likely to buy, said Kit Yarrow, a professor of business and psychology at Golden Gate University in San Francisco.
“Going to an outlet mall is destination shopping,” she said. “The time and energy spent to get there is an investment. People will buy so they won't feel like they've wasted a trip.”
SOURCE: David Kaplan Houston Chronicle www.chron.com
SOURCE: David Kaplan Houston Chronicle www.chron.com
Opry Mills gets $5M permit to rebuild shells of tenants' stores
A rehabilitation building permit for $5 million was issued on behalf of the mall Tuesday. Belfor Group USA, whose red, white and black trucks and billboards are now a common sight in Nashville, was issued the permit to return the mall to “white box” status, that is, to shell out the building in advance of tenants.
According to the permit, additional permits will be required to ready the individual tenant spaces.
The mall’s Bass Pro Shop has already received a $2 million building permit for repairs to its anchor space. In a recent interview with the Nashville Business Journal, Bass Pro’s local general manager said Simon Property Group, the mall’s Indianapolis-based owner, is financially responsible for restoring the shell of tenant spaces — the walls, floor, etc. Individual tenants, he said, are responsible for repairs inside their spaces.
The 1.2 million-square-foot mall has been closed since early May’s flood. Simon Property Group has yet to say when the mall will reopen.
Opry Mills tenant mix, timeline unclear after historic flooding
Flooded Opry Mills mall's revival begins
Subscribe to:
Posts (Atom)
