Simon Property Group, Inc. (NYSE: SPG), the world's leading retail real estate company, announced that Saks Fifth Avenue OFF 5TH will open a total of seven new stores in the next two years in its Premium Outlets® division including new centers and existing centers.
In addition, SPG said today that Saks Fifth Avenue OFF 5TH has made a long-term commitment to its Potomac Mills presence by finalizing its intention to move within the center to a new space on the front side of the property located between a mall entrance and Costco.
Simon is a key partner to Saks Fifth Avenue OFF 5TH, providing continued opportunity for growth in key markets via its Premium Outlets. The new stores will offer more customers access to more fashion, top brands, savings and service. Each of the areas differentiates Saks Fifth Avenue OFF 5TH to provide customers with a premium experience from a value retailer.
The innovative modern luxury-in-a-loft design of Saks Fifth Avenue OFF 5TH stores is both spacious and inviting. The versatile environment can showcase an emerging trend one day and a great deal the next, all at the high pace of fashion. Saks Fifth Avenue OFF 5TH leverages Saks Fifth Avenue's knowledge of fashion in the marketplace to create exclusive brands, providing customers with even more accessible luxuries, more trend-right values and more stylish exclusives.
There are 34 Saks Fifth Avenue OFF 5TH locations within the Simon portfolio both in its Premium Outlets and The Mills® divisions. The first new opening will be a 28,000 ft² (2,600 m²) Saks Fifth Avenue OFF 5TH opening on June 14, 2012 at the grand opening of Merrimack Premium Outlets, Merrimack, New Hampshire.
"We continue to be pleased with the performance of our Saks Fifth Avenue OFF 5TH stores in the Simon portfolio and are excited to have so many strong locations for us to grow with. These locations will enable us to continue to deliver our distinct merchandise offerings to area residents and visitors," stated Robert Wallstrom, President of Saks Fifth Avenue OFF 5TH.
"Saks Fifth Avenue OFF 5TH exemplifies the type of high quality shopping experience we seek for our discerning outlet customers, who visit our centers from around the world," noted John R. Klein, President of Simon's Premium Outlets division. "We are happy to have Saks join us as we build new centers and expand existing centers with strong track records of success."
Gregg Goodman, President of The Mills, a Simon company, is looking forward to the new store which will be delivered at Potomac Mills. "Saks is going to build a new, highly-productive store," Goodman said. "We're thrilled they are going to continue to serve our customers in the D.C. and Virginia markets."
Simon's Premium Outlets portfolio features 70 Premium Outlet Centers® including 57 in the United States, one in Puerto Rico, eight in Japan, two in Korea, one in Malaysia and one in Mexico. Its industry-leading properties include Woodbury Common Premium Outlets (New York City), Orlando Premium Outlets, Desert Hills Premium Outlets (Palm Springs, California) and Las Vegas Premium Outlets.
Source: Simon Property