Simon Property Group expands Gotemba Premium Outlets (JP/US)

Simon Property Group, Inc. (NYSE: SPG) announces that its Chelsea outlet division opened the third phase of Gotemba Premium Outlets(R), near Tokyo, Japan. The 95,000-ft² expansion brings the property to a total of 485,000 ft² of GLA containing 200 retail and restaurant tenants.

The largest outlet center in Japan, Gotemba Premium Outlets is located approximately 60 miles west of Tokyo on the Tomei Expressway, midway between Mount Fuji and the Hakone resort area. Its primary trade area extends from west Tokyo and Yokohama to Shizuoka prefecture, and includes approximately seven million people living within a 90-minute drive. The surrounding Mount Fuji-Hakone region is one of Japan's top tourist destinations, receiving more than 45 million visitors annually.

Gotemba Premium Outlets opened in 2000 and has had a strong following of domestic and international shoppers ever since. Widely considered the leading outlet center in Asia, it was expanded by 170,000 ft² of GLA in 2003. Existing international tenants include Adidas, Anna Molinari, Armani, Bally, Banana Republic, BCBG Max Azria, Benetton, Bottega Veneta, Brooks Brothers, Bruno Magli, Bvlgari, Coach, Cole Haan, Cynthia Rowley, Diesel, Dolce & Gabbana, Dunhill, Escada, Etro, Furla, Gap, Gucci, Hugo Boss, J.Crew, Jimmy Choo, Kate Spade, Kenzo, Laura Ashley, L.L. Bean, Loro Piana, Meleze (LVMH Group), Nike, The North Face, Polo Ralph Lauren, Reebok, Royal Copenhagen, Salvatore Ferragamo, Space (Prada, Miu Miu), S.T. Dupont, Taylor Made, Theory, Timberland, Tod's, Tommy Hilfiger, Triumph, Tumi, Versace, Vivienne Westwood, Wedgwood, Yves Saint Laurent and Zegna.

Phase III is 100% leased and results in the net addition of 35 new tenants, including Aquascutum, DeLonghi, Issey Miyake, Jil Sander, Junko Shimada, Lacoste, Le Creuset, Marni, Nikon, Puma, St. John, Via Bus Stop and Y's Clothing Company.

"Phase III raises the shopping experience at Gotemba Premium Outlets to another level. We are delighted to have had the opportunity to improve as well as enlarge this unique property, and we thank our many tenants and other friends for their support throughout the long development period," Leslie Chao, chairman of Chelsea Japan, said at opening ceremonies.

Source: Simon

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