Back to top

Analyst Blog

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

The retail real estate investment trust (REIT), Simon Property Group Inc. (SPG - Analyst Report), plans to expand and renovate its N.Y.-based iconic premium outlet center – Woodbury Common Premium Outlets. This comes as part of the company’s strategy to strengthen the tenant base and further increase traffic volumes at the property.

Founded in 1985, Woodbury Common Premium Outlets is one of the most productive shopping destinations in the world, with average sales of over $1,550 per foot and annual sales of more than $1.3 billion.

The property spans 850,000 square feet and is situated in Central Valley, N.Y. It currently boasts 220 outlet centers comprising leading global retailing giants such as – Brunello Cucinelli, Michael Kors Holdings Limited (KORS - Analyst Report), Burberry, Jimmy Choo, Saks Incorporated , Last Call by Neiman Marcus, Armani, Balenciaga and Coach, Inc. (COH - Analyst Report).

Simon Property will invest around $170 million for extensive expansion and renovation of the aforementioned outlet center. According to plan, Woodbury Common Premium Outlets will undergo expansion with the addition of net gross leasable area of 60,000 square feet. Upon completion, the property will have about 240 stores and will stretch more than 900,000 square feet.  Additionally, Simon Property expects to increase employment through the project. The extension and improvement project will likely be completed in stages, from 2014–2016.

We view the particular proposition as a strategic venture for the company and expect it to boost occupancy and tenant sales per square foot. Of late, Simon Property has been actively capitalizing on growth opportunities in top markets worldwide, with a focus on enhancing its Premium Outlets portfolio. Last month, it opened 2 premium outlets, namely Phoenix Premium Outlets in Ariz. and Shisui Premium Outlets in Japan, after completion of their development.

Simon Property currently carries a Zacks Rank #3 (Hold).
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
LAKE SHORE G LSG 0.77 +6.05%
QUESTCOR PHA QCOR 80.07 +2.47%
VIPSHOP HOLD VIPS 156.35 +1.82%
ENLINK MIDST ENLC 36.29 +1.60%
BNC BANCORP BNCN 17.33 +1.58%