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Simon Property (SPG) Adds Two Restaurants to Roosevelt Field
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Retail REIT Simon Property Group, Inc. (SPG - Free Report) is making every effort to drive footfall at its properties. Most recently, the company welcomed two chef-driven concept restaurants at Roosevelt Field — the company’s expansive retail destination for fashion, discovery and community at Long Island.
These two restaurants are Small Batch from Tom Colicchio, and Crafted Hospitality and Osteria Morini, which happens to be The Altamarea Group and Chef Michael White's neighborhood Italian restaurant. While Small Batch is slated to open this fall, Osteria Morini is set for a summer opening next year.
Declining mall traffic resulting from the e-commerce boom, store closures and retailer bankruptcies has wreaked havoc for retail REITs like Simon Property, GGP Inc. , Kimco Realty Corp. (KIM - Free Report) and Macerich Company (MAC - Free Report) . However, retail landlords are now making efforts to boost their asset productivity by trying to grab attention from new and productive tenants, and disposing the non-productive ones. Particularly, the retail REITs are avoiding heavy dependence on apparel and accessories, and rather expanding their dining options, opening movie theaters, offering recreational facilities and opening fitness centers.
Simon Property too is investing billions to transform its properties aimed at creating value and drive footfall at the company’s properties. The transformational plans included addition of hotels, restaurants, residences and luxury stores.
Particularly, at Roosevelt Field, the company recently launched The Edit@Roosevelt Field, a retail platform enabling emerging brands to pilot new products in an interactive and experiential retail space. Also, it includes fast casual Dining District together with restaurants.
In addition, the company is exploring mixed-use development option which has gained immense popularity in recent years. Such developments lower the distance between housing, workplaces, retail businesses, and other amenities and destinations. Hence, such developments enable companies to grab the attention of people who prefer to live, work and play in the same area — a trend that drove development in several other cities in the United States.
Nevertheless, the implementation of such measures requires a decent upfront cost and therefore, would limit any robust growth in its near-term profit margin. Also, rate hike has added to its woes.
Simon Property currently has a Zacks Rank #3 (Hold). The company’s shares have appreciated 14.6% in the past three months compared with its industry’s growth of 13.4%.
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Simon Property (SPG) Adds Two Restaurants to Roosevelt Field
Retail REIT Simon Property Group, Inc. (SPG - Free Report) is making every effort to drive footfall at its properties. Most recently, the company welcomed two chef-driven concept restaurants at Roosevelt Field — the company’s expansive retail destination for fashion, discovery and community at Long Island.
These two restaurants are Small Batch from Tom Colicchio, and Crafted Hospitality and Osteria Morini, which happens to be The Altamarea Group and Chef Michael White's neighborhood Italian restaurant. While Small Batch is slated to open this fall, Osteria Morini is set for a summer opening next year.
Declining mall traffic resulting from the e-commerce boom, store closures and retailer bankruptcies has wreaked havoc for retail REITs like Simon Property, GGP Inc. , Kimco Realty Corp. (KIM - Free Report) and Macerich Company (MAC - Free Report) . However, retail landlords are now making efforts to boost their asset productivity by trying to grab attention from new and productive tenants, and disposing the non-productive ones. Particularly, the retail REITs are avoiding heavy dependence on apparel and accessories, and rather expanding their dining options, opening movie theaters, offering recreational facilities and opening fitness centers.
Simon Property too is investing billions to transform its properties aimed at creating value and drive footfall at the company’s properties. The transformational plans included addition of hotels, restaurants, residences and luxury stores.
Particularly, at Roosevelt Field, the company recently launched The Edit@Roosevelt Field, a retail platform enabling emerging brands to pilot new products in an interactive and experiential retail space. Also, it includes fast casual Dining District together with restaurants.
In addition, the company is exploring mixed-use development option which has gained immense popularity in recent years. Such developments lower the distance between housing, workplaces, retail businesses, and other amenities and destinations. Hence, such developments enable companies to grab the attention of people who prefer to live, work and play in the same area — a trend that drove development in several other cities in the United States.
Nevertheless, the implementation of such measures requires a decent upfront cost and therefore, would limit any robust growth in its near-term profit margin. Also, rate hike has added to its woes.
Simon Property currently has a Zacks Rank #3 (Hold). The company’s shares have appreciated 14.6% in the past three months compared with its industry’s growth of 13.4%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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