In a concerted endeavor to strengthen its Premium Outlets portfolio globally, Simon Property Group, Inc. (SPG - Analyst Report) began construction at Premium Outlets Montreal in Canada on Oct 2, 2013. This leading retail real estate investment trust (REIT) initiated the project in collaboration with SmartCentres and Calloway REIT.
Mirabel, Quebec-based, Premium Outlets Montreal is situated off Highway 15 at exit 28, at the intersection of Chemin Notre-Dame and Boulevard de Versailles. Simon Property expects to open the first phase of the planned 366,000 square foot center in fall 2014. It will feature above 80 outlets of top designers and brands such as Michael Kors Holdings Limited (KORS - Analyst Report) , Crabtree & Evelyn, Polo Ralph Lauren of Ralph Lauren Corporation (RL - Analyst Report) , Fossil Group, Inc. (FOSL - Analyst Report) and Calvin Klein.
Moreover, Premium Outlets Montreal is expected to drive economic development in the area, with the creation of many jobs. Notably, the above-mentioned asset will be Simon Property’s 2nd Premium Outlets Center in Canada, after Toronto Premium Outlets, which the company opened in Aug 2013.
We expect the above-mentioned property to enhance Simon Property’s top-line growth prospects going forward, given the strategic positioning of the Premium Outlets center in one of Canada’s highly productive areas.
Notably, Simon Property has been active in capitalizing on growth opportunities in top markets worldwide, with special focus on enhancing its Premium Outlets portfolio. In relation to that, last month, the company began developing the Charlotte Premium Outlets in North Carolina. Also, in August, Simon Property opened its third Premium Outlet Center – Busan Premium Outlets – in South Korea and its first Premium Outlet Center – St. Louis Premium Outlets – in Chesterfield. At present, Simon Property has 81 Premium Outlet Centers worldwide.
Simon Property currently carries a Zacks Rank #3 (Hold).