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Simon (SPG) Bolsters Shopping Experience With Razer Collab
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Simon Property Group (SPG - Free Report) recently partnered with Razer, the leading global lifestyle brand for gamers, to open five RazerStore shops at its properties as the brand continues its experiential retail expansion in 2023. The move is likely to draw more shoppers to SPG’s shopping centers, fortifying its place in the retail real estate market.
The brand has been offering top-shelf gaming and streaming equipment, ranging from laptops and desktops to keyboards, headphones and more, to hundreds of millions of its fans globally for more than 16 years.
SPG’s King of Prussia — in the greater Philadelphia region, Roosevelt Field on Long Island, The Florida Mall in Orlando, Dadeland Mall in Miami and The Domain in Austin are set to house the new RazerStore shops, providing shoppers a chance to explore their products.
With five exclusive zones dedicated to pro-gaming setups, streamers, console gamers, digital creators and apparel and a demo station where people can unbox and share videos of their latest purchase with friends, RazerStore is likely to offer a thrilling experience to shoppers.
The brand also plans to offer regular esports and gaming events with local collegiate organizations, which is expected to bolster shoppers’ enthusiasm further.
Per Zach Beloff, vice president of Leasing at Simon Property, “We are excited to work with Razer to bring their cutting-edge computers and gaming hardware to new and existing shoppers. The properties selected will expose Razer to tens of millions of customers annually and position them next to best-in-class global brands.”
This retail real estate investment trust (REIT) behemoth’s successful tie-ups with premium retailers have paid off well in recent years. Also, exploring the mixed-use development option, which has gained immense popularity in recent years, has enabled it to capture the attention of people who prefer to live, work and play in the same area.
This May, Simon Property extended its already successful partnership with The Webster, a luxury multi-branded retailer, to introduce three new boutiques at the former’s shopping centers — The Shops at Riverside (New Jersey) in early October of 2023, Lenox Square (Atlanta) in late summer 2024 and The Domain (Austin) in early fall 2024.
In the same month, SPG also expanded its collaboration with Five Below, Inc. (FIVE - Free Report) , a leading retailer of trendy products for teens and tweens, to open more stores at its properties by 2023. Five Below will offer a variety of products for tweens, teens and beyond at seven or more Premium Outlets locations.
Moreover, staying abreast with industry trends and consumer preferences, SPG recently kick-started the construction of a new Residence Inn by Marriott (MAR - Free Report) , set to offer 167 rooms upon completion in 2025 at Northgate Station. This landmark venture represents the first hotel within the Northgate Station complex. The development of Residence Inn by Marriott will continue in stages throughout 2023, with a new recreational area scheduled to open in the summer.
The renewed enthusiasm in consumers’ preference for an in-person shopping experience following the pandemic downtime has driven the recovery in the retail real estate industry. Retailers continue to rent out more physical store spaces to meet this growing demand, which has been aiding leasing activity at SPG’s properties lately.
Also, this retail REIT’s focus on omni-channel retailing and premium acquisitions and transformative redevelopments backed by a solid balance sheet position bode well for long-term growth.
Nonetheless, growing e-commerce adoption and limited consumers’ willingness to spend amid macroeconomic uncertainty and high interest rates remain key concerns for the company.
Shares of this Zacks Rank #3 (Hold) company have lost 5.5% in the year-to-date period against the industry’s growth of 2.5%.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Simon (SPG) Bolsters Shopping Experience With Razer Collab
Simon Property Group (SPG - Free Report) recently partnered with Razer, the leading global lifestyle brand for gamers, to open five RazerStore shops at its properties as the brand continues its experiential retail expansion in 2023. The move is likely to draw more shoppers to SPG’s shopping centers, fortifying its place in the retail real estate market.
The brand has been offering top-shelf gaming and streaming equipment, ranging from laptops and desktops to keyboards, headphones and more, to hundreds of millions of its fans globally for more than 16 years.
SPG’s King of Prussia — in the greater Philadelphia region, Roosevelt Field on Long Island, The Florida Mall in Orlando, Dadeland Mall in Miami and The Domain in Austin are set to house the new RazerStore shops, providing shoppers a chance to explore their products.
With five exclusive zones dedicated to pro-gaming setups, streamers, console gamers, digital creators and apparel and a demo station where people can unbox and share videos of their latest purchase with friends, RazerStore is likely to offer a thrilling experience to shoppers.
The brand also plans to offer regular esports and gaming events with local collegiate organizations, which is expected to bolster shoppers’ enthusiasm further.
Per Zach Beloff, vice president of Leasing at Simon Property, “We are excited to work with Razer to bring their cutting-edge computers and gaming hardware to new and existing shoppers. The properties selected will expose Razer to tens of millions of customers annually and position them next to best-in-class global brands.”
This retail real estate investment trust (REIT) behemoth’s successful tie-ups with premium retailers have paid off well in recent years. Also, exploring the mixed-use development option, which has gained immense popularity in recent years, has enabled it to capture the attention of people who prefer to live, work and play in the same area.
This May, Simon Property extended its already successful partnership with The Webster, a luxury multi-branded retailer, to introduce three new boutiques at the former’s shopping centers — The Shops at Riverside (New Jersey) in early October of 2023, Lenox Square (Atlanta) in late summer 2024 and The Domain (Austin) in early fall 2024.
In the same month, SPG also expanded its collaboration with Five Below, Inc. (FIVE - Free Report) , a leading retailer of trendy products for teens and tweens, to open more stores at its properties by 2023. Five Below will offer a variety of products for tweens, teens and beyond at seven or more Premium Outlets locations.
Moreover, staying abreast with industry trends and consumer preferences, SPG recently kick-started the construction of a new Residence Inn by Marriott (MAR - Free Report) , set to offer 167 rooms upon completion in 2025 at Northgate Station. This landmark venture represents the first hotel within the Northgate Station complex. The development of Residence Inn by Marriott will continue in stages throughout 2023, with a new recreational area scheduled to open in the summer.
The renewed enthusiasm in consumers’ preference for an in-person shopping experience following the pandemic downtime has driven the recovery in the retail real estate industry. Retailers continue to rent out more physical store spaces to meet this growing demand, which has been aiding leasing activity at SPG’s properties lately.
Also, this retail REIT’s focus on omni-channel retailing and premium acquisitions and transformative redevelopments backed by a solid balance sheet position bode well for long-term growth.
Nonetheless, growing e-commerce adoption and limited consumers’ willingness to spend amid macroeconomic uncertainty and high interest rates remain key concerns for the company.
Shares of this Zacks Rank #3 (Hold) company have lost 5.5% in the year-to-date period against the industry’s growth of 2.5%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.