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Simon (SPG) Unveils New Platform Launchpad at Six Properties
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Retail REIT Simon Property Group, Inc. (SPG - Free Report) is undertaking every effort to boost traffic at its properties. The company’s latest move involves introduction of a scalable retail platform for both emerging and established brands to showcase new products and latest trends for shoppers in the company’s high productive shopping centers.
This latest platform referred as 'Launchpad – A Simon Edit' will be unveiled on Black Friday at six of the company’s properties. The locations include Lenox Square (Atlanta), King of Prussia (Philadelphia), Roosevelt Field (Long Island), South Shore Plaza (Boston), Town Center at Boca Raton (South Florida) and Orland Square (Chicago).
Specifically, at each location, there will be two activations. The first one is the '720 Degree Experience' that will transfer users to a virtual reality experience. This will be fully immersive in nature with a 720 camera producing HD images and video for posting on social media or viewing through VR goggles. The other program is 'Youth Tech' that features a Smart Phone-enabled gaming console, a robotic dog that acts on verbal commands, as well as AR cards effecting animals to life in 4D, the company said in its press release.
Such moves of Simon Property come at a time when mall traffic continues to dwindle amid rapid shift toward e-retailing, while store closures and retailer bankruptcies continue to impact retail landlords, including Simon Property, Kimco Realty Corp. (KIM - Free Report) , Macerich Company (MAC - Free Report) and Taubman Centers, Inc. .
In fact, Simon Property opted to invest 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. The company also created retail platform enabling emerging brands to pilot new products in an interactive and experiential retail space.
Simon Property is also 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 catch 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.
Ultimately, the aim is to transform retail shopping centers in a way such that these spaces appear as a one-stop destination where people can not only shop, live and work, but also entertain, socialize and exercise, and even visit doctors or relax at the spa. Eventually, such measures will likely help boost traffic and drive sales.
Nevertheless, 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.
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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Simon (SPG) Unveils New Platform Launchpad at Six Properties
Retail REIT Simon Property Group, Inc. (SPG - Free Report) is undertaking every effort to boost traffic at its properties. The company’s latest move involves introduction of a scalable retail platform for both emerging and established brands to showcase new products and latest trends for shoppers in the company’s high productive shopping centers.
This latest platform referred as 'Launchpad – A Simon Edit' will be unveiled on Black Friday at six of the company’s properties. The locations include Lenox Square (Atlanta), King of Prussia (Philadelphia), Roosevelt Field (Long Island), South Shore Plaza (Boston), Town Center at Boca Raton (South Florida) and Orland Square (Chicago).
Specifically, at each location, there will be two activations. The first one is the '720 Degree Experience' that will transfer users to a virtual reality experience. This will be fully immersive in nature with a 720 camera producing HD images and video for posting on social media or viewing through VR goggles. The other program is 'Youth Tech' that features a Smart Phone-enabled gaming console, a robotic dog that acts on verbal commands, as well as AR cards effecting animals to life in 4D, the company said in its press release.
Such moves of Simon Property come at a time when mall traffic continues to dwindle amid rapid shift toward e-retailing, while store closures and retailer bankruptcies continue to impact retail landlords, including Simon Property, Kimco Realty Corp. (KIM - Free Report) , Macerich Company (MAC - Free Report) and Taubman Centers, Inc. .
In fact, Simon Property opted to invest 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. The company also created retail platform enabling emerging brands to pilot new products in an interactive and experiential retail space.
Simon Property is also 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 catch 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.
Ultimately, the aim is to transform retail shopping centers in a way such that these spaces appear as a one-stop destination where people can not only shop, live and work, but also entertain, socialize and exercise, and even visit doctors or relax at the spa. Eventually, such measures will likely help boost traffic and drive sales.
Nevertheless, 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 6% in the past three months as against its industry’s decline of 11.1%.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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