|Boston Area Simon Malls Undergo Major Development Projects|
Change is in Store as Expansions, Renovations and New Retailers Come to Simon Malls
BOSTON--(BUSINESS WIRE)--March 27, 2008--Simon Property Group (NYSE: SPG) is undergoing large-scale renovations and expansions at several Boston-area properties. The $450 million investment in the region exemplifies Simon Malls as the leading retail provider in New England.
"This is an exciting time for Simon properties across Massachusetts as we both commence and complete a series of major renovations and expansions," said Laurel Sibert, vice president of mall marketing, Simon Property Group, New England. "We're seeing our malls in greater Boston maintain and grow market share, which helps us continue our commitment to providing consumers with the highest quality and selection of shopping possible, and the magnitude of these projects pays testament to that."
Of the several projects in the works and in the planning stages, three properties in particular stand out - Burlington Mall in Burlington, Northshore Mall in Peabody and South Shore Plaza in Braintree. In addition, however, other properties in Simon's New England portfolio have seen tremendous retailer growth, particularly with luxury brands. In the last few years, high-end stores such as Barneys New York, Ferragamo, Jimmy Choo and David Yurman have opened in Boston's Copley Place, while Christian Dior and Louis Vuitton expanded their stores there.
As one of the first properties to undergo a major development project in the region, the Burlington Mall recently unveiled a new 85,000 square foot wing that will be complete on March 28 with the highly-anticipated opening of Nordstrom. The 138,000 square foot department store will anchor the mall's new wing. In 2007, the property introduced new retailers such as Anthropologie, J Crew featuring Crew Cuts for ages 2-10, Blue Mercury, Cole Haan, Free People, lululemon athletic, Samsonite Black Label and Sony Style. The mall also opened a new 35,000 square foot two-level free standing Crate & Barrel home and furniture store in August 2007, the only one of its kind in the region.
Also experiencing major changes is the Northshore Mall, which completed the first phase of construction in fall 2007 with the opening of The Cheesecake Factory, Filene's Basement and a new entrance to the mall's Food Court. The second phase, which includes a 165,000 square foot new wing, will be completed by fall 2008. The renovations will culminate with the addition of a 138,000 square foot Nordstrom which anchors the new wing and is due to open in spring 2009. Other highlights will include P.F Chang's China Bistro, which is slated to open in summer 2009, and Forever 21, which is due to debut a two-level store in late fall 2008.
South Shore Plaza is the latest Simon property to undergo major changes. South Shore Plaza will debut a wave of new tenants beginning in fall 2009, including the first Teavana on the South Shore, Lego and popular children's clothing retailer Janie & Jack. In addition to adding new tenants, South Shore Plaza will also be improving the retail space of its successful existing tenants, including Origins and Brookstone. Origins will be expanding its current location to offer consumers an even greater variety. Specialty consumer products powerhouse Brookstone will be relocating to a larger space to better accommodate the retailer's high demand among Plaza shoppers. In 2010, South Shore Plaza will be the third Massachusetts Simon property to open Nordstrom, which will be housed by a new wing that will begin construction in fall 2008.
About Simon Property Group
Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers(R), The Mills(R), community/lifestyle centers and international properties. It currently owns or has an interest in 380 properties comprising 258 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at www.simon.com.
CONTACT: Regan Communications Group Lisa Hiland, 617-488-2883 email@example.com SOURCE: Simon Property Group