|Saks Fifth Avenue To Replace Jacobson's At The Fashion Mall At Keystone|
Legendary Upscale Retailer to Make its Indiana Debut in Fall, 2003
INDIANAPOLIS, Oct. 2 /PRNewswire-FirstCall/ -- Simon Property Group (NYSE: SPG)("Simon") announced today that it has signed an agreement with Saks Incorporated (NYSE: SKS), the parent company of Saks Fifth Avenue, to locate a Saks store at The Fashion Mall at Keystone as an anchor tenant, replacing Jacobson's, which closed on September 15 as part of the chain's liquidation.
Plans call for Saks to remodel the former Jacobson's store and to open in the fall of 2003 with approximately 120,000 square feet of selling space.
"We are extremely pleased to welcome Saks Fifth Avenue, one of our nation's preeminent retailers, to The Fashion Mall. We have maintained a high level of confidence that we would find a replacement for Jacobson's that would be compatible with the unique and upscale character of The Fashion Mall," said David Simon, chief executive officer at Simon Property Group. "To do so in such a short period of time, particularly in today's economic climate, is a testament to the desirability of the Fashion Mall location and to Indianapolis as a retail destination."
Saks will join Parisian, another Saks Incorporated division, in anchoring the 525,000-square-foot mall that opened in 1973 and was acquired by Simon in 1997. Saks will become the latest in a long list of retailers whose presence in Indianapolis can be found exclusively at The Fashion Mall.
Simon Property Group, Inc. (NYSE: SPG), headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership and management of income-producing properties, primarily regional malls and community shopping centers. Through its subsidiary partnerships, it currently owns or has an interest in 249 properties containing an aggregate of 186 million square feet of gross leasable area in 36 states, as well as eight assets in Europe and Canada. Additional Simon Property Group information is available at www.shopsimon.com .
SOURCE Simon Property Group, Inc.