Simon's Chelsea Division Opens Philadelphia Premium Outlets(R)
LIMERICK, Pa., Nov. 8 /PRNewswire-FirstCall/ -- Chelsea Property Group, a
division of Simon Property Group, Inc. (NYSE: SPG), the country's largest
owner, developer and manager of high quality retail real estate, opened
Philadelphia Premium Outlets(R) this morning in Limerick, Pennsylvania.
Located 35 miles northwest of downtown Philadelphia off of Route 422 at the
Sanatoga exit, Philadelphia Premium Outlets features 120 designer and name-
brand outlet stores. The center covers 425,000 square feet of gross leasable
area and sits on 78 acres. It is Chelsea's 45th Premium Outlet Center. The
center's Grand Opening Celebration runs through Sunday, November 11 and
features live entertainment, giveaways, store promotions and more.
Merchants such as Adidas, Ann Taylor, Banana Republic, Brooks Brothers,
Calvin Klein, Coach, DKNY Jeans, Elie Tahari, Gap Outlet, Guess, J.Crew,
Michael Kors, Neiman Marcus Last Call, Nike, Puma, Sony, Tommy Hilfiger and
Waterford Wedgwood were among the outlet stores that opened their doors.
Philadelphia Premium Outlets is currently 97% leased. Based on strong
merchant interest, construction has already begun on the center's 120,000
square foot expansion which will open spring 2008 bringing the center to 150
stores. It is the first time Chelsea has started building an expansion before
a center's opening.
"This is a market with sophisticated consumers, making it perfect for the
type of upscale outlet centers we develop," said John R. Klein, co-president
of Chelsea. "We were thrilled to see such large crowds of enthusiastic
shoppers from all over the Valley Forge and greater Philadelphia areas."
"This is a first-class project. The opening of Philadelphia Premium
Outlets has been a much awaited event for our community," said David Kane,
Chairman, Board of Supervisors - Limerick Township. "In addition to bringing
great shopping to the area, approximately 1,000 jobs have been created."
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 379 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.
SOURCE Simon Property Group, Inc.
/CONTACT: Michele Rothstein of Chelsea Property Group, +1-973-228-6111,
email@example.com; or Les Morris of Simon Property Group,