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|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.