HOUSTON, Sept. 5, 2013 /PRNewswire-FirstCall/
-- Simon Property Group, Inc. (NYSE: SPG), a global leader in
retail real estate, announced today that Saks Fifth Avenue intends
to open a brand new, state-of-the-art flagship store located
immediately beside its existing store at the world-famous Houston
Galleria. The Galleria is Houston's premier shopping and tourist
attraction, Texas' largest
shopping domain, and the nation's fourth largest shopping center
with more than 2.2 million square feet of retail space, four
department stores and over 350 other stores that generate retail
sales in excess of $1.25 billion. The
Galleria is jointly owned by an affiliate of SPG and Institutional
Mall Investors LLC (IMI).
The new two-story Saks Fifth Avenue store will have
approximately 198,000 square feet of luxury shopping and will
feature the best that Saks Fifth Avenue has to offer. The new
store is scheduled to open in the fall of 2015. Until that time,
Saks Fifth Avenue will continue to operate in its existing store in
The Galleria so its many loyal customers do not experience a
business interruption.
Upon the opening of the new Saks Fifth Avenue store, Simon will
convert the existing Saks store into a new and vibrant two-level
mall wing connecting the new Saks store, the existing Neiman Marcus store and luxury retailers.
The new two-level expansion wing will include the addition of 35
luxury and other unique retailers as well as feature
restaurants.
"The Houston Galleria is among the nation's most productive
shopping destinations with an impressive, industry-leading diverse
tenant mix," said David J. Contis,
President, Simon Malls, "The
commitment of Saks to build a new state-of-the-art store, coupled
with the expansion of the mall will continue to enhance The
Galleria's appeal to Houstonians and tourists from around the
globe."
Steve Sadove, Chairman and Chief
Executive Officer of Saks Incorporated, commented, "Houston has been a great market for Saks Fifth
Avenue for nearly forty years, and we are so excited about
relocating our flagship store to a new space within the iconic
Houston Galleria. Our new store will allow us to even more
beautifully showcase our distinctive merchandise selections, and of
course, we will continue to provide our many loyal customers with
Saks Fifth Avenue's trademark exemplary
service."
Simon's plans also include the addition of a multi-tenant
building for a select group of luxury retailers along Westheimer
Road and upgrades to the interior, exterior and parking decks of
The Galleria. A new 300-unit, luxury residential high-rise adjacent
to The Galleria at the corner of West Alabama and Sage is also
being contemplated, which would provide residents with all of the
latest amenities, an outdoor pool, and an indoor connection to The
Galleria.
About Simon Property Group
Simon Property
Group, Inc. (NYSE: SPG) is an S&P 100 company and a global
leader in the retail real estate industry. The Company
currently owns or has an interest in more than 325 retail real
estate properties in North America
and Asia comprising approximately
241 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately
5,500 people in the U.S. For more information, visit the
Simon Property Group website at www.simon.com.
About Saks Incorporated
Saks Incorporated
(NYSE: SKS) currently operates 41 Saks Fifth Avenue stores, 69 Saks
Fifth Avenue OFF 5TH stores, and saks.com. Saks Fifth Avenue is
proud to be named a J.D. Power and Associates 2012 Customer Service
Champion and is only one of 50 U.S. companies so named.
About The Galleria
More than 26 million
visitors each year seek the dynamic, comprehensive, fine shopping
environment uniquely offered by The Galleria, Texas' largest shopping domain and fourth
largest nationally. International guests on a week's buying trip
blend seamlessly with Houstonians in the mall on a quick errand or
area executives entertaining clients at one of the signature
eateries. Spanning 2.4 million square feet of space, housing 400
fine stores and restaurants, two high-rise hotels, and three office
towers, The Galleria is Houston's
most popular retail and tourist destination, meeting every budget,
style and taste.
About Institutional Mall
Investors
Institutional Mall
Investors ("IMI") is a co-investment venture owned by an affiliate
of Miller Capital Advisory, Inc. ("MCA") and CalPERS, the nation's
largest public pension fund. MCA serves as investment manager
for IMI. IMI is an investment platform focused on high
quality, fashion-oriented retail properties. As of
June 2013, the portfolio included
approximately 19.0 million square feet of retail GLA. For
more information regarding IMI or CalPERS contact Andrew Miller, CEO of Miller Capital
Advisory. 847-966-9600
About Miller Capital Advisory
MCA is a
registered investment advisor and property investment concern
located in Skokie, IL, a suburb of
Chicago. Assets under management exceeded $5.3 billion on June
30, 2013. For more information visit
Miller-Capital.com.
SOURCE Simon Property Group, Inc.