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.