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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV