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Simon Property Group

Manchester, CT
Business
Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports
Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports Forever 21 may close at least 200 more stores and could shut down every location during a possible bankruptcy process, according to reports. Forever 21 is considering the closures and its US operator F21 OpCo. may declare bankruptcy as soon as March, Bloomberg News reported. This would be the fast-fashion chain's second bankruptcy filing in about six years. Unless a buyer acquires the remaining locations, the retailer could be forced to liquidate, shutting down its roughly 350 remaining stores. At its height, Forever 21 operated more than 500 US locations and at least 800 worldwid…

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by Chris Spiker
Annapolis, MD
Business
JCPenney Closing Annapolis Mall Store As Part Of Nationwide Cuts, Reports Say JCPenney Closing Annapolis Mall Store As Part Of Nationwide Cuts, Reports Say
JCPenney Closing Annapolis Mall Store As Part Of Nationwide Cuts, Reports Say JCPenney is closing a Maryland department store as one of its latest changes amid restructuring and financial uncertainty. JCPenney will shut down at the Annapolis Mall in Maryland, a company spokesperson confirmed to the Daily Voice. The store is one of eight locations set to close nationwide by the middle of 2025. The company said it doesn't have plans to "significantly reduce" its store count. "Individual closures in specific markets happen from time to time due to expiring lease agreements, market changes or other factors," the spokesperson said. "We are grateful to our …

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by Chris Spiker
Bellport-Brookhaven-East Patchogue, NY
Business
Multimillion-Dollar Makeover With New Stores, Dining, Outdoor Plaza At Smith Haven Mall Multimillion-Dollar Makeover With New Stores, Dining, Outdoor Plaza At Smith Haven Mall
Multimillion-Dollar Makeover With New Stores, Dining, Outdoor Plaza At Smith Haven Mall A Long Island mall will undergo a multimillion-dollar redevelopment with new retailers, restaurants, and a redesigned outdoor plaza. Smith Haven Mall is set for a major transformation, Simon Property Group said in a news release on Monday, Feb. 10. Work will begin at the Lake Grove shopping center in the summer. The project is expected to finish in 2026. "Whether you're one of our long-time shoppers or stopping by on your way out east, we eagerly await welcoming everyone to discover what's new at Smith Haven Mall," said mall general manager Mathew Boals. The redevelopment will i…

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by Chris Spiker
Hartford, CT
Business
Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator
Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator JCPenney is merging with a company that owns several other retailers that have also struggled as malls have declined in popularity across the US. The 123-year-old department store chain and SPARC Group have combined to form Catalyst Brands, the new company said in a news release on Wednesday, Jan. 8. SPARC Group is the operator of stores including Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brand, and Nautica. Former JCPenney CEO Marc Rosen will become the CEO of Catalyst Brands, which boasts more than $9 billion of revenue and about 60,000 employees at …

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by Chris Spiker
Jersey City, NJ
Business
New Jersey's Last-Standing Sears Store Says It's Closing New Jersey's Last-Standing Sears Store Says It's Closing
New Jersey's Last-Standing Sears Store Says It's Closing And then there were none. New Jersey's last-standing Sears store, located in Jersey City, appears to be closing. The store at Newport Centre announced a store closing sale on Friday evening, Jan. 5 on Facebook. A voice answering service said the store was closed when Daily Voice called Friday at 7 p.m. Daily Voice has reached out to the Simon Property Group, who owns Newport Centre, and Sears corporate for comment. Sears Holdings filed for bankruptcy in 2018. The Jersey City store became the final Sears in New Jersey in 2020 after the store in Hackensack — a local landmark — shutter…

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by Cecilia Levine
Dorchester, MA
News
Neiman Marcus Sues Boston Mall Owners For $50 Million Over Contract Breach Neiman Marcus Sues Boston Mall Owners For $50 Million Over Contract Breach
Neiman Marcus Sues Boston Mall Owners For $50 Million Over Contract Breach Neiman Marcus said it lost millions of dollars after it agreed to shrink the size of its store to allow for the construction of a skyscraper in Boston's Back Bay neighborhood. Those plans fell through, and now the retailer is suing the developer for $50 million to recoup the money Neiman Marcus says it lost because of the project.  Neiman Marcus filed a lawsuit on Tuesday, July 19, in Suffolk Superior Court against Simon Property Group, the owners of Copley Place mall.  Simon Property had planned to build a 52-story residential high-rise above the retail store at 5 Copley Pl…

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by Josh Lanier
Hartford, CT
Business
JCPenney Offers Billions To Buy Rival Kohl's, Report Says JCPenney Offers Billions To Buy Rival Kohl's, Report Says
JCPenney Offers Billions To Buy Rival Kohl's, Report Says The owners of JCPenney are bidding to acquire rival Kohl’s, according to a new report. Shopping-mall owners Simon Property and Brookfield Asset Management have offered around $8.6 billion for Kohl's stores, the New York Post reports. Under the plan, JCPenney's parent company would maintain two separate brands and cut costs by $1 billion at Kohl’s over the next several years, the Post said, citing a source. After filing for bankruptcy in the spring of 2020, JCPenney was acquired by Simon Property Group and Brookfield Asset Management. With about 1,160 locations in every state except Hawaii…

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by Joe Lombardi
Mt. Kisco, NY
Business
COVID-19: Mall Owner Pulls Back On Reopening Date COVID-19: Mall Owner Pulls Back On Reopening Date
Covid-19: Mall Owner Pulls Back On Reopening Date Not so fast. Simon Property Group is now hitting the brakes on any potential openings of some New York malls on Saturday, May 16. Earlier this week, the company announced that it intended to open several malls, possibly some in New York, though it planned to take extra safety precautions, including taking customers' temperature and enforcing social distancing. A statement released by the company caused confusion among New Yorkers and politicians alike. “Shopper response to our reopenings has been very positive,” the company said in a statement earlier this week, commenting on properties t…

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by Zak Failla
Mt. Kisco, NY
Business
COVID-19: Concerns Voiced As Local Malls Plan To Reopen COVID-19: Concerns Voiced As Local Malls Plan To Reopen
Covid-19: Concerns Voiced As Local Malls Plan To Reopen Click here for an updated story - COVID-19: Mall Owner Pulls Back On Reopening Date Simon says ... it’s time to reopen some malls in the region amid the novel coronavirus (COVID-19) crisis. Simon Property Group announced this week that Woodbury Common Premium Outlets in Orange County will be reopening on Saturday, May 16, the day after the state “unpauses” and begins reopening some non-essential businesses. Other planned openings in New York include Shops at Nanuet, and The Westchester in White Plains. In total, nearly two dozen properties in the area are expected to reopen, pend…

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by Zak Failla
Monroe, NY
Real Estate
Woodbury Common Among Nation's Most Lucrative Malls Woodbury Common Among Nation's Most Lucrative Malls
Woodbury Common Among Nation's Most Lucrative Malls  A new study by boutique research firm Boenning & Scattergood for CNBC found that Woodbury Common Premium Outlets is the fourth most lucrative in the U.S. The 20 most valuable malls in the country owned by real estate investment trusts bring make nearly $21 billion in retail sales a year, the study says. The Woodbury Common in Central Valley in Orange County comes in at No. 4 on the list, with a total asset value of $3.2 billion and $1,624 sales per square foot. The mall is owned by Simon Property Group (the same company that owns The Shops at Riverside). The most lucrative mall in Ame…

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by Cecilia Levine
Paramus, NJ
Real Estate
Garden State Plaza Is 9th Most Lucrative Mall In The U.S. Garden State Plaza Is 9th Most Lucrative Mall In The U.S.
Garden State Plaza Is 9th Most Lucrative Mall In The U.S. PARAMUS, N.J. -- A new study by boutique research firm Boenning & Scattergood for CNBC found that Westfield's Garden State Plaza is among the top 10 most lucrative in the U.S. The 20 most valuable malls in the country owned by real estate investment trusts bring make nearly $21 billion in retail sales a year, the study says. Paramus' own Garden State Plaza is the ninth most lucrative in the U.S., has a total asset value of $2.71 billion a year, according to Boenning & Scattergood. The mall has $950 per square foot. The Woodbury Commons in Central Valley, N.Y. comes in at No. 4 on t…

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by Cecilia Levine