Yahoo Finance Simon (SPG) Partners With The Webster to Revamp Luxury Shopping
Simon Property Group, Inc. SPG, the behemoth in the retail real estate market, is set to amplify its luxury offerings by introducing three new boutiques of the multi-branded retailer, The Webster. This move fortifies SPG's place in the retail real estate market, given The Webster's esteemed reputation and exclusive customer base.
The boutiques will debut at The Shops at Riverside (New Jersey) in October 2023, followed by Lenox Square (Atlanta) and The Domain (Austin) in Summer and Fall 2024, respectively. These additions will leverage the success of the ongoing Simon-The Webster collaboration at The Galleria in Houston, TX. Velda Turan, senior vice president of Leasing at Simon, expects these new boutiques to complement the existing roster of luxury offerings at selected locations.
Simon’s strategic partnership with The Webster demonstrates its commitment to providing top-tier retail experiences. This move could positively impact SPG's performance, and investors should keep an eye on this burgeoning development. The company's innovative approach to retail real estate may continue to yield attractive returns, reinforcing its dominance in the sector.
The Webster, founded by Laure Hériard Dubreuil, is recognized for its unique curation of fashion designs for women, men and kids, including leading brands like Balenciaga, Gucci, Saint Laurent and more. The boutiques will also feature LHD, the retailer’s private label line, along with a refined selection of fine jewelry, home and beauty products.
Recently, Simon Property announced an expansion of its partnership with Five Below, Inc. FIVE, a leading retailer of trendy products for teens and tweens, to open more stores at its properties by 2023. Five Below will offer a variety of products for tweens, teens and beyond at seven or more Premium Outlets locations. The new stores will launch starting this spring and summer of 2023.
Five Below is also coming to Great Mall, a Mills property, in Milpitas, CA, and Miller Hill Mall in Duluth, MN, this year. Further, FIVE is undergoing a complete makeover at Arundel Mills in Hanover, MD.
Shares of this Zacks Rank #3 (Hold) company have declined 4.6% in the past year compared with its industry’s fall of 7.4%.
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A Stock to Consider
A better-ranked stock from the retail REIT sector is Saul Centers, Inc. BFS, which carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Saul Centers’ ongoing year’s FFO per share has been revised marginally upward over the past week to $3.05.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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