Authentic Brands Group, Simon Property Group Inc. and Brookfield Property Partners LP have finalized their $81 million acquisition of the struggling retailer, they announced Wednesday.
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The deal sends a resounding message that Simon remains a devout believer in retail real estate, even as the rise of e-commerce has knocked the sector out of favor across the globe.
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The talks come as a wave of retail bankruptcies squeeze mall-oriented real estate investment trusts, putting pressure on the industry to consolidate.
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The Indianapolis-based shopping mall giant topped analyst predictions for funds from operations and revenue in the latest quarter.
Read MoreThe deal is the latest evidence of Simon’s willingness to step into an ownership role to rescue mall chains that overexpanded and made other blunders as the internet roiled the fashion-retailing industry.
The index measures mobile-phone location data from five of the largest U.S. shopping center real estate investment trusts, including Indianapolis-based Simon Property Group Inc.
The Indianapolis-based real estate investment trust topped Wall Street expectations with its revenue in the third quarter and matched predictions for a key performance measure.
The Indianapolis-based shopping mall giant announced Wednesday morning that it is partnering with Rue Gilt Groupe to create an online site that will allow users to shop for more than 300,000 products from at least 2,000 designers.
Indianapolis-based Simon Property Group counts Forever 21 as its sixth-largest mall tenant, excluding department stores, with 99 outlets covering 1.5 million square feet, as of March 3.
With Target out of the picture, the ground floor of the former Carson’s space in Circle Centre will be marketed to multiple retail, restaurant and entertainment tenants, sources said.
The Indianapolis-based real estate investment trust saw profit shrink, but it beat Wall Street predictions with higher-than-expected funds from operations, a key industry metric.
A growing Ohio-based chain of coworking centers announced Monday that it plans to venture into Indiana for the first time by opening a location at Hamilton Town Center in Noblesville in spring 2020.
A small faction of officials at the struggling 800-store retailer talked to mall owners Simon Property Group Inc. and Brookfield Property Partners LP about a range of options, including a sale, according to people with knowledge of the matter.
The company’s shares—like those of many in retail real estate—are out of favor, as investors wring their hands over retail bankruptcies and the long-term impact of e-commerce.
Circle Centre saw its profit and store count rise in 2018, mall manager Simon Property Group said. But the financial performance of the downtown shopping center significantly trailed other properties in Simon’s portfolio.
A Florida-based theme restaurant chain licensed by the Ford Motor Co. has chosen Hamilton Town Center in Noblesville for its first location in Indiana, mall owner Simon Property Group announced Monday.
CBD’s growing demand persists despite very little evidence for all the health claims the industry touts.
The platform, called SPO, focuses on Simon’s Premium Outlet properties and is now in beta testing with the company’s VIP Club customers.
The CEO of Simon Property Group says the company's "fifth platform" will leverage its huge customer base—its more than 220 properties draw more than 100 million customers who make 2 billion visits a year.
The first store is expected to open in Indianapolis in March at Castleton Square, Simon Property Group and Green Growth Brands announced Monday.
Castleton remains central Indiana’s most expansive retail corridor, but does its retail focus—and its car-centric layout—suggest trouble lies ahead?
Simon Property Group managed improvement in every significant financial category in 2018 despite a landslide of retailer failures. On Friday, CEO David Simon said the company will have to continue to navigate through more store closures.
Simon Property Group Inc. on Thursday raised it outlook for the rest of the year after surpassing analyst expectations in a key quarterly performance category for real estate investment trusts.
Stiffening competition, surging online advertising costs and cheap mall space have prompted web retailers like Warby Parker and Bonobos to open physical stores, including locations in Indianapolis.
