Indianapolis — Simon Property Group has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open May 1, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in effort …
Simon Property Group
Indianapolis — Simon Property Group has agreed to acquire an 80% interest in Taubman Centers Inc., a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2%. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional …
Chicago — Pinstripes, Inc., a best-in-class experiential dining and entertainment concept, has formed a partnership with Simon Property Group that includes new leases for three future locations within the Simon portfolio, in addition to its existing Clearfork development in Fort Worth, Texas (pictured), and a minority equity investment in Pinstripes. The parties have also identified several potential Pinstripes locations at various Simon assets throughout the United States, all to be announced at a later date. Pinstripes currently has 10 locations throughout the U.S., with three new openings slated for 2019 …
Riverhead, N.Y. — Experiential marketing leaders CS Hudson and International Retail Management and Consulting Group (IRG) unveiled their latest collaboration, R|Evolution, on September 12, 2019 at the Tanger Outlets in Riverhead, N.Y., on Long Island. An immersive pop-up shop that provides digitally native and emerging brands the opportunity to participate in a pop-up brick-and-mortar experience, R|Evolution gives consumers a rotating experience every 90 days — aiming to “flip retail on its head” with an innovative model for the future. On the heels of this launch, the two partners have also …
Toronto — Hudson’s Bay Company (HBC) has entered into a definitive agreement with METRO AG to acquire Galeria Holding, the parent company of Germany’s Number 1 department store, Kaufhof, for €2.420 billion (C$3.357 billion). The acquisition is expected to close by the end of third fiscal quarter 2015.