{"id":1004230816,"date":"2018-05-18T03:19:55","date_gmt":"2018-05-18T11:19:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004230816"},"modified":"2022-12-08T10:27:21","modified_gmt":"2022-12-08T18:27:21","slug":"simon-property-group-to-spend-4b-on-experiential-upgrades","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/","title":{"rendered":"Simon Property Group to Spend $4B on Experiential Upgrades"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"Denver<\/a>

Denver Premium Outlets in Thornton, Colo.<\/p><\/div>\n

Simon Property Group has big plans for its top shopping centers; $4 billion plans. The retail and mixed-use real estate developer has commenced a multibillion-dollar program to transform some of its most notable shopping centers into experiential-centric destinations.<\/p>\n

\u201cWe’re a company of experiences and therefore perfectly positioned to capture the hearts, minds and imaginations of our shoppers with new, exciting and dynamic ways to live, work, play, stay and shop at Simon,\u201d<\/em> David Simon, chairman & CEO of Simon Property Group, said in a prepared statement.<\/p>\n

Among Simon\u2019s sizeable roster of transformational projects is suburban Philadelphia\u2019s popular King of Prussia, where the company will develop a residential component, hotel and Class A office tower to complement the center\u2019s 3 million square feet of shopping space. Simon holds up King of Prussia as experiential transformation at its best.<\/p>\n

Phipps Plaza in Atlanta<\/a> is also undergoing an experiential upgrade, with the redevelopment of vacated department stores paving the way for the addition of a boutique hotel, a LifeTime wellness center and a Class A office building. The property will also benefit from Simon\u2019s Savor platform, which will put elevated, new-to-market dining concepts in place to accommodate the public\u2019s changing taste buds and establish Simon centers as locales known as premier dining destinations. In Sunrise, Fla., Sawgrass Mill will offer the 14-restaurant Oasis, as well as additional retail square footage, and a new hotel.<\/p>\n

However, not all of Simon\u2019s transformational projects involve actual transformation. In suburban Denver, Simon is building an experience-centered property from the ground up with the development of the 328,000-square-foot Denver Premium Outlets, a high-design offering in Thornton, Colo. The open-air center, which will feature such amenities as an elegant outdoor village and views of the Rocky Mountains, is designed to attract visitors who prefer the outdoor lifestyle. Simon expects to open the doors of the $120.6 million Denver Premium Outlets<\/a> in September 2018.<\/p>\n

The right moves at the right time<\/strong><\/h2>\n

Statistics indicate that Simon\u2019s focus on experiential retail is the wave of the future for shopping malls. In its 2018 outlook report, consumer analytics firm Buxton quotes a retail industry expert\u2019s assertion that the formula for success in retail development today is 70 percent food, entertainment and lifestyle experiences, and 30 percent retail. Despite the hefty price tag, Simon\u2019s experiential enhancements program is a wise move, some analysts believe.<\/p>\n

\u201cThey\u2019ve already been doing it; they have proven to be very successful at redeveloping their assets and making those assets more attractive to changing customer needs,\u201d<\/em> Alexander\u00a0Goldfarb, managing director with investment banking firm Sandler O’Neill & Partners, told Commercial Property Executive<\/em>. \u201cWhether it\u2019s the project they\u2019re doing at King of Prussia or Sawgrass, these are amazing assets so they\u2019re taking top assets and making them that much better.\u201d<\/em><\/p>\n

Image courtesy of Simon Property Group
\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The retail and mixed-use property developer will transform some of its most notable assets with a mix of new offerings ranging from progressive restaurant concepts to premier hotels.<\/p>\n","protected":false},"author":969,"featured_media":1004230828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,23891,21742,21749],"tags":[33300,40408,33301],"class_list":["post-1004230816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-national","category-latest","category-retail","tag-david-simon","tag-sandler-oneill-and-partners","tag-simon-property-group-inc"],"acf":[],"yoast_head":"\nSimon Property Group to Spend $4B on Experiential Upgrades - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Simon Property Group to Spend $4B on Experiential Upgrades\" \/>\n<meta property=\"og:description\" content=\"The retail and mixed-use property developer will transform some of its most notable assets with a mix of new offerings ranging from progressive restaurant concepts to premier hotels.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-18T11:19:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:27:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Denver-Premium-Outlets-Thornton-Colo..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/\",\"name\":\"Simon Property Group to Spend $4B on Experiential Upgrades - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Denver-Premium-Outlets-Thornton-Colo..jpg\",\"datePublished\":\"2018-05-18T11:19:55+00:00\",\"dateModified\":\"2022-12-08T18:27:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Denver-Premium-Outlets-Thornton-Colo..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Denver-Premium-Outlets-Thornton-Colo..jpg\",\"width\":800,\"height\":620,\"caption\":\"Denver Premium Outlets in Thornton, Colo.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Simon Property Group to Spend $4B on Experiential Upgrades\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Simon Property Group to Spend $4B on Experiential Upgrades - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/","og_locale":"en_US","og_type":"article","og_title":"Simon Property Group to Spend $4B on Experiential Upgrades","og_description":"The retail and mixed-use property developer will transform some of its most notable assets with a mix of new offerings ranging from progressive restaurant concepts to premier hotels.","og_url":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-05-18T11:19:55+00:00","article_modified_time":"2022-12-08T18:27:21+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Denver-Premium-Outlets-Thornton-Colo..jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/","url":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/","name":"Simon Property Group to Spend $4B on Experiential Upgrades - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Denver-Premium-Outlets-Thornton-Colo..jpg","datePublished":"2018-05-18T11:19:55+00:00","dateModified":"2022-12-08T18:27:21+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Denver-Premium-Outlets-Thornton-Colo..jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Denver-Premium-Outlets-Thornton-Colo..jpg","width":800,"height":620,"caption":"Denver Premium Outlets in Thornton, Colo."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-to-spend-4b-on-experiential-upgrades\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Simon Property Group to Spend $4B on Experiential Upgrades"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Denver-Premium-Outlets-Thornton-Colo..jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004230816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004230816"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004230816\/revisions"}],"predecessor-version":[{"id":1004230834,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004230816\/revisions\/1004230834"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004230828"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004230816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004230816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004230816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}