11/24/2023 0 Comments David simon property![]() ![]() What other changing consumer behaviors are you observing? ![]() We'll see if that really transpires, but it hasn't been, by any means, widespread. If retailers have a little excess inventory - because as Gary said, the consumer is a little more cautious - that's actually good for the outlet business. Remember when we thought the early 2020s were going to be for going out with friends? It didn't quite happen. You see it from a lot mall retailers if you're dressing up, jewelry, and have the event stuff, you're doing really well. And it's more bets on what's going on now. Simon: I'll reinforce what Gary says: It's really selective here and there. We are doing some pop-up stores with certain guys that do have that problem, but I don't see it being widespread. But we have not heard anything about retailers having a big glut of inventory. The outlets are going to continue to be a very valuable resource for them and for us. Now, people are spending, but they're cautious about where they're spending and they want to have their money go further. Are you seeing any of them looking to offload those goods through their outlet businesses?ĭuncan: What we saw earlier in the year and even for the better part of 2021 was that tenants didn't have enough product because they had supply chain issues that were coming from Asia - in the apparel and footwear categories, certainly. We're seeing a lot of retailers figuring out how to manage extra inventory right now. and are saying this is the better place to be. And we're seeing this from international retailers that want to grow in the U.S. You go down the list, less reliance on China. I think you're going to see sourcing come back. We've got a lot of great things going on in this country. I'm starting to see international tourism come back.įrankly, I think the U.S. We have outlets that are in major tourist markets - Desert Hills, Sawgrass Mills - and we're starting to see them reach record again because we see more than domestic tourism coming back. Our outlet business has been extremely steady and growing as well. Simon: We've been really, really pleased with our full-price business. How have your outlet centers been performing relative to Simon Property Group's namesake shopping malls, particularly against this backdrop of red-hot inflation and with more consumers seeking out savings? And obviously it's our day, but we welcome participation from any outlet owner that wants to participate. We expect to build on it each and every year. Simon: We have 300 retailers, but I hope next year we'll have 1,000. What has the reception been like from your retail tenants to participate with discounts and other incentives to lure people to come out and shop? Thygesen: We've timed it between the traditional promotional windows, so Memorial Day is over and back-to-school hasn't started. We're going to do this annually - and with some of the inflationary pressures this couldn't come at a better time. But also to reinforce the Simon outlets have great brands. The genesis really was to give back to the consumer in terms of our special promotions and deals. We were going to do it in 2020, and Covid killed our plan. And then we couldn't quite get it all together. Simon: The idea was in the works in early 2019. Why did Simon Property Group create this shopping holiday and decide to run it over this weekend? The conversation below has been edited down for clarity and brevity. Retailers from Target to Gap have seen their inventory levels balloon as backlogged merchandise arrives from overseas at the same time consumers are shifting their spending away from so-called pandemic categories such as sweatpants and office furniture.ĬNBC spoke with Simon, as well as Gary Duncan, president of Simon Property's Premium Outlets and its Mills business, and Mikael Thygesen, chief marketing officer, about this weekend's event, the state of the retail industry and the American consumer. It's one way that the mall owner is working with its tenants to lure cash-strapped consumers out to shop as budgets are squeezed and retailers are more competitive for shoppers' dollars. About 300 retailers from J.Crew to Banana Republic to Puma will be taking part by offering deals exclusively at those locations, according to Simon Property. The first iteration runs this weekend at the real estate owner's 90 premium outlets and Mills-branded outlet properties in the U.S. This event, dubbed "National Outlet Shopping Day" by Simon Property Group, is meant for people seeking out deep discounts on everything from new clothes and sneakers to sunglasses and luggage, Simon told CNBC in a recent Zoom interview. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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