Retail REIT Simon Property Group, Inc. SPG recently announced the opening of Jockey International’s first-ever pop-up retail store at The Edit @ Roosevelt Field. The 1,700-square-foot store at Simon's turnkey retail platform will open to shoppers in September and run through January 2020.
The pop-up retail store of this 143-year-old brand reputed for high-quality underwear and apparel will showcase a contemporary collection of men's and women's undergarments, activewear, sleepwear and loungewear, together with the popular underwear bar.
Notably, Jockey International is the fifth retailer to enjoy occupancy of an abundantly-visible space in one of the premier centers in the United States for product testing and customers’ interaction in a new format. Among the other retailers which recently announced the opening of their stores with Simon nationwide are Egg Baby, Clientele, Revtown USA, and Hope & Henry.
Particularly, Simon Property’s The Edit @ Roosevelt Field is a retail platform that is bringing iconic brands, enabling emerging brands to pilot fresher products in an interactive and experiential retail space as well help brands that currently have only an online presence to set foot in the physical-store space through pilot stores in the mall. Such concepts for the retail real estate are aimed at grabbing interest of the tech-savvy population and drive footfall.
Admittedly, declining mall traffic resulting from the e-commerce boom, store closures and retailer bankruptcies continue to affect retail real estate market fundamentals, and impact retail REITs, including Kimco Realty Corp. KIM, Macerich Company MAC and Taubman Centers, Inc. TCO. However, retail landlords are now making concerted efforts to boost their asset productivity by trying to grab attention from new and productive tenants, and disposing the non-productive ones.
Simon Property too is investing billions to transform its properties aimed at creating value and drive footfall at the company’s properties. The transformational plans include addition of hotels, restaurants, residences and luxury stores. Furthermore, the company is undertaking strategic measures to help online retailers fortify their physical presence, besides taking steps to support the omni-channel strategy. However, implementation of such measures requires a decent upfront cost and therefore, may limit any remarkable growth in its near-term profit margins.
Simon Property currently carries a Zacks Rank #3 (Hold). However, the company’s shares have declined 8.2% in the past three months as against its industry’s gain of 0.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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