Tuesday, February 26, 2013
A financial analyst with investment website Seeking Alpha called the competition between Taubman Prestige Outlets and St. Louis Premium Outlets a gamble with no clear victory.
With the battle for outlet mall supremacy in Chesterfield heating up, some financial analysts are doubting assertions that there is enough consumer demand to support success for both projects. Writing in investment website Seeking Alpha, Brad Thomas called it “a gamble” by both Taubman Centers (Taubman Prestige Outlets) and Simon Property Group (St. Louis Premium Outlets) that is being waged “with no clear victorious outcome.” While acknowledging that the market may be underserved, Thomas said there simply isn’t enough demand to support the combined 800,000 square feet of retail space that will open in August. Thomas comments were in light of a recent earnings conference call held by Taubman, in which executives with the companies defended…
Thursday, December 13, 2012
With construction well underway at St. Louis Premium Outlets and Taubman Prestige Outlets, it seems increasingly unlikely that Chesterfield will get just one outlet mall.
A representative for Simon Property Group has announced that at least 30 percent of the walls of the future St. Louis Premium Outlets are now up. The development is locked in construction arms race with a competiting outlet mall in Chesterfield Valley, Taubman Prestige Outlets. The two are each aiming for opening dates sometime next August. The picture above dates from early December and shows an ariel view of the progress at the St. Louis Premium Outlets site, which is being developed by Simon and Woodmount Outlets. The 350,000-square-foot will be part of a larger 137-acre commercial center that is planned to have office, hotel, restaurant and entertainment venues as well. With construction now clearly underway for both sites, local …
Friday, December 7, 2012
Taubman Development Director Nicolas Schultz talks about why he thinks Taubman Prestige Outlets will be successful compared to his competition in Chesterfield Valley, St. Louis Premium Outlets.
Chesterfield Patch talked recently with one of the executives heading the development of Taubman Prestige Outlets to ask him about several issues surrounding the project and its nearby competitor, St. Louis Premium Outlets. Make sure to check Chesterfield Patch tomorrow for part two of our interview with Taubman Development Director Nicolas Schultz. Patch Editor Frank Johnson: Some residents in Chesterfield are worried about the prospect of having two outlet malls within five miles of each other. Why do you have confidence that having two such similar developments is not going to be harmful to both of you? Taubman Development Director Nicolas Schultz: It likely will dilute the market to a degree, however, sites make all the difference in…
Wednesday, November 28, 2012
The smaller St. Louis Premium Outlets has 60 leases signed while Taubman Prestige Outlets has commitments from 40 stores.
With building underway at the two outlet malls planned to open in Chesterfield late next summer, the battle now turns to the tenants. Key to the success of the outlet malls will likely be who they find to fill their stores. Taubman Centers and Outlet Partners have the larger space to fill with the 450,000-square-foot Taubman Prestige Outlets while Simon Property Group and Woodmount Outlets are developing the slightly smaller 350,000-square-foot St. Louis Premium Outlets. The St. Louis Business Journal recently published a list of the stores that have so far committed to each development. Simon said St. Louis Premium Outlets is 80 percent full with 60 leases while Taubman Centers has 40 stores signed, but declined to disclose its current…
Tuesday, November 20, 2012
Simon Property Group announced it would move up its previously planned September opening in the latest maneuver between Chesterfield's dueling outlet mall developers.
The battle to build continues between the developers of two Chesterfield outlet malls with Simon Property Group announcing St. Louis Premium Outlets will now open Aug. 22, 2013. The announcement is the latest maneuver between Simon Property Group and Woodmount Outlets, developers of St. Louis Premium Outlets, and Taubman Centers and Outlet Partners LLC, developers of Taubman Prestige Outlets. St. Louis Premium Outlets had previously been slated to open in September, but Premium Outlet's President John Klein said in a statement announcing the news that enough merchants had committed that they "felt it was now appropriate to move the opening date up to Aug. 22." Those merchants now include Nike, Cole Haan, Converse, Gymboree, Adidas, …
Monday, November 12, 2012
The St. Louis Business Journal is reporting that overdue payments on local commercial real estate investments in the area have gone up.
A mall property in the Hazelwood area formely owned by St. Louis Premium Outlets developer Simon Property Group is overdue on a loan of $90 million. The St. Louis Business Journals reported Thursday that past due payments on commercial real estate investments in St. Louis have risen. The article cites New York research firm Trepp LLC and said that one of the lager delinquencies is the St. Louis Mills Mall in Hazelwood, now known as St. Louis Outlet Mall. Simon transferred ownership of the property at the end of August and brought in The Woodmount Co. as the new managers. Woodmount is one of Simon's partners in the development of the $85 million St. Louis Premium Outlets in Chesterfield. The Hazelwood mall is now overdue by 90 days or …
Friday, September 28, 2012
The price of the 50-acre parcel purchased by the Simon Property Group and two other partners from Chesterfield Blue Valley LLC was not disclosed.