Glimcher Unveils the Outlet Collection™
Published on Tuesday, 22 May 2012 14:07 Written by TradersHuddle StaffLAS VEGAS-( Business Wire )-
Glimcher Realty Trust (NYSE: GRT), one of the country’s premier retail REITs, today unveiled The Outlet Collection™ brand during RECon, the International Council of Shopping Centers’ Global Retail Real Estate Convention. As part of its strategy to continuously improve quality and identify growth opportunities within the portfolio, the company is introducing the new brand designating its outlet centers and will also be renaming two of its outlet properties.
Jersey Gardens, the largest outlet center in New Jersey, will become The Outlet Collection │ Jersey Gardens. SuperMall, currently a hybrid mall located in Auburn, Wash., will become a pure outlet center known as The Outlet Collection │ Seattle. Designed to signify an upscale, premium collection of quality outlet retailers, The Outlet Collection brand also represents the transformation from hybrid outlets to pure outlets for the two properties.
“We have been in the outlet business for more than 15 years, and are excited about the opportunities presented by this growing segment,” said Michael P. Glimcher, Chairman of the Board and CEO, Glimcher Realty Trust. “The Outlet Collection™ better reflects the upscale tenants at these properties and opens up new options for value-priced retailers looking to grow in the next 12 to 24 months.”
New logos and signage will be introduced in addition to a redevelopment of the interior and exterior to modernize the aesthetic and update the functional features of the malls. Both properties are part of a $60 million redevelopment project, which was announced in January 2012.
Renovation at The Outlet Collection │ Jersey Gardens will begin this summer. The Seattle project will begin phase one of construction in fall 2012. Both projects will include new flooring, interior rails and light fixtures as well as new concourse furniture and interior signage. Family restrooms, consistent with a four star hotel, will be added and a new dining emporium will bring in more authentic dining options. Wi-Fi hotspots will also be added. Exterior work will also be completed to incorporate the new name and branding at all entry points.
About The Outlet Collection │ Jersey Gardens
Glimcher began development of Jersey Gardens in 1997, and the mall opened in 1999. Close to Newark, N.J., and New York City, Jersey Gardens is the largest outlet mall in New Jersey and a major tourist attraction. The mall sees approximately 18 million visitors a year from more than 160 countries.
As part of the redevelopment, the mall will add the largest Tommy Hilfiger store in the world as well as tenants like The Puma Store, True Religion Brand Jeans, G by Guess and The Lego Store. The mall is currently anchored by Lord & Taylor Outlet, Neiman Marcus Last Call, Nike Factory Store and Saks Fifth Avenue Off 5th.
About The Outlet Collection │ Seattle
Built in 1995, Glimcher purchased the property through a joint venture in 1997 and took complete ownership of the mall a year later. One of the largest malls in the Pacific Northwest, it features 130 retailers. The mall features stores like Nordstrom Rack, Tommy Hilfiger Factory Store, Banana Republic Factory Store, Eddie Bauer Outlet, Old Navy Outlet, Gap Outlet and Ann Taylor Factory Store.
Upon completion of the renovation, The Outlet Collection │ Seattle will be the only indoor outlet mall in the greater Seattle area.
About Glimcher Realty Trust
Glimcher Realty Trust, a real estate investment trust, is a recognized leader in the ownership, management, acquisition and development of malls, which includes enclosed and open-air regional malls, as well as community centers.
Glimcher Realty Trust’s common shares are listed on the New York Stock Exchange under the symbol “GRT.” Glimcher Realty Trust’s Series F and Series G preferred shares are listed on the New York Stock Exchange under the symbols “GRT-F” and “GRT-G,” respectively. Glimcher Realty Trust is a component of both the Russell 2000® Index, representing small cap stocks, and the Russell 3000® Index, representing the broader market. Glimcher® is a registered trademark of Glimcher Realty Trust and, Glimcher Realty Trust’s federal trademark application for The Outlet Collection is currently pending.
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