INDIANAPOLIS, May 31, 2018 /PRNewswire/ -- Simon, a global
leader in premier shopping, dining, entertainment and mixed-use
destinations, announced today that it expects to continue to
reclaim Sears locations throughout its portfolio and execute
transformational redevelopments that will significantly enhance
these shopping destinations.
"As Sears continues to liquidate its stores, it's a terrific
opportunity for us to recapture this real estate and redevelop it
in a brand-positive way," said Michael E.
McCarty, Chief Operating Officer, Simon Malls. "Our team is fully engaged in
capitalizing on this opportunity and continues to pursue plans to
replace Sears stores with new and compelling ways for consumers to
live, work, play, stay and shop at these Simon destinations
nationwide."
Simon's redevelopment plans will also create new job
opportunities for the local communities that its properties
serve.
"A combination of innovative retail, restaurant, and
entertainment concepts are in play for each center. Mixed-use
elements such as hotel, residential, office, and fitness are also
being incorporated," added McCarty.
About Simon
Simon is a global leader in the ownership
of premier shopping, dining, entertainment and mixed-use
destinations and an S&P 100 company (Simon Property Group,
NYSE:SPG). Our properties across North
America, Europe and
Asia provide community gathering
places for millions of people every day and generate billions in
annual sales. For more information, visit simon.com.
Forward-Looking Statements
Certain statements made in
this press release may be deemed "forward‑looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Although the Company believes the expectations reflected
in any forward‑looking statements are based on reasonable
assumptions, the Company can give no assurance that its
expectations will be attained, and it is possible that the
Company's actual results may differ materially from those indicated
by these forward‑looking statements due to a variety of risks,
uncertainties and other factors. Such factors include, but are not
limited to: the acquisition of Sears department store properties
and the redevelopment and future leasing of the space; receipt of
all applicable consents and approvals; changes in economic and
market conditions that may adversely affect the general retail
environment; the potential loss of anchor stores or major tenants;
the inability to collect rent due to the bankruptcy or insolvency
of tenants or otherwise; decreases in market rental rates; the
intensely competitive market environment in the retail industry;
the inability to lease newly developed properties and renew leases
and relet space at existing properties on favorable terms; risks
related to international activities, including, without limitation,
the impact of the United Kingdom's
vote to leave the European Union; changes to applicable laws or
regulations or the interpretation thereof; risks associated with
the acquisition, development, redevelopment, expansion, leasing and
management of properties; general risks related to real estate
investments, including the illiquidity of real estate investments;
the impact of our substantial indebtedness on our future
operations; any disruption in the financial markets that may
adversely affect our ability to access capital for growth and
satisfy our ongoing debt service requirements; any change in our
credit rating; changes in market rates of interest and foreign
exchange rates for foreign currencies; changes in the value of our
investments in foreign entities; our ability to hedge interest rate
and currency risk; our continued ability to maintain our status as
a REIT; changes in tax laws or regulations that result in adverse
tax consequences; risks relating to our joint venture properties;
environmental liabilities; changes in insurance costs, the
availability of comprehensive insurance coverage; security breaches
that could compromise our information technology or infrastructure;
natural disasters; the potential for terrorist activities; and the
loss of key management personnel. The Company discusses these and
other risks and uncertainties under the heading "Risk Factors" in
its annual and quarterly periodic reports filed with the SEC.
The Company may update that discussion in its periodic reports, but
except as required by law, the Company undertakes no duty or
obligation to update or revise these forward-looking statements,
whether as a result of new information, future developments, or
otherwise.
View original content with
multimedia:http://www.prnewswire.com/news-releases/simon-to-transform-former-sears-locations-throughout-its-portfolio-into-exciting-new-retail-fitness-dining-and-entertainment-concepts-300657791.html
SOURCE Simon