Ian Ritter is national online editor of GlobeSt.RETAIL.
ATLANTA-Simon Property Group is expanding its 1.5-million-sf Lenox Square, one of the most successful centers in the Atlanta area, by nearly 90,000 sf. The additions include 52,000 sf to the existing, 153,722-sf Neiman Marcus store and 35,000 sf of shops as part of an upper-level expansion.
In-line stores at Lenox are currently all on the first floor, and the 35,000-sf addition will bring shops onto the second floor, in the development's Neiman Marcus wing. Work is set to begin on the center in the fall. Bloomingdale's and Macy's are Lenox's other anchor tenants.
The Neiman Marcus expansion follows the replacement last month of a Lord & Taylor with a Nordstrom at Phipps Plaza, Simon's upscale, 819,000-sf mall across the street from Lenox. Other Simon malls in the Atlanta area include Gwinnett Place in Duluth; the Mall of Georgia in Buford; Northlake Mall in Atlanta; and Town Center at Cobb in Kennesaw.
Simon owns 296 centers in North America, 51 in Europe and five in Japan. The Indianapolis-based REIT most recently opened the 1.5-million-sf St. Johns Town Center, an open-air development in Jacksonville, FL.
Dallas-based Neiman has consistently posted strong financial numbers over the last few several months. In its second quarter, which ended Jan. 29, same-store sales jumped 9.6% from the same year-ago period. Company executives announced last month that they are exploring a possible sale of the 51-store chain.
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