CENTRAL VALLEY, NY-With annual sales of about $1,550 per square foot, or about $1.3 billion per year, Woodbury Common Premium Outlets here outperforms many of even the most successful shopping malls by a two-to-one margin. Beginning in 2016, the 850,000-square-foot Simon Property Group asset could become even more profitable, in part because it will be about 60,000 square feet larger. Simon on Wednesday said it would spend $170 million to give the 27-year-old outlet center its first-ever makeover as well as an expansion.
Since its opening in 1985, Woodbury Common has been expanded three times, and today boasts a slate of retailers that range from Armani and Burberry to the only Tom Ford outlet store in the US. The shopping center REIT's planned makeover will add 20 new stores, along with architectural and landscape improvements and the integration of new customer amenities, according to a release.
Woodbury Common's existing food court will be given over to new retail space, while the renamed and relocated Market Hall will offer dining options at the entrance to the center. Market Center will replace the center's main tower building. A welcome center will be added, including new pick-up and drop-off areas for tour buses and public transit bus traffic, the release states.
Addressing what the New York Times on Wednesday reported as common problems for the 13 million annual visitors to Woodbury Common—“a confusing layout and snarled traffic”—Simon plans to realign the center's roadway system to traffic flow into, out of and within the center. A four-level parking structure will provide increased parking availability.
“This expansion and enhancement will enable us to improve the shopper experience for our visitors and create additional space to accommodate the significant retailer demand that exists for this world-class shopping venue,” John R. Klein, president of Simon's Premium Outlets, says in a release. “Many designers want to open their first and perhaps only outlet store at Woodbury Common to access the center's legendary productivity.”
Reflecting the outlet center's Empire State location, the redesign of Woodbury Common will feature six shopping “districts,” named after well-known regions within the state. They include Hudson Valley, Adirondacks, Hamptons, Madison Avenue, Saratoga and Niagara. The renovations will be completed in three phases beginning in 2014, according to Simon.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
