Tags: mall | owner | shopping | website | simon

CNBC: Biggest US Mall Owner Plans Shopping Website

CNBC: Biggest US Mall Owner Plans Shopping Website

By    |   Wednesday, 02 October 2019 09:12 AM

Simon Property Group, the biggest mall owner in the U.S., reportedly is working with online shopping site Rue La La’s parent company to create a new internet destination for discount shopping online.

The real estate company announced Wednesday it’s partnering with Rue Gilt Groupe, which is backed by Michael Rubin, CEO of Fanatics’ parent company Kynetic, to create a new e-commerce business for discount shopping, CNBC said.

Simon has been testing the website “ShopPremiumOutlets.com” since March, building on its premium outlet centers business. The mall owner operates dozens of premium outlet centers nationwide and a handful overseas. It’s been working with certain retailers at those centers — which include Woodbury Common Premium Outlets in New York — to test selling merchandise together on this site. It says it has signed on more than 2,000 designers, and has about 300,000 products.

Simon says it will contribute about $280 million toward the venture.

To be sure, physical brick and mortar stores continue to struggle to find their place in the new reality of online shopping.

Forever 21 Inc. on Sunday became the latest U.S. retailer to file for bankruptcy, succumbing to the twin challenges of changing consumer tastes and a relentless shift to online shopping, Reuters explained.

The teen apparel retailer joins a list of household names, such as Sears Holdings and Toys ‘R’ Us, which have filed for bankruptcy protection since the beginning of 2017. Some retailers have even filed for a second time.

Toys ‘R’ Us Inc eventually went into liquidation, while others like David’s Bridal, Nine West and Mattress Firm Inc reorganized and emerged from bankruptcy.

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Simon Property Group, the biggest mall owner in the U.S., reportedly is working with online shopping site Rue La La’s parent company to create a new internet destination for discount shopping online.
mall, owner, shopping, website, simon
265
2019-12-02
Wednesday, 02 October 2019 09:12 AM
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