Luxury Offering Continues to Expand Due to
Strong Demand
INDIANAPOLIS, May 16, 2024
/PRNewswire/ -- Simon®, a real estate investment trust
engaged in the ownership of premier shopping, dining,
entertainment, and mixed-use destinations, today announced its
plans to further invest in Houston's The GalleriaTM with
an interior and exterior revitalization. In addition, several
renowned brands have invested in their Galleria boutiques with
significant expansions and updates. To date, Simon has
invested several hundred million dollars in the redevelopment of
the iconic property. The Galleria is Houston's most desirable shopping and tourist
attraction, Texas' largest, and
among the nation's biggest shopping centers offering over 2.4
million square feet of dynamic retail, dining, and amenities.
Transformative multimillion-dollar upgrades will begin this
summer and are expected to be complete by early 2025. A significant
portion of the remodeling project will focus on elevating the
aesthetics of the northward and eastward facing valet entrances,
from Nordstrom through the Westheimer entrance, creating a refined
and welcoming ambience for the 30 million plus shoppers and diners
who visit annually. Many of The Galleria's interior and exterior
entrances will evolve to include sleek entryways, contemporary LED
lighting and ceiling enhancements. The revitalization also includes
155,000 square feet of modern new flooring throughout the
center.
The newly announced revitalization comes on the heels of the
last major redevelopment in the property that concluded in 2017
when The Galleria's luxury wing underwent extensive upgrades
and added new top-tier retailers, many of which are
first-to-market, and a fully reimagined, more than 200,000
square-foot Saks Fifth Avenue.
"The Galleria is an iconic Houston institution and an international
destination that has drawn the world's most discerning shoppers for
decades," said Mark Silvestri,
President of Development at Simon. "Simon is investing in The
Galleria once again to ensure the center continues to raise the bar
and set the industry standard for premier centers across the world.
These modern improvements and fresh facades will further elevate
the experience for our discerning patrons and complement the
world's most sought-after brands that call The Galleria home."
In the past five years, several of the center's key luxury
brands have expanded and enhanced their Galleria boutiques
including Gucci, which is currently expanding to a two-story
concept; Louis Vuitton; FENDI; and
Saint Laurent. FENDI and Saint Laurent doubled their footprints,
and their renovated boutiques showcase new design prototypes in
their respective retail spaces. The refreshed and substantial
footprints of these boutiques speak directly to the consumer demand
and growth potential for luxury brands in the Houston market. In this period, The Galleria
also welcomed Dolce & Gabbana; AMIRI; Maria Tash; Prada; Dior; and Alo Yoga, with more
new, high-end retailers expected to open soon, including Etro and
Frette.
"The Galleria continues to be one of the best shopping centers
in the United States. Simon is
reinvesting in this classic, beloved property to further cement The
Galleria as a global leader in the luxury retail space," said
Velda Turan, Senior Vice President
of Luxury Leasing at Simon. "We are literally and figuratively
lifting luxury to the next level and expanding this offering to
level two to meet the strong demand from these brands."
The Galleria's more than 70 market-exclusive brands include
Akris, AMIRI, Balenciaga, Bottega Veneta, Bulgari, Burberry,
CELINE, Chanel, Chloè, Christian
Louboutin, David Yurman, De
Beers, FENDI, Giorgio Armani,
Hublot, Jimmy Choo, Loro Piana, Panerai, Prada, Ralph Lauren, Rolex Boutique,
Salvatore Ferragamo, TAG Heuer, Tiffany & Co., Tod's,
Valentino, Versace, The Webster,
and Zegna, among others. The center is also home to the city's only
Nobu and Musaafer restaurants.
Internationally, The Galleria is renowned as one of America's
finest, and most dynamic, mixed-use environments. Inspired by the
Galleria Vittorio Emanuele in Milan,
Italy, the center opened in 1970 and features more than 400
fine stores, more than 60 eateries ranging from fine dining to fast
casual; two high-rise Westin hotels; three office towers;
co-working space; and a variety of other notable amenities.
About
Simon
Simon is a real estate
investment trust engaged 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/simon-reinvesting-in-houstons-the-galleria-one-of-the-most-iconic-luxurious-shopping-centers-in-the-us-302148020.html
SOURCE Simon