Dive Brief:
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Simon Property Group announced it will invest some $1 billion to renovate several of its U.S. malls, which will be completed some time next year.
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Malls targeted for major improvements include the Mills at Jersey Gardens in Elizabeth, NJ and the Shops at Riverside in Hackensack, NJ, and two others in Texas, the Cielo Vista Mall in El Paso and the La Plaza in McAllen. In El Paso, the Sears store will be demolished and a new wing added.
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News of the expansions come just after Simon opened an expansion at its Las Vegas North Premium Outlets, featuring 25 new stores.
Dive Insight:
There are plenty of malls in the U.S. that have seen drastic decreases in traffic and severe neglect, but others, like these targeted by Simon for improvements and expansions, continue to thrive.
These expansions will include additions of smaller anchors, theaters, and restaurants, reflecting a trend to mix up the retail mix that attracted consumers to malls.
