Dive Brief:
- Camp partnered with real estate investment trust Simon Property Group to open two new store locations, the toy retailer announced Tuesday. The effort expands a previous collaboration between the two companies.
- Camp, which is known for a hybrid shop and play retail experience, will open at King of Prussia this year in the Greater Philadelphia area and The Galleria in Houston in 2025, per a company press release.
- Camp’s existing group of investors, which includes Velocity Capital Management, Benvolio Group and Bullpen Ventures, has also made an additional investment into the retailer to support its growth. The company did not respond to questions regarding the amount of the investment.
Dive Insight:
Camp is expanding its footprint with two new stores. The 10,000-square foot locations will feature product areas and rotating immersive experiences.
"Camp has always envisioned an alternative version of the family retail experience, and working with an operator like Simon who understands retail better than anyone, we are poised for the next step in this journey,” Camp CEO Jenica Myszkowski said in a statement. “We can't wait to bring Camp magic to even more customers nationwide.”
For the past few years Simon has increasingly been partnering and investing in retailers, including becoming co-owners in department store J.C. Penney, alongside Brookfield. Last year, the REIT swapped its share in an Eddie Bauer venture for more shares in Authentic Brands Group. Simon has since backed away from some of those investments, including divesting completely from Authentic.
However, recently Simon partnered with Brookfield, Centennial and brand equity and management firm WHP to form Phoenix Retail. Earlier this week Phoenix received court approval on its stalking horse bid to acquire most of Express Inc.’s assets out of bankruptcy.
"Simon's mission is to elevate and reinvent the shopping experience in modern and innovative ways for our shoppers and the communities we serve,” Zachary Beloff, vice president of business development and leasing at Simon, said in a statement regarding the Camp store expansion.
Ed note: This story has been updated to include information about Camp’s investors.
