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August 2004
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Cover
Story
More than a Whitewash
Renovations are bringing ‘life’ to outlet
centers, 92 percent of which opened their first
phases more than seven years ago – that’s 212
of 230 outlet centers coming on line before
1998, according to VRN research. With an
eye fixed firmly on the nation’s popular
lifestyle centers, outlet project developers are
sprucing up their projects to ensure their
offering remains up-to-date.
Redo in Cincinnati
Developer Mills Corp. learned some new
tricks, and saved lots of money, when it
strayed off its usual from-the-ground-up
habit to convert a former regional mall into
Cincinnati Mills, which opens on Aug. 11.
Features
Surprising Turn
In an unexpected but understandable move, the board of Chelsea Property Group, the nation’s
largest outlet-center developer, agrees to be acquired by the nation’s largest mall developer,
Simon Property Group. The deal is slated to be finalized by late October.
Changing Hands
Tanger Factory Outlet Centers sells two small centers in North Conway, N.H.; turnaround
specialist Sugar Oak Properties buys an outlet center in central Illinois; and a downtown outlet
center in Chattanooga, Tenn., comes under new ownership and is repositioned.
New Outlet Entry
Chico’s, an old outlet hand that operates two-dozen
stores to dispose of its excess inventory, tests
a similar format as it opens its first White House/
Black Market outlet this summer at Miromar
Outlets in Estero, Fla. A second unit is planned
by yearend, when Chico’s will pause to evaluate
the new chain’s growth potential.
Mixed Results
ICSC reported that for the 3,500 outlet stores
participating in its database, April same-store sales
gained 1.0 percent on a year-over-year basis. But
May comparable-store sales fell 3.2 percent below
their level of the same month in 2003, breaking a
string of three monthly gains.
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