The two competing shopping centers have become sister properties now that Orlando Premium's owner, Simon Property Group, has completed its purchase of Prime Outlets Acquisition Co. The $2.3 billion transaction, completed earlier this week, gives Simon 21 additional outlet centers.
To reduce shopper confusion, the Prime center is getting renamed Orlando Premium Outlets International Drive. The original Orlando Premium Outlets is getting Vineland Avenue tagged to its name.
Signs will start changing over the next few days.
With their similar, massive collections of big-name and luxury retailers, both centers attract crowds of tourists. Their occupancy rates have remained high, and their stores filled with shoppers even as the economy has hammered other malls.
Gift cards from Prime will be honored under the new ownership. Customers in Prime's shopper-rewards program will have to switch over to Premium's, said Michele Rothstein, a spokeswoman for Simon's outlet division.
Rothstein said Simon is merging staffs of the two centers, and some positions are changing but there is no net job loss.
SOURCE: Orlando Sentinel
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