LAS VEGAS, May 22, 2012 (BUSINESS WIRE) --
Glimcher Realty Trust, one of the country's premier retail
REITs, today unveiled The Outlet Collection(TM) brand during RECon,
the International Council of Shopping Centers' Global Retail Real Estate
Convention. As part of its strategy to continuously improve quality and
identify growth opportunities within the portfolio, the company is
introducing the new brand designating its outlet centers and will also
be renaming two of its outlet properties.
Jersey Gardens, the largest outlet center in New Jersey, will become The
Outlet Collection a"e Jersey Gardens. SuperMall, currently a hybrid mall
located in Auburn, Wash., will become a pure outlet center known as The
Outlet Collection a"e Seattle. Designed to signify an upscale, premium
collection of quality outlet retailers, The Outlet Collection brand also
represents the transformation from hybrid outlets to pure outlets for
the two properties.
"We have been in the outlet business for more than 15 years, and are
excited about the opportunities presented by this growing segment," said
Michael P. Glimcher, Chairman of the Board and CEO, Glimcher Realty
Trust. "The Outlet Collection(TM) better reflects the upscale tenants at
these properties and opens up new options for value-priced retailers
looking to grow in the next 12 to 24 months."
New logos and signage will be introduced in addition to a redevelopment
of the interior and exterior to modernize the aesthetic and update the
functional features of the malls. Both properties are part of a $60
million redevelopment project, which was announced in January 2012.
Renovation at The Outlet Collection a"e Jersey Gardens will begin this
summer. The Seattle project will begin phase one of construction in fall
2012. Both projects will include new flooring, interior rails and light
fixtures as well as new concourse furniture and interior signage. Family
restrooms, consistent with a four star hotel, will be added and a new
dining emporium will bring in more authentic dining options. Wi-Fi
hotspots will also be added. Exterior work will also be completed to
incorporate the new name and branding at all entry points.
About The Outlet Collection a"e Jersey Gardens
Glimcher began development of Jersey Gardens in 1997, and the mall
opened in 1999. Close to Newark, N.J., and New York City, Jersey Gardens
is the largest outlet mall in New Jersey and a major tourist attraction.
The mall sees approximately 18 million visitors a year from more than
160 countries.
As part of the redevelopment, the mall will add the largest Tommy
Hilfiger store in the world as well as tenants like The Puma Store, True
Religion Brand Jeans, G by Guess and The Lego Store. The mall is
currently anchored by Lord & Taylor Outlet, Neiman Marcus Last Call,
Nike Factory Store and Saks Fifth Avenue Off 5th.
About The Outlet Collection a"e Seattle
Built in 1995, Glimcher purchased the property through a joint venture
in 1997 and took complete ownership of the mall a year later. One of the
largest malls in the Pacific Northwest, it features 130 retailers. The
mall features stores like Nordstrom Rack, Tommy Hilfiger Factory Store,
Banana Republic Factory Store, Eddie Bauer Outlet, Old Navy Outlet, Gap
Outlet and Ann Taylor Factory Store.
Upon completion of the renovation, The Outlet Collection a"e Seattle will
be the only indoor outlet mall in the greater Seattle area.
About Glimcher Realty Trust
Glimcher Realty Trust, a real estate investment trust, is a recognized
leader in the ownership, management, acquisition and development of
malls, which includes enclosed and open-air regional malls, as well as
community centers.
Glimcher Realty Trust's common shares are listed on the New York Stock
Exchange under the symbol "GRT." Glimcher Realty Trust's Series F and
Series G preferred shares are listed on the New York Stock Exchange
under the symbols "GRT-F" and "GRT-G," respectively. Glimcher Realty
Trust is a component of both the Russell 2000(R) Index, representing small
cap stocks, and the Russell 3000(R) Index, representing the broader
market. Glimcher(R) is a registered trademark of Glimcher Realty Trust
and, Glimcher Realty Trust's federal trademark application for The
Outlet Collection is currently pending.
SOURCE: Glimcher Realty Trust
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