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aSia Paju Premium Outlets opens in South Korea Paju Premium Outlets, the second outlet center in South Korea developed by Simon Property Group and Shinsegae, opened 99 percent leased on March 17 to floodgate crowds. In the two weeks following the opening, more than 600,000 visitors combed the 328,000-sf center’s 160 stores – including 21 restaurants – for deals on brands ranging from Marc Jacobs to Callaway Golf. The international brands at the center include luxury labels such as Armani, Coach, Elie Tahari, Jill Stuart, Lanvin Collection, Sonia Rykiel and Vivienne Westwood. Major local brands include Mine, Obzee and Time. The developers’ first outlet center in South Korea, Yeoju Premium Outlets, southeast of Seoul, opened in 2007 and introduced upscale outlet shopping to the country. The 100-percent leased Yeoju Premium Outlets continues to perform exceedingly well, generating sales of US$875 psf. Korean outlet shoppers noted on a blog that Paju might have a more diverse merchandising plan than Yeoju, mixing luxury tenants such as Armani, Coach and MaxMara with Gap, Banana Republic and Levi’s. Retailers including Jil Sander, Tory Burch and Calvin Klein Collection chose Paju as the center to open their first outlet stores in Korea. Paju Premium Outlets is an outdoor village designed with Art Deco styling and eco-friendly elements, such as solar water heaters and clerestory windows in the parking garage. Strategically located in Paju, Gyeonggi Province, the center is approximately 50 minutes northwest of downtown Seoul. Simon’s Pipeline Simon and Shinsegae are also developing a third Korean outlet center in Busan. In Malaysia, Simon and Genting Group will open the 175,000-sf Johor 12 InternatIOnal Outlet JOurnal SummEr 2011 Paju Premium Outlets Premium Outlets later this year, scheduled for November. The center’s 44-acre site is at the intersection of the North-South Expressway and the Second Link Expressway, about an hour’s drive from the city center of Singapore and about three hours from Kuala Lumpur. In Japan, the 52,000-sf phase 3 of Tosu Premium Outlets will open July 14. The center, a Simon and Mitsubishi JV that will grow to 292,000 sf and 150 tenants with the expansion, opened in March 2004. Among the 28 new stores joining Tosu Premium Outlets– Kyushu’s largest outlet center – are A|X Armani Exchange, Burberry, Michael Kors, TAG Heuer, Banana Republic, Malo, Iena, Earth Music & Ecology and Godiva. c
Paju Premium Outlets tenants: Aigle Aigner Armani Exchange Ashworth Banana Republic Bean Pole Bogner Boss Brooks Brothers Buckaroo Co. Callaway Golf Calvin Klein Collection CK Jeans Club Monaco Columbia Sportswear Daks Descente Diesel DKNY Egoist Eider Elie Tahari Escada Fubu G-Cut Galaxy GAP Guess Hazzys Isabel Marant Issey Miyake Jack Wolfskin Jil Sander Jill Stuart John Varvatos Joseph Juicy Couture K2 Kenzo Kuho Lacoste Lansmere Lanvin Collection Le Coq Golf Le Coq Sportif LeBeige Levi`s Marc Jacobs MaxMara Michael Kors Mine Mogg Montbell Mountain Hardwear Munsingwear New Balance Nike Nike Golf Nina Ricci Obzee Oilily Pal Zileri Ping Golf Plastic Island Pleats Please Polo Ralph Lauren Puma Raum Reebok S. T. Dupont Sandro Series Shinsegae Outlet Store SJSJ Solid Homme Sonia Rykiel Stefanel Stone Island System Taylor Made Theory Theory-Man Thursday Island Time Tommy Hilfiger Tory Burch Vanessabruno Vivienne Westwood VOV Zadig & Voltaire Simon addresses impact of earthquake, tsunami SINCE THE DEVASTATING earthquake and tsunami struck Japan on March 11, Simon Property Group has been quiet about the disaster’s effect on the eight Japanese Premium Outlets that Simon owns with Mitsubishi Estates. On April 29, during an earnings conference call with analysts, Simon chairman and CEO David Simon addressed the situation, explaining that Sendai Premium Outlets, the smallest of the properties, was damaged by the earthquake and was still closed. “Fortunately, repairs are currently under way, and we expect a reopening in mid-June of this year,” he said, adding that three other properties – Gotemba, Sano and Ami – were allowed to operate only eight hours a day for about six weeks, but had since gone back to their regular 10-hour schedules. “It is too early to gauge the short-term impact of the earthquake, tsunami and damaged nuclear facilities to our business,” Simon said. “Sales of the centers near Tokyo have been below year-ago levels since the quake. As things settle down in Japan, we expect these highly productive, highquality Premium Outlets to revert back to historical trends. However, we anticipate that softness will continue for the remainder of 2011.” c SummEr 2011 InternatIOnal Outlet JOurnal 13
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