Allen Premium Outlets acquires more land and plans to add 30 stores
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Allen Premium Outlets is expanding. The shopping center is adding space for 30 more stores and has purchased 22 adjoining acres to add additional parking and pads for restaurants and a hotel.
The plan is to first add 1,300 new parking spaces on the new land north of the property before it starts construction of new stores in the interior of the center.
About 122,000 additional square feet of retail space will be built in the middle of the center next to the existing Neiman Marcus Last Call.
The shopping center’s owner, Simon Property Group, also plans to update the shopping center, which opened in 2000. Renovations include updated seating, a play area, WiFi service and landscaping.
The first phase of the expansion is expected to be completed next spring and the interior new stores by fall of 2017, said Danielle De Vita, executive vice president real estate for Simon Premium Outlets. “We’re actively leasing now for both new stores and the four out parcels.”
Allen Premium Outlets is 100 percent leased and doing very well, De Vita said without disclosing sales figures.
Simon, the largest U.S. shopping center operator, has spent $3 billion in the last five years redeveloping and expanding shopping centers. It’s also spun off older malls in many markets such as Irving Mall and Richardson Square Mall. The bigger shopping center development companies are focusing on their best properties.
Allen Premium Outlets now has 100 stores including Kate Spade, Michael Kors, Nike Factory Store, Under Armour and Polo Ralph Lauren Factory Store.
With the additional news space the center will be 565,000 square feet making it big enough to rank among last year’s top 20 centers, according to an annual list published by Value Retail News.
The shopping center’s customers are not only local, said Kerri Bear, regional vice president of marketing, Simon Premium Outlets. “We have shoppers from Arkansas, Oklahoma and Louisiana as well as a large following from Mexico, Brazil and China.”
Allen Mayor Steve Terrell said Allen Premium Outlets “put our city on the map.”
Stacey Road has become a destination for shopping. In the late 2000s, the intersection on U.S. Highway 75 started sprouting more stores.
Dallas-based MGHerring developed the two corners across North Central Expressway from Allen Premium Outlets in Allen and Fairview. It started off slowly in 2008 during the Great Recession but is now a 3 million-square-foot development.
The Village at Allen and the Village at Fairview house big-box chains Toys R Us, Best Buy, Target and department stores Dillard’s, J.C. Penney and Macy’s. The Container Store and Whole Foods Market are also in the Village at Fairview.
Simon also owns Grand Prairie Premium Outlets and Grapevine Mills, as well as Firewheel Town Center in Garland and North East Mall in Hurst.
It’s building The Shops at Clearfork in Fort Worth. Neiman Marcus plans to move into Clearfork and close its Ridgmar store next year. Tanger Outlets is planning to build a center near Texas Motor Speedway in Fort Worth but so is a local developer.