PREIT announces the grand opening of Saks Fifth Avenue OFF 5TH at Springfield Town Center in Springfield, VA

PREIT announces the grand opening of Saks Fifth Avenue OFF 5TH at Springfield Town Center in Springfield, VA
PREIT announces the grand opening of Saks Fifth Avenue OFF 5TH at Springfield Town Center in Springfield, VA

 

PHILADELPHIA, 2016-Sep-16 — /EPR Retail News/ — PREIT (NYSE: PEI) today (Sept. 15, 2016) announced the grand opening of Saks Fifth Avenue OFF 5TH at Springfield Town Center in Springfield, VA. The luxury-value retailer occupies 30,000 square feet with a grand presence on two levels, marking the retailer’s first mall location in Northern Virginia and a first in PREIT’s portfolio.

Saks Fifth Avenue OFF 5TH, a perfect complement to a diverse tenant mix at Springfield Town Center, offers high-quality, on-trend products and exclusives as well as exceptional service at remarkable savings. The retailer, a leader in the value-luxury segment, offers a lineup of more than 800 sought-after brands at up to 70 percent off. With new arrivals shipped to the store nearly every day, customers can discover fresh and on-trend merchandise on every visit.

“The addition of Saks Fifth Avenue OFF 5TH underscores our commitment to strengthening a key Premier property, Springfield Town Center, and also improving quality through the addition of in-demand retailers throughout our portfolio,” said PREIT CEO Joseph F. Coradino. “Premium off-price retailers are growing market share with consumers and the Saks OFF 5TH brand is a leader in this category, offering our shoppers an accessible luxury off-price retail experience.”

“The opening of Saks OFF 5TH at Springfield Town Center is an exciting step as we continue to grow our footprint across the United States,” commented Jonathan Greller, President, Gilt and Saks OFF 5TH. “We look forward to bringing Springfield shoppers the Saks OFF 5TH ‘thrill-of-the-hunt’ experience we are known for, delivering on-trend, premium fashion finds at the best value.”

Since its October 2014 grand re-opening, Springfield Town Center has experienced a revitalization with new, high-quality tenants and increased shopper traffic. The mall offers offers a dynamic retail, dining and entertainment experience including Macy’s, JC Penney, Target, Michael Kors, J. Crew, Forever 21, H&M, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, LA Fitness, Regal Cinema, Nordstrom RACK, and the Mid-Atlantic’s only Topshop, among other tenants. It is located in Fairfax County, one of the wealthiest and highest income counties in the U.S.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pa., the company owns and operates approximately 25 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available at www.preit.com, on Twitter or LinkedIn.

ABOUT SAKS FIFTH AVENUE OFF 5TH
As part of the Hudson’s Bay Company brand portfolio, Saks Fifth Avenue OFF 5TH is a world-class destination for top designer brands at extraordinary value. The retailer’s 106 stores and e-commerce division, saksoff5th.com, combine the two great joys of shopping: the delight of discovering the best in luxury and the thrill of finding a deal. A modern shopping experience of carefully curated off-the-runway trends, exceptional service, and savings on the biggest names in fashion, Saks Fifth Avenue OFF 5TH leads the market as the premier luxury-value destination.

Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT’s current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements.  Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT’s forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled “Item 1A. Risk Factors.”  PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

CONTACTS:
Heather Crowell
SVP, Corporate Communications and Investor Relations, PREIT
(215) 454-1241
heather.crowell@preit.com

Meghan Biango
Senior Manager, Public Relations, Saks OFF 5TH
(646) 802-8806
Meghan_Biango@s5a.com

SOURCE: PREIT

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Saks Fifth Avenue OFF 5TH and Ivanhoé Cambridge to bring four new Saks OFF 5TH locations to Canada

Each Store Will Be the First to Open in Its Market

NEW YORK & TORONTO, 2015-12-7 — /EPR Retail News/ — Saks Fifth Avenue OFF 5TH and Ivanhoé Cambridge announced today an agreement to bring four new Saks OFF 5TH locations to Canada. The stores, which will be the first to introduce the Saks OFF 5TH brand to their respective markets, will open in four Ivanhoé Cambridge shopping centres: Tsawwassen Mills, Outlet Collection Winnipeg, Place Ste-Foy and Montreal Eaton Centre.

Place Ste-Foy, Quebec City, QC

An upscale shopping centre situated on Laurier Boulevard in Quebec City, Place Ste-Foy is currently undergoing a major redevelopment. The 32,943 sq. ft. Saks OFF 5TH store will anchor Place Ste-Foy and will open in spring 2017.

Montreal Eaton Centre, Montreal, QC

During 2016, Montreal Eaton Centre will merge with the space currently known as Complexe Les Ailes to form a single property, and will be the future home to Montreal’s first Saks OFF 5TH store. The 44,840 sq. ft. store will open in the fall of 2018. The Montreal Eaton Centre and Complexe Les Ailes welcome a combined 34 million visitors a year.

Tsawwassen Mills, Tsawwassen, BC

Ivanhoé Cambridge’s third “Mills” project is currently under construction in Tsawwassen, BC. The 32,687 sq. ft. Saks OFF 5TH store will be one of the anchors of the 1.2 million sq. ft. Tsawwassen Mills. The store will welcome its first shoppers at the grand opening of the shopping centre in fall 2016.

Outlet Collection Winnipeg, Winnipeg, MB

Slated to make its debut in spring 2017, Outlet Collection Winnipeg will be the city’s first true outlet shopping destination. The 32,191 sq. ft. Saks OFF 5TH store will anchor the property, and its opening will coincide with the launch of Outlet Collection Winnipeg.

“We are excited that we are able to bring Saks OFF 5TH to these dynamic Ivanhoé Cambridge properties. We have now announced openings in five provinces across the country, and we look forward to bringing our OFF 5TH experience to the Canadian consumer,” commented Jonathan Greller, President of Outlets, HBC. “As we continue to grow our off-price business, we will announce more new Saks OFF 5TH locations in major markets across Canada.”

Bill Tresham, President, Ivanhoé Cambridge said: “We are very pleased with our growing partnership with HBC, which, among other things, includes the opening of these prestigious stores at four outstanding locations. We are excited to offer our guests a new shopping experience unique to each city. The arrival of these anchor stores will further strengthen the market leadership of these properties.”

The highly anticipated openings are part of Saks OFF 5TH’s North American expansion plan to open up to 25 locations across Canada. Saks Fifth Avenue OFF 5TH features a compelling lineup of more than 800 brands, from emerging designers to some of the most recognized names in fashion. The stores feature a carefully edited assortment of luxury designer fashion, footwear, and accessories for men and women all at up to 65% off. With fresh arrivals delivered almost daily, customers will discover new and exciting merchandise, including one-of-a-kind designer finds with each and every visit. The Canadian stores will adapt the redesigned Saks Fifth Avenue OFF 5TH aesthetic, fashioned in an open and bright layout, with adaptable displays, playful graphic elements, offering a comfortable and exciting shopping environment for guests.

Ivanhoé Cambridge and HBC announced earlier this year that three Saks Fifth Avenue OFF 5TH stores will open at Ivanhoé Cambridge shopping centres in 2016. They will be located at Outlet Collection at Niagara, in Niagara-on-the-Lake, Ontario, Vaughan Mills, in Vaughan, Ontario and CrossIron Mills, in the Greater Calgary region, Alberta.

ABOUT SAKS FIFTH AVENUE OFF 5TH
As part of the Hudson’s Bay Company brand portfolio, Saks Fifth Avenue OFF 5TH is a world-class destination for true fashion at extraordinary value. The retailer’s 91 stores and e-commerce division, saksoff5th.com, combine the two great joys of shopping: the delight of discovering the best in luxury and the thrill of finding a deal. A sophisticated shopping experience of carefully curated off-the-runway trends, exceptional service, and savings on the biggest names in fashion,Saks Fifth Avenue OFF 5TH leads the market as the premier luxury-value destination.

ABOUT IVANHOÉ CAMBRIDGE
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and companies in select cities around the world. It does so prudently with a long-term view to optimize risk-adjusted returns. Founded in Quebecin 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners that are leaders in their respective markets.

Through subsidiaries and partnerships, Ivanhoé Cambridge has direct or indirect interests in over 160 million ft2 (up to 15 million m2) of office, retail and logistics properties as well as in more than 23,000 multiresidential units. IvanhoéCambridge held more than Cdn$48 billion in total assets as at June 30, 2015. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada’s leading institutional fund managers. For further information: ivanhoecambridge.com.

HBC
Tiffany Bourré, 905-595-7184
416-571-1301 (cell)
tiffany.bourre@hbc.com
or
Ivanhoé Cambridge
Sébastien Théberge, +1-866-456-3342
Sebastien.Theberge@ivanhoecambridge.com

Source: Hudson’s Bay Company

News Provided by Acquire Media

Saks OFF 5TH to open new store within the Congressional Plaza shopping center located in Rockville, Md.

NEW YORK and ROCKVILLE, Md., 2015-11-5 — /EPR Retail News/ — Saks Fifth Avenue OFF 5TH and Federal Realty Investment Trust (NYSE: FRT) are pleased to announce that Saks OFF 5TH will open a new store within the Congressional Plaza shopping center located in Rockville, Maryland. Expected to open Fall 2016, the new 40,000 sq. ft. store will feature a carefully edited assortment of luxury designer fashion, footwear, and accessories for men and women all at up to 70% off.

“We are thrilled to introduce our brand, our incredible merchandise selection, and our amazing prices to the Rockville area with the opening of our Congressional Plaza store,” commentedJonathan Greller, President of Outlets, HBC. “This new store will be centrally located on Rockville Pike, one of the most desirable shopping corridors in the entire Washington DC metropolitan market, and is an exciting addition to our off-price business across North America.”

With new arrivals shipped to the store nearly every day, customers will discover fresh and exciting merchandise, including coveted up-market labels and one-of-a-kind designer finds, for both men and women. For additional OFF 5TH shopping benefits, customers may sign up for the More! program on saksoff5th.com. Rewards include insider access to exclusive discounts, new arrival alerts, and more.

Acquired by Federal Realty in 1965, Congressional Plaza is a regional mixed-use destination that includes 328,000 square feet of retail, 50,000 square feet of office and 194 rental residences.  The addition of Saks Fifth Avenue OFF 5th comes on the heels of a series of endeavors by Federal Realty to continually improve Congressional Plaza and adapt to the changing needs of the community.  In 2014, Federal Realty completed a comprehensive renovation of The Crest atCongressional Plaza, a 146-unit apartment community to modernize the units and amenities.  More recently, Federal Realty developed The Stories, a 55+ adult community comprised of 48 inspired, luxury apartments.  Scheduled to open Spring 2016, The Stories is a first-of-its-kind residential solution designed to cater to the aging population in the area who are seeking a high-end luxury living experience focused on the overall well-being of it residents.

“Montgomery County, Maryland has changed dramatically over the past 50 years and the evolution ofCongressional Plaza has evolved right along with it to ensure the community is properly served. The addition of Saks OFF 5TH and our other new additions further authenticate Congressional Plaza as a vibrant mixed-use centerpiece for Rockville Pike with living, working, restaurant and retail options second to none,” said Chris Weilminster, Executive Vice President, Real Estate and Leasing,Federal Realty Investment Trust.

Additionally, Federal Realty is making significant capital improvements to expand the connectivity between the retail, offices and residences.  This includes adding walkways and landscaping, updating the facade and signage, and creating a new outdoor cafe seating area for everyone to enjoy. Congressional Plaza is also now home to Beer and Wine Cellar, a friendly neighborhood beer and wine store, and Chop’t (opening soon).

The new Saks Fifth Avenue OFF 5TH will reside in Congressional Plaza located at 1675 Rockville Pike, Rockville, MD, 20852. For more information, visit www.congressionalplaza.com.

About Saks Fifth Avenue OFF 5TH
As part of the Hudson’s Bay Company brand portfolio, Saks Fifth Avenue OFF 5TH is a world-class destination for true fashion at extraordinary value. The retailer’s 91 stores and e-commerce division, saksoff5th.com, combine the two great joys of shopping: the delight of discovering the best in luxury and the thrill of finding a deal. A sophisticated shopping experience of carefully curated off-the-runway trends, exceptional service, and savings on the biggest names in fashion, Saks Fifth Avenue OFF 5TH leads the market as the premier luxury-value destination.

About Federal Realty:
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Bostonas well as San Francisco and Los Angeles.  Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply.  Our expertise includes creating urban, mixed-use neighborhoods likeSantana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Rowin Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty’s 90 properties include over 2,600 tenants, in approximately 21 million square feet, and 1500 residential units.

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 48 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.

CONTACT:
Tiffany Bourre Stephanie Orton Lynch
Office:   905.595.7184 Office: 202.248.5855
Cell:       416.571.1301 Cell: 703.405.0728
Tiffany.bourre@hbc.com SLynch@DelucchiPlus.com

 

SOURCE Federal Realty Investment Trust