CENTRAL VALLEY, N.Y.,
Aug. 21, 2017 /PRNewswire/ -- Simon,
a global leader in premier shopping, dining and entertainment
destinations, announced today that it has entered into a settlement
agreement with the New York
Attorney General concerning radius provisions at Woodbury
Common Premium Outlets®. At a time when
retail stores face increasing challenges from online competitors,
Woodbury Common remains an economic engine for Orange County, the lower Hudson Valley, and New
York State. That is why it was always hard to understand the
reason the New York Attorney General would undertake a
meritless investigation into the property. Now after two years, the
investigation has become an unnecessary distraction. We
believe the Company's time is best spent focusing on providing the
best shopping and working environment to the Woodbury Common
community.
Woodbury Common's 60 mile radius provision has been used since
1985, well before SPG acquired Woodbury Common as part of its 2004
acquisition of Chelsea Property Group. Woodbury's radius provisions have been upheld
as lawful, reasonable and consistent with industry practice in the
courts, as recent as 2010. While we have agreed to
reduce the reach of the radius provisions in Woodbury Common
leases, these provisions will continue to cover Woodbury Common's
essential trade area, extending to all of Manhattan.
Simon has never sought to limit competition. It regularly
granted exceptions to radius provisions and understands the
importance of competition and consumer choice in the market. While
we do not agree with the suggested findings, the settlement has
favorable terms for Woodbury Common and will permit Woodbury Common
to focus on providing tenants and shoppers the type of premium
experience they seek.
Woodbury Common generates more than $1.3
billion in sales annually and is a destination for tourists
from around the world. That's why we invested hundreds of millions
of dollars to upgrade the center in the last three years. It's also
why New York State and the federal
government are investing hundreds of millions of dollars in a new
interchange on the Thruway. We appreciate the support the Governor
and our local elected officials have demonstrated for Woodbury, and remain committed to remaining
the premium outlet that brings a superior shopping experience and
top quality products at discount prices to millions of people every
year.
About Woodbury Common Premium Outlets®
The ultimate
destination for shopping and dining! Conveniently accessed
from NYC via the New York State
Thruway at exit 16, Harriman,
Woodbury Common Premium Outlets features 240 of the most sought
after, high-end fashion and designer retail brands in the world
stores including Tory Burch, Nike,
Celine, Bottega Veneta, Polo Ralph Lauren, Michael Kors, Burberry,
Coach, The North Face and more all at savings of 25% to 65% every
day. The newly renovated Market Hall offers a variety of
grab-and-go options including Chipotle, Pret A Manger, and
Pinkberry or dine in at YO! Sushi, Shake Shack, and Le Pain
Quotidien. Additional amenities are also offered such as free
Wi-Fi, more seating, and a shopper trolley to transport you around
the property. Explore the surrounding area and take advantage
of all that New York has to offer
such as Bear Mountain State Park,
West Point, the Newburgh Waterfront, Mansion Ridge Golf Course,
Storm King Art Center, Angry Orchard Brewery, and more. From
the entire team at Woodbury Common Premium Outlets, we hope you
will visit us soon!
About Simon Premium Outlets®
The global Simon
Premium Outlets portfolio offers exceptional brands at
extraordinary savings through a diverse mix of luxury, designer and
popular retailers representing the best in fashion, family and
home. Our 91 Simon Premium Outlets in the United
States, Puerto
Rico, Canada, Japan, Malaysia, Mexico and South
Korea are some of the most iconic and productive shopping
destinations for residents and travelers including Woodbury Common
(New York City), Orlando,
Desert Hills (Palm Springs), Las Vegas and Wrentham
Village Premium Outlets (Boston). For more information visit
premiumoutlets.com or follow Premium
Outlets on Facebook, Twitter, Instagram
and Pinterest.
About Simon
Simon is a global leader in the ownership of premier shopping,
dining, entertainment and mixed-use destinations and an S&P 100
company (Simon Property Group, NYSE: SPG). Our properties across
North America, Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual sales.
For more information, visit simon.com.
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SOURCE Simon