Simon Property Group Creates 'National Outlet Shopping Day'
David Simon, CEO of Simon Property Group, the biggest shopping mall owner in the country, wants to create a new type of annual shopping extravaganza, reports CNBC. The event, dubbed “National Outlet Shopping Day,” is meant for people seeking out deep discounts and is being created as consumers are increasingly feeling the pinch of inflation just about everywhere they go. Think Amazon Prime Day, but for retail outlet centers.
The first iteration ran this past weekend at the real estate owner’s 90 premium outlets and Mills-branded outlet properties in the U.S. About 300 retailers, from J.Crew to Banana Republic to Puma, will be taking part by offering deals exclusively at those locations, according to Simon Property.
Total Retail's Take: As retailers know well, American consumers love shopping holidays. Simon Property Group has identified an opportunity to catch shoppers' attention now more than ever as inflation presses heavier on summer spending. The mall owner is working with its tenants to lure cash-strapped consumers out to shop as budgets are squeezed and retailers are more competitive for shoppers’ dollars. Simon Property Group has plans to continue the event annually, every second weekend of June.
"We’ve timed it between the traditional promotional windows, so Memorial Day is over and back-to-school hasn’t started," said Mikael Thygesen, chief marketing officer at Simon Propoerty.
Consumers are already used to more shopping holidays being added to the calendar with the advent of Amazon Prime Day and other retailers offering associated deal events, such as Target's Deal Days. With physical stores proving to still be an essential shopping destination, outlet deals are sure to be intriguing to consumers.
Kristina Stidham is the digital content director at Total Retail and sister brands Women in Retail Leadership Circle and Women Leading Travel & Hospitality at NAPCO Media. She is passionate about digital media and handles video, podcast and virtual event production for all brands. You can often find her at WIRLC, TR, WLT&H or industry events with her camera and podcasting equipment—or at home on Zoom—recording interviews with thought leaders and business executives.
Kristina holds a B.A. in Media Studies and Production from the Temple University Klein College of Media and Communication in Philadelphia. Go Owls! When she's not in the office, she loves to go on long walks, sing around the house, hangout with her family and two pet guinea pigs, and travel to new places.