Simon Property-owned La Plaza Mall in the US is planning to house over 50 new retailers and restaurants, as part of its expansion.
Work under the expansion includes the demolition of the Sears store in January 2016. This will pave a way to add a new anchor store, two junior anchor stores, around 60 new retailers and about four to eight new restaurants.
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The expansion project also includes the upgradation of the mall’s interior with new flooring, lighting, luxury seating and landscaping.
Simon will also renovate the nearly 40-year-old mall by building two parking garages which will have space to accommodate around 1,200 cars.
Additionally, the company plans to expand the mall between Macy’s and JCPenney, by adding 20 to 25 more shops.
However, the increased parking space and new retailers will increase traffic at the mall which is already a major disadvantage for shoppers in the region.
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By GlobalDataThe 1,215,000ft2 mall is said to be the largest mall in south Texas.
Simon Property Group is an equity real estate investment trust, which invests in the real estate markets across the globe. It invests, owns, manages, and develops properties. It primarily invests in regional malls, premium outlets, mills, and community/lifestyle centers to create its portfolio.
