As consumers face inflation, retailers are doing their best to capture any dollars they can this holiday season. Simon Property Group, one of the largest mall and outlet owners in the country has decided to roll out a new sales holiday with their retailers and calling it “National Outlet Shopping Day” similar to “Amazon Prime Day.” The group states that they have been wanting to do something like this since 2019 but had to push the pause button when the pandemic hit and see how things would shake out. The sales took place this past weekend (November 5th and 6th) at 90 outlet malls across the United States with approximately 300 retailers participating such as Banana Republic, Puma and J. Crew. Simon Property Group hopes that next year at least 1000 retailers will participate. The main goal, they said, was to help the consumers by making items a bit more affordable during difficult times.
Due to the supply chain backlogs from the pandemic, certain items were coming in late and at the same time consumers were shifting their spending towards other categories. Retailers are now faced with excess inventories for various items such as sweatpants and office furniture. They have been doing a good job getting these products to their outlets and sales have been doing great at their outlet malls and full priced stores. The group has a very positive outlook on the retail market sector as they saw domestic tourism pick back up along with, now, international tourism, which can be big for sales growth.
To read more, click the link below.