In 2013, Simon Property Group and Taubman Centers Inc. both built outlet center projects in Chesterfield, Missouri, which is in the St. Louis area. At the time, experts believed the trade area could support only one traditional outlet center, but neither company would back down from proceeding, which made the stand-off that much more interesting. As it turns out, the experts were right!
In April 2018, the Staenberg Group, headquartered in St. Louis, Missouri, acquired the 300,000-square-foot Taubman Prestige Outlets from Taubman under the terms of a long-term land lease. Staenberg plans to transform the outlet center into a “destination” with “exhilarating entertainment, innovative dining and unique shopping,” according to a press release. The rebranded development will be called “The District.” Meanwhile, Simon’s outlet project, St. Louis Premium Outlets, is thriving with nearly 100% occupancy.
The sale of Taubman Prestige Outlets essentially ends Taubman’s fight with Simon Properties, which operates St. Louis Premium Outlets just a few miles away. Both shopping centers opened within weeks of each other, leaving many analysts and experts puzzled over why Taubman, which had yet to tinker with outlet malls, would try to compete with the more prominent Simon, the largest shopping mall operator in the United States. In the end, Simon won the battle.