Simon® Reinvesting in Houston's The Galleria™, One of the Most Iconic, Luxurious Shopping Centers in the U.S.

Luxury Retail Expansion - Simon plans to further invest in Houston's The Galleria with an interior and exterior revitalization, including several hundred million dollars already invested in the redevelopment [1] - The Galleria is Houston's most desirable shopping and tourist attraction, offering over 2.4 million square feet of retail, dining, and amenities [1] - Transformative multimillion-dollar upgrades will begin in summer 2024 and are expected to be complete by early 2025, focusing on elevating aesthetics and creating a refined ambience for over 30 million annual visitors [2] - The revitalization includes 155,000 square feet of modern new flooring and sleek entryways with contemporary LED lighting and ceiling enhancements [2] Luxury Brand Growth - Several key luxury brands have expanded and enhanced their Galleria boutiques, including Gucci, Louis Vuitton, FENDI, and Saint Laurent, with FENDI and Saint Laurent doubling their footprints [3] - The Galleria has welcomed new high-end retailers such as Dolce & Gabbana, AMIRI, Maria Tash, Prada, Dior, and Alo Yoga, with more expected to open soon, including Etro and Frette [3] - The Galleria features over 70 market-exclusive brands, including Akris, Balenciaga, Chanel, and Rolex Boutique, among others, and is home to the city's only Nobu and Musaafer restaurants [4] Global Recognition and Mixed-Use Environment - The Galleria is internationally renowned as one of America's finest mixed-use environments, inspired by the Galleria Vittorio Emanuele in Milan, Italy [5] - The center, which opened in 1970, features more than 400 fine stores, over 60 eateries, two high-rise Westin hotels, three office towers, co-working space, and various notable amenities [5] Simon's Investment Strategy - Simon is reinvesting in The Galleria to ensure it continues to set the industry standard for premier centers worldwide, with modern improvements and fresh facades to elevate the experience for discerning patrons [3] - The company aims to further cement The Galleria as a global leader in the luxury retail space, meeting strong demand from luxury brands [4]