Mango Accelerates United States Expansion in 2021
Simon collaborates with Mango to expand its U.S. presence by opening three new stores in Q1 2021 at key locations: Roosevelt Field, Menlo Park Mall, and Dadeland Mall. This strategic move aims to enhance Mango's brand recognition among American consumers, supported by a consistent presence since 2006. Daniel López, Mango's Director of Expansion, emphasizes the importance of physical stores in their growth strategy, while Simon's Zachary Beloff highlights the brand's potential in the U.S. retail market.
- Opening three new Mango stores in prime U.S. locations.
- Strategic collaboration enhances both brands' recognition and market presence.
- Mango's consistent investment in the U.S. market since 2006 demonstrates commitment.
- Potential risks related to COVID-19 impacting retail operations.
- Dependence on consumer behavior in a competitive retail environment.
INDIANAPOLIS, Dec. 22, 2020 /PRNewswire/ -- Simon announced its collaboration with Mango and their expansion strategy in the United States with the opening of new stores in 2021 that will feature an assortment of Women's, Men's and Kid's collections.
Mango and Simon are collaborating to open three stores in the first quarter at Roosevelt Field, Menlo Park Mall and Dadeland Mall. These centers were strategically selected in the United States to jumpstart the expansion of Mango's Mediterranean brand to the American consumer.
"Mango has been focused on enhancing brand recognition in the United States with investments in wholesale and e-commerce distribution," said Daniel López, Mango's Director of Expansion and Franchises. "The next logical step is acceleration of our physical presence, which will materialize with our Simon openings."
"We are excited to introduce Mango to our millions of discerning customers," said Zachary Beloff, National Director of Business Developmental, Simon. "Mango is a globally renowned brand that we believe has a strong brick-and-mortar future in the United States."
Mango's commitment to the United States market, where the brand has had a consistent presence since 2006, was reinforced in 2017 with the New York's Broadway SoHo store renovation; in the 2019 wholesale launch in select Macy's flagship stores and direct-to-consumer e-commerce launch.
About Simon
Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
Forward Looking Statements
Certain statements made in this press release may be deemed "forward–looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward–looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward–looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our tenants' businesses, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; changes in economic and market conditions that may adversely affect the general retail environment; the intensely competitive market environment in the retail industry; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; the potential loss of anchor stores or major tenants; decreases in market rental rates; the impact of our substantial indebtedness on our future operations; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest and foreign exchange rates for foreign currencies; general risks related to real estate investments, including the illiquidity of real estate investments; security breaches that could compromise our information technology or infrastructure; risks relating to our joint venture properties; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; changes in insurance costs; the availability of comprehensive insurance coverage; natural disasters; the potential for terrorist activities; environmental liabilities; the loss of key management personnel; and the transition of LIBOR to an alternative reference rate. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Mango
Mango was founded in 1984 and is today one of the leading fashion groups in the world. Based in its city of origin, Barcelona, the company has an extensive store network of 803,000 m2 in 110 countries. From its "El Hangar" Design Centre in Palau-solità i Plegamans, every year it designs more than 18,000 garments and accessories for wearing the season's trends. The company closed 2019 with sales of 2.374 billion euros, of which
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