Simon Property Group Inc, (SPG) recently announced the reopening of Opry Mills in Tennessee. Opry Mills, the largest shopping, dining and entertainment destination in the state has reopened after nearly two years, following the flood in May 2010.
With a unique mix of outlet and value retail shopping coupled with a variety of dining and entertainment outlets, the reopening of Opry Mills is expected to generate huge employment opportunities and play a major role in the development of the Nashville area.
The proximity of the property to the Grand Ole Opry and Gaylord Opryland Resort and Convention Centre is an added advantage for the company.The reopening of this Mill will be a major tourist attraction in the Nashville area and would generate more business opportunities. Opry Mills is home to some of America's most popular retailers, many of which intend to reopen their Opry Mills locations.
Headquartered in Indianapolis, Indiana, Simon Property is the largest publicly traded retail real estate company in North America with assets in almost all retail distribution channels.
Furthermore, the company’s international presence gives it a more sustainable long-term growth story compared to its domestically focused peers. The geographic and product diversity of the company insulates it from market volatility to a great extent and provides a steady source of income.
Simon Property currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Macerich Co. (MAC) holds a Zacks #3 Rank, which implies a short-term Hold rating.
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SIMON PROPERTY (SPG): Free Stock Analysis Report
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