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Simon Property to Spend $170 Million to Expand Woodbury Common

Mall-owner Simon Property Group Inc. (SPG) said it will spend about $170 million to expand and revamp New York's Woodbury Common Premium Outlets, including adding parking space, gardens and new building facades."This expansion and enhancement will enable us to improve the shopper experience for our visitors and create additional space to accommodate the significant retailer demand that exists for this world-class shopping venue," said John R. Klein, president of Simon's Premium Outlets.Based in Central Valley, N.Y., Woodbury currently is about 850,000 square feet and employs more than 4,000 people. It has annual sales exceeding $1.3 billion. The outlet has 220 stores with brands and stores including Armani, Burberry, Coach, Fendi, Prada, Tom Ford and Versace.Simon's investment will expand Woodbury to about 240 stores and over 900,000 square feet. Upon completion, employment will increase to about 4,400 jobs. The expansion and enhancements will be completed in stages between 2014 and 20...

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