The first new enclosed mall to be built in the Chicago area in over a decade is a bit of a departure for the outlet center industry.
Fashion Outlets of Chicago, a two-level, $250 million project being co-developed by Coral Gables-based AWE Talisman and Macerich Co., of California, is scheduled to open this summer.
Backers say that unlike a traditional outlet mall, Fashion Outlets will focus on luxury retailers -- who may not drastically discount prices.And if the project succeeds, analysts say, it could dramatically change the notion of outlet malls nationwide.
"The project is a game changer on several levels," said Arthur Weiner, chairman of AWE Talisman. "We're in a prized area with a higher level of construction and amenities than you would normally see at an outlet center. "The mall, which is 90 percent leased, will be anchored by Saks Off 5th, Last Call by Neiman Marcus, Bloomingdale's the Outlet Store and Barneys New York.
Prada, Gucci, Armani and Michael Kors will have stores there, as well.Outlets have not been very prominent in the Chicago area. The nearest center -- Chicago Premium Outlets in Aurora, Ill. -- is about 40 miles from downtown Chicago.But Rosemont, where Fashion Outlets is being built, is only 20 minutes from Chicago's Michigan Avenue, where all of the above retailers have thriving full-price stores.
Arnie Orlick, senior vice president of outlets for Bloomingdale's, said the new mall's focus on luxury -- one of the fastest-growing segments of the outlet market -- bodes well.
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