Will National Shopping Celebration Spark Attendance amid Persisting Inflation?
The retail sector is gearing up for a significant event as Simon Property Group prepares to host its second annual National Outlet Shopping Day on June 10 and 11. This event, unlike Amazon's Prime Day, is not exclusive to one particular retailer, with multiple retailers participating across various countries.
Last year's inaugural event was met with a positive response, according to Mikael Thygesen, chief marketing officer at Simon. The company is looking forward to this year's event with anticipation, expecting excitement to be even higher due to word-of-mouth momentum, more great deals, and shoppers seeking value in the current economy.
The National Outlet Shopping Day event will take place in the U.S., Canada, Thailand, Mexico, and Malaysia, across more than 90 Simon Premium Outlets and The Mills locations. Participating retailers include Banana Republic Factory Store, Tommy Hilfiger, Kate Spade New York, J. Crew Factory, and Polo Ralph Lauren, among others.
Unlike Amazon's Prime Day, which is an online-only shopping event, the National Outlet Shopping Day is a physical retail event focused on outlet malls. This event emphasises in-person shopping with deep discounts across multiple brands within Simon’s properties, often attracting bargain hunters seeking deals on apparel, footwear, and other goods in a social, experiential setting.
In 2021, Amazon's Prime Day sales exceeded $11 billion, with shoppers spending $22.4 billion during the 2022 Prime Day week, up 6.1% year over year. However, specific sales figures for Simon's National Outlet Shopping Day in 2021 and 2022 compared to Amazon's Prime Day sales are not directly available. Simon Property Group’s overall financials show $5.66 billion in revenue for 2023 and $5.96 billion in 2024, but these are annual figures and not specific to the National Outlet Shopping Day event.
As inflation continues to fluctuate in 2023, it appears that Simon is seeking shoppers hunting for more bargains. The event may mark the start of the summer sale season, offering an early opportunity for consumers to save on their shopping needs.
To enhance the shopping experience, Simon will host livestream shopping events and introduce limited-time offers on its website for the National Outlet Shopping Day. Shoppers can expect to find deep discounts, exclusive deals, and a fun, social shopping experience at this year's event.
- In an attempt to attract shoppers looking for savings amidst inflation in 2023, Simon Property Group is planning to offer deep discounts and exclusive deals during their second annual National Outlet Shopping Day event.
- The company believes that the event, taking place on June 10 and 11, will spark excitement and serve as the start of the summer sale season, providing an early opportunity for consumers to save on their shopping needs.
- To add to the shopping experience, Simon will host livestream shopping events and introduce limited-time offers on their website, aiming to provide a fun, social shopping experience for shoppers, leveraging the power of AI and digital technology.
