A five-year struggle for retail superiority between two outlet malls located just a few miles apart in suburban St. Louis appears to have reached an inflection point.
Taubman Centers Inc. will sell the Taubman Prestige Outlets mall in Chesterfield to the Staenberg Group, a St. Louis-based developer.
The outlet opened in 2013, within weeks of the neighboring St. Louis Premium Outlets, operated by Simon Properties. Taubman’s decision to compete in such close proximity with Simon, the largest shopping mall operator in the country, raised questions among analysts.
Staenberg said it plans to rebrand the 300,000-square-foot complex into an entertainment destination to complement nearby Topgolf.
It’s the second purchase of a major retail property for Staenberg this week, following the developer’s acquisition of the Sears at Chesterfield Mall.
Read more: St. Louis Post-Dispatch