FTC Settles Anticompetitive Charges with Shopping Mall Developer
28 January 2011
The US Federal Trade Commission (FTC) has announced it has approved a final Order (21 January 2011) resolving charges that Simon Property Group’s (Simon) acquisition of Prime Outlets Acquisition Company LLC was anticompetitive. Under the order, Simon will sell either its Cincinnati Premium Outlet center or its Prime Outlets-Jeffersonville outlet center in Ohio. Additionally, “Simon will remove radius restrictions for tenants with stores in its outlet malls serving the Chicago and Orlando markets” thereby allowing competing outlet centers or mall developers to sign leases with tenants that were prevented from doing so due to radius restrictions.
Further information from the FTC
FTC’s media release (21 January 2011)