ELMONT, N.Y.—At Belmont Park Village, a new outdoor luxury outlet mall on Long Island, shoppers bundled up against the cold one recent evening to search for bargains on designer shoes and clothing.

Indianapolis-based Simon Property Group is the new owner of two Italian luxury outlet malls where the roster of shops includes Armani, Balenciaga, Gucci and Versace. Simon, the largest owner of ...

The group is focusing on cost control, and this year plans to close around 50 of its 1,800 stores, a third of which are outlets, executives said. The group last week sacked Gucci designer Sabato de ...