Shopping Centers

UPDATE: Simon shares climb after profit beats estimates

February 5, 2010
Bloomberg News
The company raised its average rent per square foot at both regional malls and outlet centers even as U.S. consumer spending flagged.
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Simon Property's quarterly profit tumbles

February 5, 2010
Bloomberg News
Quarterly revenue remained flat at about $1 billion, but profit fell 41 percent, from $196.4 million to $115.9 million.
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Simon, partner selling European malls for $981M

February 5, 2010
Bloomberg News
Unibail-Rodamco SE, Europe's biggest shopping-center owner, has agreed to pay Simon Property Group and Ivanhoe Cambridge Inc. $981 million for stakes in seven malls in France and Poland.
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Finish Line forfeits incentive deal

January 20, 2010
Cory Schouten
Mall retailer The Finish Line Inc. has agreed to forfeit a potentially lucrative tax-abatement deal because it won't be able to meet a 2008 promise to create almost 200 jobs and invest $24 million at its Indianapolis headquarters.
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General Growth deal would extend Simon's mall dominance

December 12, 2009
Cory Schouten
Wall Street analysts have described the potential sale of Chicago-based General Growth Properties as a “once-in-a-lifetime opportunity” for a company to make “the deal of the decade” in the shopping-mall business.
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UPDATE: Simon stock jumps on $2.3B acquisition

December 8, 2009
Cory Schouten
Adding the 22-mall portfolio of Baltimore-based Prime Outlets will give Simon a total of 63 outlet malls with more than 25 million square feet of space.
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General Growth's refinancing plan could thwart Simon

December 3, 2009
 IBJ Staff and Associated Press
General Growth Properties Inc., the nation's second-largest shopping mall operator, said lenders have agreed to restructure about $9.7 billion in debt. The agreements could put a damper on the acquisition aspirations of rival Simon Property Group Inc.
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Pizza restaurants in works; wine shop heading to Fishers

November 21, 2009
 IBJ Staff
Hot Box Pizza plans to open a downtown location in the Harness Factory Lofts building, and WineTyme, a new local shop selling wines, craft beers and gourmet food, is coming to Fishers.
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Shopping center vacancies continue to climb

October 12, 2009
Scott Olson
Vacancies at U.S. shopping malls and retail strip centers have climbed to steep levels, a trend that Indianapolis-based commercial real estate companies Simon Property Group Inc. and Kite Realty Group Trust haven't been able to dodge.
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UPDATE: Simon remembered for vision, courage

September 16, 2009
Cory Schouten
A Friday funeral is planned for a man who made a fortune building shopping malls across the U.S. and later became a prolific philanthropist in his adopted hometown of Indianapolis. Melvin Simon, 82, succumbed this morning after a battle with pancreatic cancer.
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Anderson siblings buying city's Mounds Mall

September 15, 2009
 IBJ Staff and Associated Press
Two Anderson siblings are buying the city's Mounds Mall from the Florida-based company that has owned it for the past six years.
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Flush with cash, developer Simon revives hunt for acquisitionsRestricted Content

September 12, 2009
Greg Andrews
Simon Property Group Inc. has managed to grow revenue tenfold since going public 16 years ago. The key has been well-timed acquisitions.
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Spicy Pickle sued for unpaid rent at Castleton SquareRestricted Content

June 8, 2009
 IBJ Staff
Simon Property Group Inc. has filed suit against Spicy Pickle franchisee AJ Enterprises LLC, seeking more than $977,000 in unpaid rent for a prime space at Castleton Square Mall.
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Simon adds to its stake in British mall ownerRestricted Content

June 8, 2009
 IBJ Staff
Locally based Simon Property Group Inc. has added 18.6 million shares to its stake in the United Kingdom's largest owner of shopping malls, Liberty International Plc.
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Lilly, Simon receive top philanthropic awardsRestricted Content

May 25, 2009
Two global companies based in Indianapolis have been recognized for their philanthropic efforts.
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Noblesville offered generous incentives to Simon for mallRestricted Content

April 20, 2009
Cory Schouten
The old adage that retail follows rooftops is only partially true; retail also follows taxpayer-funded incentives.
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Struggling tenants leave aging Merchants' SquareRestricted Content

March 30, 2009
Katie Maurer
The future of Carmel's Merchants Square mall is uncertain because of the rise of competitors.
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Mall giant says it's in good shape, but takes steps to conserve cashRestricted Content

February 9, 2009
Cory Schouten
Despite assurances of strength, Simon Property Group Inc. has decided to pay 90 percent of its dividend in stock, a move that allows the company to hold onto $925 million in cash this year but could alienate shareholders drawn by the dividend.
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Ailing anchor store casts uncertainty over Circle CentreRestricted Content

January 26, 2009
Greg Andrews
The shopping mall business is fragile these days, with the recession sapping consumer spending as well as retailers' demand for space. So how is Circle Centre, the centerpiece of downtown Indianapolis' 1990s revival, holding up? OK for now, it seems.
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Slump emboldens retailers to play tough with SimonRestricted Content

January 19, 2009
Greg Andrews
Suddenly, the balance of power is shifting between retail tenants and mighty Simon Property Group Inc., the nation's biggest mall owner. Simon's biggest challenge: A litany of retailers either have failed or are on the brink of financial collapse, creating more empty spaces in malls at a time demand is slack to fill it.
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Despite sour economy, retail developers press onRestricted Content

December 1, 2008
Greg AndrewsMore

Indiana CEOs are cautious during financial mayhemRestricted Content

November 10, 2008
Greg Andrews

CEOs with Simon Property, Duke Realty Corp. and Interactive Intelligence Inc. report that their companies are taking an uncharacteristically cautious approach to acquisitions and investments, given the faltering economy.

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Simon Property Group exploring overseas marketsRestricted Content

September 29, 2008
Cory Schouten

Simon Property Group Inc. has been readying its balance sheet and sizing up buyout targets in hopes of capitalizing on a worldwide markdown on shopping-center owners.


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Nordstrom new north-side store targets tonier shoppersRestricted Content

August 18, 2008
Gabrielle Poshadlo

Come Sept. 19, Nordstrom Inc.'s got a brand new bag--and, well, shoes, hat and ensemble to match--as the department store opens a second Indianapolis location, in the Fashion Mall at Keystone. Residing in Parisian's former quarters, the new store is poised to burnish the mall's reputation as the region's highest-end shopping destination.

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Strip-mall developer scales back as housing slump hurts small retail centersRestricted Content

August 4, 2008
Cory Schouten

A local developer known for its strip centers has stopped building new projects, scaled back its staff, and is trying to unload several of its properties in an apparent bid to survive. Williams Realty Group earlier this year shuttered its custom-home-building operation, DayMarc Homes, and now observers are wondering if owners Dave Crockett and Marc Freije can keep the rest of Williams afloat.


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