Simon Property Group Inc. is proposing an estimated $20 million in improvements to Circle Centre mall, which spurred a downtown renaissance when it opened 20 years ago this month but now is showing signs of struggle.
New York-based Ann Taylor has provided nearly 30,000 pages of documents in response to discovery requests related to why it signed a lease in 2006 to open a Loft store in a competitor's shopping center, only to reverse itself two years later and instead open at Simon Property Group's nearby University Park Mall.
Shares in Taubman Centers Inc. surged Wednesday, one day after Jonathan Litt, an activist investor known for targeting real estate companies, pushed for the mall owner to cut costs or consider a sale of the company.
A consortium led by Indianapolis-based mall giant Simon Property Group Inc. and rival General Growth Properties Inc. has won an auction for the assets of Aeropostale Inc., with a plan to keep open at least 229 of the bankrupt teen retailer's stores.
Without the rescue, it appears the teen fashion retailer’s remaining stores are heading for liquidation, an event that will put about 10,000 people out of work. Aeropostale has five Indianapolis-area stores.
Simon executives told analysts during a conference call Wednesday that the company has added 200 restaurants to its tenant mix in the past five years, 53 of which should open either this year or in 2017.
Most U.S. malls are still dependent on department stores to draw customers, but with consumers doing more shopping online, retail centers are increasingly relying on restaurants, entertainment amenities and even medical facilities to attract traffic.