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.
The CEO of Simon Property Group says the company's "fifth platform" will leverage its huge customer base—its more than 220 properties draw more than 100 million customers who make 2 billion visits a year.
Simon Property Group managed improvement in every significant financial category in 2018 despite a landslide of retailer failures. On Friday, CEO David Simon said the company will have to continue to navigate through more store closures.
Indianapolis-based Simon Property Group and other mall landlords actually might be looking forward to redeveloping Sears' massive stores with more promising tenants as the once-mighty retailer enters bankruptcy.