The media is fascinated by what he’s up to, as the nation’s largest shopping mall owner teams with partners to buy ailing retail chains while negotiating with Amazon to fill vacant anchor spaces with distribution centers.
Indianapolis-based shopping mall giant Simon Property Group announced Monday that it plans to join the growing retail trend of not being open on Thanksgiving Day.
The owners of the Shops at Perry Crossing had been hoping to sell the shopping center before a May deadline to pay off the property’s loan balance, but the pandemic ruined those plans.
In addition, Amazon also has been talking to multiple mall landlords about putting its planned grocery-store chain in former J.C. Penney locations, according to a published report.
Under the terms of the agreement, the Simon-back venture intends to purchase substantially all of the iconic retailer’s global business operations as a going concern. It has committed to acquiring at least 125 Brooks Brothers retail locations.
The company says it intends to close all of its Catherines stores, a “significant number” of Justice stores and a select number of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores.
Columbus, Ohio-based Washington Prime Group has told the city of Carmel it has decided to put the brakes on an ambitious plan to diversify the lifestyle center.
Microsoft is dramatically shrinking its in-person retail business and will permanently close all but four of its brick-and-mortar locations, after its attempts to replicate Apple’s success with storefronts failed to get traction.
Authentic and Simon Property Group also are in discussions with Brooks Brothers Inc. on a joint bid that would be part of a potential bankruptcy filing by that clothing retailer.
Simon shares fell nearly 6% in early trading Wednesday, to $81.71 each. Taubman shares plummeted nearly 30% after the announcement, to $31.94 each.
CEO David Simon said the company is continuing to work closely with its tenants but declined to discuss how it is assisting those that have faced financial strains from limited or diminished operations.
The reopening of shops—at no more than 50% of capacity—is part of Gov. Eric Holcomb’s plan to gradually relax social distancing rules over the next nine weeks.
A company official said it’s “preposterous” to think the company would reopen its malls, especially those in its home state, while stay-at-home orders are still in place.
The 49 Simon Property Group shopping centers that CNBC says are slated to reopen by Monday represent about one-quarter of the company’s U.S. properties.
With store vacancies at an eight-year high, retail landlords see the potential of gamers someday pouring out of their basements and into their shopping meccas as a kind of lifeline.
Since the start of 2020, Simon shares have lost 67.7% of their value—chopping $31 billion off the company’s market capitalization.
Washington Prime Group Inc. has filed a request with the city of Carmel to rezone the 577,614-square-foot shopping center at West 146th Street and U.S. 31 to allow for a variety of new uses.
Authentic Brands Group, Simon Property Group Inc. and Brookfield Property Partners LP have finalized their $81 million acquisition of the struggling retailer, they announced Wednesday.
David Simon said Simon Property Group’s ability to buy a company for $3.6 billion in cash without having to turn to a third party for financing and without suffering credit rating downgrades is a testament to the underappreciated strengths of the business.
Macy’s said Tuesday it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping. The store closures represent about one-fifth of Macy’s current total. They include about 30 that are in the process of closing and account […]
