The Indianapolis-based retail real estate giant is spending $1 billion annually to upgrade its high-end properties, including adding splashy non-retail features like housing and hotels.
The company said it hasn’t lost faith in brick-and-mortar retail but now is broadening its development focus in a quest to continue increasing the value of its real estate holdings.
A Marion Superior Court judge has granted the Indianapolis-based mall giant’s request for a temporary injunction, at least for now preventing Starbucks from closing 77 Teavana stores in its properties nationwide.
GGP, formerly known as General Growth Properties, is the second-largest shopping mall company behind Indianapolis-based Simon Property Group. Simon tried to acquire GGP in 2010.
Shares in the Indianapolis-based shopping mall owner slid Friday morning despite a mostly positive quarterly financial report. A negative quarterly report from J.C. Penney was the likely factor.
Simon Property Group Inc., the nation’s largest mall owner, is getting a big assist from an unlikely source in its bid to backfill wide swaths of space left by failed or struggling clothing chains.
Indianapolis-based Simon Property Group, the country’s largest shopping mall operator, says in the lawsuit that Starbucks is breaching its leases by closing the Teavana stores and “shirking its contractual obligations.”
E-commerce giant Amazon plans to build a massive warehouse outside Cleveland on the site of a closed shopping center that was once owned by Indianapolis-based Simon Property Group. The former mall was once billed as the world’s largest.
The Indianapolis-based real estate giant called the investigation "meritless" but nonetheless agreed to modify leases at a popular outlet mall near Manhattan that restricted tenants from opening a second location within 60 miles.
Shares in the Indianapolis-based mall owner rose in early-morning trading Tuesday after the company increased its quarterly dividend and its full-year guidance for 2017.
Some portfolio managers believe the market is painting the retail sector with too broad a brush. Yes, they say, many malls will go under, as will many retailers. But developers focusing on high-end properties—a description that fits both Simon and Kite—should fare just fine.
The additions to the food court will include a concept from Cafe Patachou founder Martha Hoover.
Retailers and shopping-center owners are gathering in Las Vegas this week prepared to send a message: The American mall is doing better than many people think.
David Simon told investors that the “returns will be there” if the company continues to invest in its properties.
Simon Property Group CEO David Simon said he was pleased with first quarter results, considering the “current choppy retail environment.”
With customer traffic sagging, U.S. retail landlords like Indianapolis-based Simon Property Group Inc. are using their sprawling concrete lots to host events such as carnivals, concerts and food-truck festivals.
David Contis, Simon Property Group’s president of mall operations, is resigning from the Indianapolis-based retail real estate giant to “spend more time with his family,” the firm said in an SEC filing.
A Wall Street analyst said turnover among retailers actually creates opportunity for Simon Property Group—enabling it to replace underperforming department stores with an eclectic mix of restaurants, movie theaters and other entertainment venues that pay higher rent and boost customer traffic.
If a deal occurs, Hudson’s Bay might fold Macy’s assets, worth about $20 billion, into HBS Global Properties, its joint venture with Indianapolis-based Simon Property Group.
Indianapolis-based mall giant Simon Property Group saw increasing profit, revenue, occupancy and rents in the latest period.
