![]() So, let me now tweak my assessment and give David Simon some serious credit. Whoa!!! What I didn’t foresee was SPG’s acquisition of 50 percent of Jamestown. Regardless, I suggest that Simon’s formation of SPARC and subsequent replacing JC Penney and mall vacancies with ABG’s brands, are in fact, short term tactics to find homes for ABG’s relatively stale brands, and for SPG to keep its malls as full as possible, for as long as possible.Īnd indeed in my article, I stated that this move, on its own, was a tactic that would sputter and collapse. Traffic, occupants’ performance, and percentage of occupancy are three that come to mind. In the enclosed mall business, it’s strong, yet we have naysayers out there that don’t believe it.” Our business is strong, growing - in the enclosed mall business. However, he commented on an analysts call, “We have refuted ecommerce taking the malls down. So, is this move a sign that David Simon finally realizes that consumers, and particularly among the younger cohorts, are simply no longer interested in wasting time traveling to, browsing through, or even hanging out in cavernous, drab, and uninspired enclosed malls? Maybe so. Some examples include Ponce City in Atlanta a redevelopment of a former Sears catalog facility Ghirardelli Square in San Francisco and Constitution Wharf in Boston. While there are some well-performing enclosed SPG malls that will continue, perhaps with some experiential tweaking other select underperforming malls will likely require massive overhauls to convert them into the types of mixed-use properties that Jamestown has developed. I may now “eat crow.” Upon closing, Simon’s acquisition of a 50 percent stake in mixed-use developer Jamestown, indicates to me that David Simon, CEO of SPG, does envision a future of reimagined malls, transformed into mixed-use lifestyle centers. One (loser), plus another, plus another, equals zero. By sticking a bunch of stale brands into Simon’s stale malls, including JC Penney, all of them might live another day or two. The only objective and strategy I could imagine, was really a short- term tactic. ![]() Today, many department stores have come to believe the malls they have been anchoring for years are in fact anchors around their necks preventing growth. *Information from, , and **Video published on YouTube by “ SIMON“.Ironically, department stores used to be the anchors in malls. According to Forbes, it is considered one of the Top 2000 Largest Public Companies in the World. is considered one of the largest owners of shopping malls in the United States. With more than 3,300 employees, Simon Property Group, Inc. Penney in partnership with Brookfield Asset Management. In December 2020, the company acquired Taubman Centers. In 2020, in partnership with Authentic Brands Group, the company acquired Forever 21, Brooks Brothers and Lucky Brand Jeans. In 2016, in partnership with Authentic Brands Group and GGP Inc., Simon acquired Aéropostale. In 2015, Washington Prime Group acquired Glimcher Realty Trust and was renamed WP Glimcher. In 2014, Simon completed the corporate spin-off of Washington Prime Group. In 2011, the company acquired Southdale Center in Edina, Minnesota. In 2010, the company acquired Prime Retail’s Prime Outlets-Puerto Rico. In 2007, Simon and Farallon Capital acquired the Mills Corporation. In 2004, Simon entered the outlet mall business with the acquisition of Chelsea Property Group Inc. In 2003, the company acquired a majority interest in The Kravco Company, owner of the King of Prussia. In 2002, in partnership with Westfield Group and The Rouse Company, Simon acquired 13 properties from Rodamco North America. In 1999, Simon acquired 14 shopping centers from New England Development It also acquired an ownership interest in Groupe BEG, S.A., operator of shopping centers in Europe. In 1998, the company acquired Corporate Property Investors and was renamed Simon Property Group. It also acquired 12 malls from IBM‘s pension plan, in a partnership with Macerich. In 1997, the company acquired The Retail Property Trust. In 1996, Simon Property merged with DeBartolo Realty Corp. In December 1993, Melvin Simon and Herbert Simon took their interests public as Simon Property Group. Simon Property Group traces its history back to 1960 when brothers Melvin Simon and Herbert Simon began developing strip malls in Indianapolis, Indiana. It owns interests in more than 200 properties across North America, Europe, and Asia. It is engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations. ![]() is an American real estate investment trust (REIT) headquartered in Indianapolis, Indiana, United States.
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