December 4, 2022

According to Simon, sales at the malls will return to pre-epidemic levels in June

Identification of a Simon Property Group at The Westchester Mall in the White Plains, New York.

Scott Millin | CNBC

Simon Property Group Sales at its shopping malls and outlets returned to pre-epidemic levels in its latest fiscal quarter as Americans bought clothes, shoes and other items.

Simon Property chief executive David Simon told analysts on Monday that retail sales of its assets in June were comparable to June 2019 levels and were up 80% from a year earlier. Some parts of the United States saw higher sales than in 2019, he added.

The largest U.S. mall owner hopes the improving trends will connect businesses to sign new leases. The company is trying to fill the vacancies left by brands that have gone bankrupt or have to destroy stores.

For the three months ended June 30, Simon’s property occupancy rate was 91.8%, up from 92.9% a year ago and 94.4% two years ago.

“Throughout our portfolio, we continue to see demand for space from healthy local, regional and national tenants, entrepreneurs, restaurants and mixed use … which is increasing day by day,” said David Simon.

“We still have a hole to dig through the bankruptcies we have to deal with during epidemics,” he added. “But I’m very happy with the process.”

Simon shares rose nearly 3% in extended trading. The stock has risen more than 48% to date. Simon Asset Group has a market capitalization of $ 41.5 billion.

Retail business visitors expect A strong season for school, Adults go back to the office, expecting children to return to the classroom. Nowadays, retailers Kohlin To Home Depot Would have been Re-issuance of mask orders to workers, Hope to have Recent increase in Govt-19 cases. The highly contagious delta variety is spreading, often among unvaccinated Americans.

When asked about the Delta variant, David Simon said the company will not make vaccinations mandatory for shoppers and tenants, but it will continue to encourage them.

“We have not seen an increase in Govt cases in a closed mall,” he said. “We have to wear a mask. We’m going to wear a mask. And I think consumers are moving forward in that environment now.”