Jul 5, 2019
Simon Property Group is going to turn 200 of its malls into in-game locations for players of “Harry Potter: Wizards Unite”, offering unique rewards to players who visit its properties.
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Simon Property Group is going to turn 200 of its malls into in-game locations for players of “Harry Potter: Wizards Unite”, offering unique rewards to players who visit its properties.
America’s Mall King: Remembering David Simon
The news of David Simon’s passing has brought attention to his impact on the retail real estate industry.
As the leader of Simon Property Group, he helped shape some of the most well-known shopping destinations in the United States. His work focused on building and managing large retail spaces that connect brands with consumers.
Over the years, the retail world changed rapidly with the growth of online shopping. Despite this, David Simon continued to adapt by transforming malls into experience-driven spaces with dining and entertainment.
His legacy shows how leadership and innovation can shape an entire industry.
Mall operator Simon Property Group Inc. has been in talks with Amazon to turn some empty store spaces into Amazon fulfillment centers
Mall operator Simon Property Group Inc. has been in talks with Amazon.com Inc. to turn some empty store space formerly occupied by anchor tenants such as J.C. Penney Co. Inc. and Sears Holdings Corp. into Amazon fulfillment centers, Dow Jones reported, citing people familiar with the matter.
In Michigan, Simon Property Group controls Briarwood Mall in Ann Arbor, and Birch Run Premium Outlets in Birch Run. The company is also partnering with Brookfield Property Partners LP to jointly bid for J.C. Penney, which has multiple Michigan properties remaining, and which filed for bankruptcy in May.
The discussions between Simon and Amazon started before the coronavirus pandemic, with the two companies exploring the idea of buying out occupied space from the retailers in some cases.
Amazon has also been in talks with multiple mall landlords about putting its coming grocery-store chain in J.C. Penney locations, a person familiar with the matter told Dow Jones, though it couldn’t be determined if that included Simon malls.
It wasn’t clear how many stores are under consideration for Amazon, and it is possible that the two sides could fail to reach an agreement, the newswire said.
Shares of Simon have fallen 58% so far this year.
Turning over anchor store spaces in prime locations to Amazon would represent a major shift in the mall business. If Simon rents the space as fulfillment centers, it would probably accept a considerable discount to what it could charge another retailer, Dow Jones said. The choice also won’t please nearby tenants: fulfillment centers draw less foot traffic to the mall, and it would help make Amazon, seen as a disruptor of retail businesses, even more competitive.
Even before the pandemic, Amazon has already bought the sites of some failed malls and re-purposed them to distribution centers. The e-commerce giant continues to open up new fulfillment centers to meet the demand for delivery, and its virus protection for warehouse workers has come under scrutiny.
The REIT rolled out a host of new guidelines to guard against COVID-19, a reminder that the pandemic will still haunt retailers after operations resume.
Dive Brief:
Simon Property Group plans to begin the "phased reopening" of its mall properties soon, contingent on state and regional closure orders and criteria issued by the federal government, according to a message from Simon Malls President John Rulli to tenants obtained by Retail Dive.
Simon plans to open five malls in Arkansas, Oklahoma and South Carolina on May 1, with more malls to follow in the first weeks of May, per the memo. Simon did not respond to Retail Dive's request for comment.
As it opens malls, Simon is rolling out COVID-19 safety protocols, including limited hours, occupancy limits, spacing configurations to promote social distancing, employee screening for symptoms, employee training and face mask requirements for workers, among several other steps.
Dive Insight:
As the retail industry turns an eye toward the end of an unprecedented shutdown, Simon's message to its tenants is a reminder that even after re-opening, the COVID-19 virus will still haunt retail. Operations won't be returning to the pre-pandemic "normal" for the foreseeable future.
Simon was among the first major REITs to voluntarily shut down its mall properties, doing so the third week of March, after a steady stream of announcements from major retailers that they would temporarily shutter their national footprints and as states took progressively stricter steps to limit the disease's spread. Since then, most parts of the U.S. have implemented restrictions on what businesses may open and when residents may leave their homes.
The retailers that have stayed open, including Walmart and Target, provide a road map for others on how to open with the world still concerned about the spread of the coronavirus. Both major retailers have limited traffic, provided workers with protective gear, and changed their store operations to promote social distancing.
As it reopens properties, Simon is limiting foot traffic to 1 person per 50 square feet for properties as a whole. To enforce that, the mall operator will restrict how many entrances are open and create queues to enter.
It's also reshaping traffic flow, rearranging furniture in food courts to space people further apart, shutting some sinks and urinals for the same reason, and closing down high traffic areas like drinking fountains and valet stations.
Along with all of those steps, to allow time for disinfecting the mall operator said it will limit mall hours to 11 a.m. to 7 p.m. Monday through Saturday, and 12 p.m. to 6 p.m. on Sundays. Rulli said in the memo that the protocols were developed "for the mitigation of known or suspected transmission pathways for COVID-19."
"As you can see, we have rigorously analyzed the shopping experience in our properties and have developed directions and safety measures and protocols to provide to our employees, shoppers and tenant employees to help prevent further spread of the COVID-19 virus when we reopen and get back to business," Rulli said in the memo. For the protocols to work, he added, "we need the cooperation and participation of our tenants
The biggest US mall owner to reopen 49 properties, several with Apple Stores
The biggest US mall owner to reopen 49 properties, several with Apple Stores
Simon Property Group plans to reopen 49 of its malls and outlet centers between May 1 and May 4, according to an internal memo obtained by CNBC. The mall owners will be providing free CDC-approved masks and hand sanitizing packets to the shoppers who ask for them while also offering free temperature testing available to customers using infrared thermometers.
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Simon Property Group, the largest owner of shopping malls in the nation, is closing all of its malls and retail properties because of the coronavirus.
Simon Property Group - Company Profiles and SWOT Analysis
Simon Property Group, Inc. is an American company with real estate service based group, Simon is the largest retail real estate trust, and the biggest shopping center administrator in the US. The company works for five retail land stages i.e local shopping centers, premium outlet centers, the mills, and universal properties. The Company possesses, creates and oversees retail land properties, which comprise basically of shopping centers, premium outlets, and the mills. Simon Property Group is the Company\'s association backup that claims the entirety of its real estate properties and other assets.
Read Full Description at: https://www.fortunecompanyprofile.com/details/simon-property-group
Scope:
Detailed information on Simon Property Group required for business and competitor intelligence needs;
Current and future internal and external factors affecting Simon Property Group in the form of a SWOT analysis;
An in-depth view of the business model of Simon Property Group with key business segments;
News about Simon Property Group, such as business expansion, restructuring, and contract wins;
Large number of easy-to-grasp Simon Property Group charts and graphs that present important data and key trends;
The key aim of this Simon Property Group report is to provide updates and data relating to the Simon Property Group profiles with trends and expansion methods. To begin with, the Simon Property Group synopsis and offers SWOT definition and outline. The synopsis section comprises Simon Property Group dynamics entailing restraints, drivers, trends, and opportunities by analysis and value chain analysis.
Reasons to buy:
Gain understanding of Simon Property Group and the factors that influence its strategies;
Track strategic initiatives of the Simon Property Group company and latest corporate news and actions;
Assess Simon Property Group as a prospective partner, vendor or supplier;
Support sales activities by Simon Property Group understanding your customers businesses better;
Stay up to date on Simon Property Group business structure, strategy and prospects;
Buy Full Analysis Company Profile at: https://www.fortunecompanyprofile.com/checkout/simon-property-group
Simon Property Group - Company Profiles and SWOT Analysis
Simon Property Group, Inc. is an American company with real estate service based group, Simon is the largest retail real estate trust, and the biggest shopping center administrator in the US. The company works for five retail land stages i.e local shopping centers, premium outlet centers, the mills, and universal properties. The Company possesses, creates and oversees retail land properties, which comprise basically of shopping centers, premium outlets, and the mills. Simon Property Group is the Company's association backup that claims the entirety of its real estate properties and other assets.
Read Full Description at: https://www.fortunecompanyprofile.com/details/simon-property-group
Scope:
Detailed information on Simon Property Group required for business and competitor intelligence needs;
Current and future internal and external factors affecting Simon Property Group in the form of a SWOT analysis;
An in-depth view of the business model of Simon Property Group with key business segments;
News about Simon Property Group, such as business expansion, restructuring, and contract wins;
Large number of easy-to-grasp Simon Property Group charts and graphs that present important data and key trends;
The key aim of this Simon Property Group report is to provide updates and data relating to the Simon Property Group profiles with trends and expansion methods. To begin with, the Simon Property Group synopsis and offers SWOT definition and outline. The synopsis section comprises Simon Property Group dynamics entailing restraints, drivers, trends, and opportunities by analysis and value chain analysis.
Reasons to buy:
Gain understanding of Simon Property Group and the factors that influence its strategies;
Track strategic initiatives of the Simon Property Group company and latest corporate news and actions;
Assess Simon Property Group as a prospective partner, vendor or supplier;
Support sales activities by Simon Property Group understanding your customers businesses better;
Stay up to date on Simon Property Group business structure, strategy and prospects;
Buy Full Analysis Company Profile at: https://www.fortunecompanyprofile.com/checkout/simon-property-group