Simon Property Group news and archive

Simon Property Group sees revenue decline

After a tough year with the global COVID-19 pandemic shutting down retail stores, mall owner Simon Property Group Inc has taken a major hit. Reuters reported that Simon Property Group saw a 24 percent fall in quarterly revenue. The mall owner has been faced with delayed rent collection over retailers being unable to pay their rents with months...

BusinessFeatured

Plans to convert retail space into logistics centres struggle to take off

With hundreds of stores closing their doors to customers for good at a pace never seen before, the retail space available has reached uncharted levels. While this wave of retail stores closures started over a year ago, the unstoppable advance of coronavirus has proven the deadly kiss to commercial property worldwide. In the past few months,...

Retail

Simon Property's see 25 percent revenue loss

Mall owner Simon Property Group was brutalized by the height of the coronavirus pandemic with months of temporary store closures. Some tenants have closed stores all together and were unable to pay their rents, costing the company massive revenue declines. On Monday, Simon Property Group reported that quarterly revenue fell 25 percent. This was...

Management|ANALYSIS Featured

Change of paradigm? Property groups and multi-brand conglomerate join forces to save apparel retail

New York –In a matter of weeks, a leading commercial property firm, Simon Property Group, and a multi-brand apparel conglomerate, Authentic Brands, have joined forces and snapped two ailing apparel brands, with the industry anticipating a third one following suit in the next month. Are we facing a change of paradigm in the apparel industry? The...

Business

Simon Property Group, Authentic Brands Group acquire Lucky Brand

Lucky Brand has been bought by Sparc Group, joint partnership of Simon Property Group and Authentic Brands Group. The denim brand had been searching for a buyer since it filed for bankruptcy last month. Sparc is paying a sum of 140.1 million dollars in cash for Lucky Brand, and will acquire rights to sourcing, product design and development and...

Business

Simon Property Group might transform stores into Amazon fulfillment centers

Reuters has reported that Simon Property Group, one of the nation's largest mall owners and landlords, is planning on converting some of their stores into Amazon fulfilment centers. Simon Property Group and Amazon Inc. have been in talks to turn some of Simon's department store spaces previously occupied by J.C. Penney and Sears into new Amazon...

ManagementFeatured

Forever 21 re-enters the UK and EU market

US fast-fashion brand Forever 21 is launching new localised online stores for the UK and across Europe to target British and European consumers due to what it is calling “high demand” for the brand since its exit last year. The launch is part of the brand's new e-commerce centric global expansion strategy and comes in partnership with Global-e,...

Retail

America's largest mall owner sues Gap for 66m dollars of unpaid rent

America’s largest mall owner, Simon Property Group, is suing the Gap for 65,9 million dollars of unpaid rent. Gap, like many retailers, was forced to close its stores during the coronavirus pandemic. The loss of income has yet to spurn many landlords to offer lease relief. In April Gap said it had stopped paying rent on temporarily closed...

BusinessFeatured

Forever 21 was officially acquired by Authentic Brands Group & Simon

Authentic Brands Group, Simon Property Group and Brookfield Property Group have confirmed acquisition of Forever 21. ABG and Simon will each own 37.5 percent of the retailer's intellectual property and operating businesses. , while Brookfield will own 25 percent. “Forever 21 is a powerful retail brand with incredible consumer reach and a wealth...

ManagementFeatured

Could the US’ biggest mall owner be the saviour of apparel retailers?

New York - Simon Property Group, the biggest mall owner in the U.S., said on July, 31 it is considering retail investment as it looks to keep stores afloat. They have already rescued ailing teen apparel brand Aeropostale. As reported by CNBC, Simon CEO David Simon said on a post-earnings conference call that “I think it’s very possible — we’re...

Retail

Del Amo Fashion Center confirms retailers for fall

Los Angeles - Southern California is set to receive a new shopping haven this fall. The Del Amo Fashion Center is debuted to open this fall with a total of 100 new retailers. The mall recently just confirmed a select few retailers who are secured for the shopping development which is set to open Friday, October 9. The 2.7 million square foot...