"There will be department store angst with some," he said. ![]() Simon, which brings in more than $5 billion in annual revenue, has brought in cash from operating activities of more than $2 billion for the last three years.Īs long as Simon Property's real estate is appropriately located, the company can always make use of the space, he said. He also said that Amazon and other online-only retailers are benefiting from unfair treatment as far as sales tax goes, which he anticipates will ultimately balance out. The CEO pointed out that internet sales of mall items are well below 10%, adding that much of that is displacing what has historically been catalog sales, anyway. And Simon itself just began a new rebranding campaign. Indeed, as the New Yorker pointed out, there's even a website tracking shuttered malls called. Penney and Sears - not to mention once-hip teen retailers like American Eagle, Abercrombie, and Aeropostale - are having major problems. Data shows that foot traffic at malls has, in fact, been on a steep decline, retailers are devoting more resources to their e-commerce operations, and significant anchor chains like J.C. Simon, whose company owns or has an interest in more than 300 United States properties, was correct in that there has been a preponderance of articles describing the decline of the mall (though it's unlikely the reporters were induced by drugs to write such stories.) In March, the New Yorker wrote a story titled "Are Malls Over?" CBS went with the headline "A dying breed: The American shopping mall." In January, Business Insider wrote "America's Shopping Malls Are Dying a Slow, Ugly Death." And last month, the Wall Street Journal published an article called "Struggling Malls Suffer When Sears, Penney Leave."īut it's not a baseless plotline cooked up by New York's business media. (Simon joked that he liked the word, as the audience laughed.) ![]() Regrettably, the Goldman Sachs analyst interviewing Simon followed the "shit" comment up with a question about what the CEO says to "defecators" - those who poop - though he probably meant defectors or detractors. But I would just encourage investors to look at our numbers and the cash flow growth that we have," he said. ![]() I mean, I don't know if it's like a drug they take - they just feel like they have to shit all over the mall every time I listen to the TV or read the newspaper. "The New York-centric media need to be negative on the mall industry. "It's confounding to me," Chief Executive Officer David Simon said at an investor forum for the National Association of Real Estate Investment Trusts on Wednesday. Simon Property Group, America's biggest shopping mall owner, is frustrated with news reports that malls are struggling.
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