Simon Property Group said late Monday that nearly all of its shopping centers have reopened — even as concerns grow about a US Covid-19 surge and retail bankruptcies. It expects the remaining 5 of its 204 properties to reopen sometime within the next week.
Simon Property Group, which has 204 properties in 37 states, said late Monday that 199 of its shopping centers have reopened -- even as concerns grow about a second wave of Covid-19 cases in the United States and a deluge of retail bankruptcies. It expects the remaining five properties to reopen sometime within the next week. These malls collectively have more than 18,000 stores, and according to Simon, many of them have reported better-than-expected sales since reopening.
The company announced a joint venture in October with Rue Gilt Groupe to launch an online site for Simon's outlet shopping centers. But Simon faces several legal challenges as well. The company had agreed to buy rival Taubman Centers in February for $3.6 billion. Then the coronavirus outbreak ground the US economy to a screeching halt. Simon terminated the deal earlier this month.The two companies are now suing each other.
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