Simon Property Group, the largest shopping mall operator in the U.S., says sales rebounded to pre-pandemic levels in its latest fiscal quarter as Americans shopped for clothes, shoes and other items at its outlets.
Simon Property Chief Executive Officer David Simon said that retail sales at its properties in June were comparable to June 2019 levels, and up 80% from a year earlier. Parts of the U.S. saw sales higher than 2019 levels, he added.
The biggest U.S. mall owner is hoping the improving trends convince businesses to sign new leases. The company has been looking to fill spaces that were vacated by brands that either went bankrupt or had to close stores during the pandemic.
For the three months ended June 30, Simon Property’s occupancy rate at its shopping malls was 91.8%, down from 92.9% a year ago, and down from 94.4% in 2019.
Simon Property Group’s shares rose 3% in extended trading on news of the recovery at shopping malls. The stock has increased more than 48% year to date. Simon Property has a current market capitalization of $41.5 billion U.S.
