Simon Property Group saw sales at its shopping malls and outlet centers bounce back to pre-pandemic levels in its latest fiscal quarter, Chief Executive David Simon told analysts Monday.
Simon said that retail sales at its properties in June were comparable to June 2019 levels, and up 80% from a year earlier. Some parts of the United States saw sales higher than 2019 levels, he added.
The U.S. mall owner is hoping the trend coaxes 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 cull stores during the pandemic.
For the three-month period ended June 30, Simon Property’s occupancy rate was 91.8%, down from 92.9% a year ago, and from 94.4% two years earlier.
“We continue to see demand for space across our portfolio, from healthy local, regional and national tenants, entrepreneurs, restaurateurs and mixed-use demand … it’s increasing day by day,” David Simon said.
“We still have a hole to dig out of because of the bankruptcies that we had to confront during the pandemic,” he added. “But I’m very pleased with the activity.”
