‘Very Chaotic’ Mix of Policies Hampering Retailers Seeking to Reopen, Says Landlord
Retail landlord Simon Property Group reopened 77 locations through Friday and expects to have half its U.S. “portfolio” back open within the week, said CEO David Simon on a Q1 call Monday. The company owns the real estate for about…
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200 U.S. retail locations, half of them malls. “Shopper response to our reopenings has been positive, and sales of many tenants have been better than their initial expectations,” said Simon. The retail industry is confronting a “very chaotic” hodgepodge of reopening policies across the country, “waiting for governors to order real actions, some doing it, some not doing it, some deferring it to municipalities,” he said. Retailers are “ready to open and compete, with the broad array of options that the consumer has,” he said. In some U.S. regions, curbside shopping is “all that you can do,” said Simon. “We’re there to help the retailer if they need our help, but in a lot of cases, they already have their own protocols.”