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TOP U.S MALL OPERATOR SIMON FACES COVID-19 PANDEMIC PAIN

7 months ago | World Business News | 0 comments

By Xai Reyes

Surging COVID-19 infections in big states like California, Texas, and Florida are scaring shoppers away from newly reopened malls, dealing a blow to an industry that was on the ropes even before the pandemic began.

Simon Property Group, the number one US mall owner, is expected to post its smallest quarterly profit in nearly six years on Monday (Aug 10), as the plunge in foot traffic and early government-mandated closures resulted in tenants being unable or unwilling to pay full rent.

The pain from a slew of major retail bankruptcies, including Neiman Marcus and Brooks Brothers, and hundreds of store closures from department stores Macy’s and Nordstrom and others is far from over for shopping malls, as the coronavirus pandemic takes a toll on brick-and-mortar retailers that were already losing sales to online competitors.

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