Top US mall operator Simon faces COVID-19 pandemic pain

INDIANAPOLIS: 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 has full or partial ownership in seven of the nation's top 10 malls, as measured by sales of mall tenants. Its indoor malls in pandemic-ravaged states have been hit particularly hard. Foot traffic was down more than 50 per cent at Houston's upscale Galleria and at Miami's Aventura Mall in mid-July, according to cellphone tracking data provided by Unacast.

"When you have to start buying your tenants, you're in a big problem," said Scott Crowe, chief investment strategist at CenterSquare Investment Management. On Sunday, the Wall Street Journal, citing sources, reported that Simon and Amazon are exploring converting mall space formerly occupied by JC Penney and Sears into Amazon distribution centres. Simon did not respond to a Reuters request for comment. An Amazon spokeswoman said the company has a policy of not commenting on rumours or speculation. Sears and JC Penney both declined to comment.

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