Simon Property faces difficulties amid the coronavirus pandemic

Simon Property faces difficulties amid the coronavirus pandemic

Simon Property Group (SPG.N), the largest mall owner in the United States, stated on Monday that it was struggling from the surging coronavirus outbreak in big states including California, Texas, and Florida. The company said that people were scared to go to newly reopened malls which severely affected the retail industry and market sales.

Simon Property’s shares were down by 58% this year.

On Sunday, Simon Property Group and Inc. (AMZN.O) started talking about emptying store spaces formerly occupied by anchor tenants such as J.C. Penney Co. Inc. (JCPNQ) and Sears Holdings Corp. (SHLDQ) to turn it into Amazon fulfillment centers. The companies said that discussions started even before the coronavirus pandemic began.

“When you have to start buying your tenants, you’re in a big problem,” CenterSquare Investment Management’s Chief Investment Strategist Scott Crowe said.

“It’s the complete antithesis of being a landlord. The only reason one would buy a retailer is because it’s the least worst option, and they know they won’t be able to lease that space to anyone else,” he added.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?