Simon Property Group Inc missed Wall Street estimates for quarterly profit on Monday, hurt by unpaid rent from retailers across its U.S. malls who suffered a total loss of 10,500 shopping days due to coronavirus-led lockdowns.
FILE PHOTO: Shoppers ascend and descend escalators at the King of Prussia Mall, owned by Simon Property Group, United State's largest retail shopping space, in King of Prussia, Pennsylvania, U.S., December 8, 2018. Picture taken December 8, 2018. REUTERS/Mark Makela
The pandemic has ravaged the business of many retailers that were forced to shut shops to curb the virus from spreading, and driven quite a few to bankruptcy, including brands such as Brooks Brothers and J.C. Penney that Simon houses. “We’ve been generally encouraged ... particularly in certain locations where there’s been a steady improvement in traffic with many tenants reporting sales better than their initial expectations.”
“More and more retailers are distributing their e-commerce orders from their stores... they’re fulfilling from their stores. That’s a good trend in long term for us.”
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Top U.S. mall operator Simon faces pandemic painSurging 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.
Weiterlesen »
Stocks making the biggest moves midday: Kodak, MercadoLibre, Simon Property, Foot Locker & moreKodak shares tank after federal loan is put on halt. Foot Locker jumped on strong same-store sales data.
Weiterlesen »
Simon Cowell Hospitalized After Bike Accident in MalibuSyco Entertainment chief Simon Cowell was hospitalized on Saturday after injuring his back in a biking accident in Malibu. According to the Associated Press, Cowell injured himself as he was testin…
Weiterlesen »
Simon Cowell Breaks His Back On Electric Bike, Surgery RequiredSimon Cowell didn't get far on his new electric bike, he crashed and broke his back.
Weiterlesen »
Simon Cowell took up bike riding to get fit after his last horror accidentThe talent show guru has broken his back after coming off an electric bike he was testing out at his Malibu mansion
Weiterlesen »
Simon Cowell Hospitalized With Broken Back After Falling Off Electric BicycleThe English record executive and 'America's Got Talent' host was test riding the bike in Malibu on Saturday.
Weiterlesen »