Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Mall Landlord Simon Property's Revenue Falls 25%

The company's shares, which closed up nearly 30 percent after drugmaker Pfizer Inc revealed progress in its experimental COVID-19 vaccine, were down about 6 percent after the closing bell.
A woman wears a facemask in a shopping mall| Source: Getty Images
By
  • Reuters

NEW YORK, United States — Simon Property Group Inc's quarterly revenue fell 25 percent on Monday, as the COVID-19 pandemic ravaged the retail industry leading to dwindling traffic, store closures and retail bankruptcies.

The company's shares, which closed up nearly 30 percent after drugmaker Pfizer Inc revealed progress in its experimental COVID-19 vaccine, were down about 6 percent after the closing bell.

Simon's properties, that include malls and lifestyle centers in the United States, were forced to close during pandemic-led lockdowns and the company was left behind with months of unpaid rents and bankruptcy of some of its biggest tenants that brought in consumers.

Occupancy was 91.4 percent, the company said, lower than the 92.9 percent it recorded in the previous quarter.

ADVERTISEMENT

Net income attributable to the company's shareholders fell to $145.9 million, or 48 cents per share, in the three months ended Sept. 30, from $544.3 million, $1.77 per share, a year earlier.

Total revenue fell to $1.06 billion, from $1.42 billion.

By Nivedita Balu; Editor: Shailesh Kuber

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

What a Fashion Company Is Worth Today

In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.


What’s the Plan at H&M?

The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections