The value of top-tier of US shopping centres has dropped by 45 percent since 2016, according to commercial real estate services firm Green Street as reported by CNBC. These higher-quality malls, many of which are owned by Simon Property Group and which together represent about 25 percent of shopping centres in the US, generate an average of $750 in sales per square foot versus $425 at B-rated malls.

In recent years, A-rated malls were seen to be more protected from the declines in the rest of the sector due to the rise of e-commerce. But even top malls are struggling now due to the challenges in department stores and the pandemic. Simon’s shares have dropped 32 percent over the last year.