Simon Property's see 25 percent revenue loss

Mall owner Simon Property Group was brutalized by the height of the coronavirus pandemic with months of temporary store closures. Some tenants have closed stores all together and were unable to pay their rents, costing the company massive revenue declines.

On Monday, Simon Property Group reported that quarterly revenue fell 25 percent. This was attributed both to coronavirus and retail bankruptcies that have stemmed from coronavirus. J.C. Penney, which is an anchor at many Simon Malls, has filed bankruptcy.

Reuter’s reported that Simon Property Group’s shares closed up nearly 30 percent when Pfizer announced they had made tremendous progress on a COVID-19 vaccine, but were down 6 percent when losing fell.

Simon Property Group’s revenues fell to 1.06 billion dollars, down from 1.42 billion dollars. The fall/winter wave of coronavirus could potentially bring more store closures as state governments are weighing going into some level of lockdown to help curtail the rising number of coronavirus cases.

photo: via Albertville Premium Outlets Facebook page