Whatever doesn't kill us makes us stronger. That's the message from the nation's largest mall owner, which this week reported another quarter of record sales.
David Simon, president and CEO of Simon Property Group, wants everyone to know that the obituaries for indoor shopping malls during the pandemic were premature: the tables have turned, Simon says, with a solid recovery that has become a "flight to bricks and mortar" while e-commerce appears to be on the ropes.
"Many have tried to kill off physical retail real estate, and in particular in closed malls. When physical retail was closed [during the pandemic], all the naysayers were saying that physical retail was gone forever," Simon said in a Q3 earnings call.
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