Shoppers walk through the King of Prussia mall in King of Prussia, Pennsylvania.
Jennah Moon | Bloomberg | Getty Images
Simon Property Group‘s earnings shed light on what might be ahead for retailers as some notable names release quarterly reports this week.
When the mall giant reported its quarterly earnings last Monday, chief executive David Simon had plenty of insights about how the retail sector – which include his tenants – is faring more than a year into the pandemic.
With 167 shopping malls and outlet centers in its portfolio — and a market cap of about $40 billion — Simon Property is by far the largest mall owner in the United States. Some of its biggest tenants include Gap, Victoria’s Secret owner L Brands, Coach parent Tapestry, Macy’s and J.C. Penney.
Indeed, L Brands and Macy’s are among the retailers publishing earnings this week.
The Indianapolis-based landlord has a glimpse into traffic trends at malls across the nation.
“We have a lot of data,” Simon said during the company’s earnings call last Monday. “We understand the consumer better than ever. We have … knowledge that we didn’t necessarily have before.”
Here are five takeaways that investors in retail stocks can glean from his remarks.
