Online shopping became very popular in the past decade, forcing many brick-and-mortar locations to close their doors. However, David Simon, CEO of Simon Property Group and the largest U.S. mall owner, is insisting that brick-and-mortar retail is here to stay. “The enclosed mall business is strong, yet we have naysayers out there that don’t believe it.” And while many large retailers have been moving to smaller, stand-alone locations due to a stronger online presence, Simon reports that demand for space in the traditional, enclosed mall is still “extremely strong.” In fact, Simon stated that he has not seen any retailer back out of property deals, and that he has seen a different variety of retailers show interest.

As of June, nearly 4,300 store openings were announced, outpacing the 1,766 announced store closings, adding to Simon’s positive outlook on the future of brick-and-mortars. “I think our economy is still pretty healthy. [The] consumer is in good shape. I think the growth will continue in the U.S., and I think the future is bright here.”

(FootWearNews, 08.02.22)

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