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At Simon Properties, Luxury and Brands Targeting Gen Z Shine in Q1

WWD·David Moin·20 days ago
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At mall giant Simon Property Group there’s “broad-based” sales growth, but its luxury and brands targeting Gen Z that are standing out. That assessment came from Eli Simon , president, chief executive officer and chief operating officer of Simon, who took charge of the nation’s largest mall operator in March when his father, David Simon , passed away at 64. Late Monday, Simon released its first-quarter earnings, marked by gains in net income, funds from real estate operations, occupancy and sales per square foot, which prompted the Indianapolis-based company to raise its outlook for the year and its dividend. The CEO told analysts on a conference call that retailers at the company’s properties logged a “very healthy” 6.5 percent comparable sales gain the quarter. You May Also Like “It’s really across categories,” Simon said. “Clearly, the upper end consumer is doing very well. If you look at the stock market, that should not be a surprise.…

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