“Shopper traffic accelerated in the quarter, and retailer sales volume again grew solidly year over year, further evidence that our portfolio is well positioned and our properties are the places where shoppers and tenants want to be,” Eli Simon, CEO, president and chief operating officer of Simon Property Group, said during the call.
Simon Property Group owns shopping, dining, entertainment and mixed-use destinations across North America, Europe and Asia, according to a Monday press release.
As of the end of the second quarter, June 30, Simon Property Group saw results that held steady or increased year over year in its U.S. malls and premium outlets operating statistics, per the release.
Over the year, occupancy remained unchanged at 96%, base minimum rent per square foot increased 6.3% to $62.42 and reported retailer sales per square foot for the trailing 12 months increased 13.9% to $838, the release said.
U.S. malls and premium outlets accounted for 76.9% of Simon Property Group’s net operating income during the second quarter, according to a supplemental presentation released Monday.
“We continue to host unique activations that highlight the incredible value our portfolio offers,” Simon said during the call.
Simon highlighted the company’s fifth annual National Outlet Shopping Day, saying the event saw growth in both shopper traffic and retailer sales growth as well as a 25% year-over-year increase in retailer participation.
National Outlet Shopping Day was held June 11-14 at 90 premium outlets and other destinations, according to a June 8 press release. Each year’s event features exclusive offers and is designed to rival Black Friday, the release said.
Simon also highlighted soccer fan experiences and programming offered at select locations this summer, saying they “built on the momentum around the World Cup.”
These experiences included large-scale block parties, soccer watch parties, and exclusive Adidas product releases and in-store activations, according to a May 28 press release.
“The shopper and retailer response to these types of events underscores Simon’s offering, the ability to turn major moments into large-scale real-world experiences that bring our consumers, brands and communities together,” Simon said during the call.
