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“The industry ultimately needs to figure out how to do this profitably,” he said. The whole industry chased internet sales - which I get because of the valuation for dot-com - but the reality is for many of them, because of the cost of shipping, distribution and returns, it’s still not profitable. “E-commerce for most brands is slowing down. “Brick-and-mortar is absolutely growing,” the CEO said. Through the company’s retail operations, Simon also sees the allure of e-commerce in a new light, but said the industry still needs to really figure out the right balance. “I charged our guys at SPARC to say we can start manufacturing some of our goods here in the U.S.,” Simon said.
Simon, as a retailer, is also looking to take advantage of a retail scene that could become a little less global on the back end. “It’s across the country, there’s growth in the Austins and the Nashvilles of the world and demand is just way up.” is more than just two or three cities,” Simon said. “The international retailers, they discovered that the U.S. “We are going to be the bastion for growth worldwide.” that I hope we don’t screw up,” Simon said, noting that larger divisions tearing up the country could still dampen the outlook. While lower-income consumers have shown signs of feeling the pinch of inflation, shoppers further up the price scale continue to have spending power and have proven to be keen to use it. Inflation is running at 40-year highs in the U.S., there’s a land war in Europe, the pandemic is still weighing heavy and the supply chain backups linger.Īmid it all, Simon said there is a chance for the U.S. The world - in retail and beyond - is, of course, far from perfect. It gives us a sweet spot to accentuate what we can provide. Gary Duncan, president of Simon’s Premium Outlets and The Mills businesses, added: “We have a big opportunity to reach a lot of customers at a time that’s after Memorial Day, before the Fourth of July sales, before back to school.
“It’s a good time of year to go out and about and we want to thank the customer for visiting our outlets and reinforce the real benefit of our outlet shopping, which is getting great brands at real value,” Simon said.
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Now it’s on and in full force, a kind of retail answer to Amazon Prime Day at a time when consumers are getting back out to stores. The event was being planned for 2020, but was shelved given the pandemic. Take National Outlet Shopping Day as another sign of opening up in retail. With these jobs come all the stuff that funds the infrastructure.”
But we’re proud of what we have done in our partnership, primarily with in SPARC and at Penney because, not only have we been able to financially benefit, but we’ve saved brands and jobs. “Ninety-two percent of our earnings are essentially related to the core business, which is owning real estate,” he said. “Our day job is, hopefully, owning really good retail real estate.” “Our retail venture does overshadow what we do in our day job,” Simon told WWD. And while that has kept the retail side of Simon in the spotlight, his property business is still at the center of Simon Property.
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