Simon Property Group Inc.
As the largest publicly traded real estate retail company in North America (and a real estate investment trust), Simon Property Group (SPG) reports a portfolio of 238 buildings totaling 182 million square feet of space. The company, which is engaged in the ownership and management of income-producing properties (primarily regional malls and community shopping centers) reports a total market capitalization of approximately $24 billion, as of July 31, 2003. Approximately 4,000 employees are involved in the smooth operation of Simon properties. The company notes approximately 566,000 square feet in new construction and 943,000 square feet in expansion are planned for this year. At press time, Simon had partnered with fellow shopping center owner Westfield America for a bid at rival Taubman Centers (deadline: Aug. 29, 2003).
[Editors’ Note: There’s no doubt about it: Simon Property Group has changed the way Americans shop. And do they ever! The Simon shopping experience – online and in person – is customer-driven and customer-savvy. In early June, Simon introduced a new children’s club – Simon Kidgits Club – designed to build consumer loyalty and reinforce the mall as a family destination, especially among the powerful 25- to 49-year-old female audience. For its retailers, Simon offers Simon Brand Ventures (marketing expertise) and Simon Business Network (aggregate purchasing via supply chain management) – sure to instill tenant loyalty (a.k.a. retention) as well.]