Simon Property Group Inc.
As the largest publicly traded retail real estate company in North America, Simon Property Group Inc. (SPG) reports it currently owns or has an interest in 248 properties in North America, totaling 192 million square feet of space: 3.01 million square feet in two office buildings, and 188.99 million square feet in 246 shopping centers. In 2003, the company’s actual capital spending toward facilities was $55 million. This year, SPG will complete 1.01 million square feet of new construction and modernize an additional 501,000 square feet of space. Undaunted by unsuccessful attempts to take ownership of rivals last year, SPG announced in June that it would acquire the Chelsea Property Group. In late July, the company also indicated that profits for the first six months of 2004 rose 13 percent from the same period last year.
[Editors’ Note: Merely marketing savvy or truly a marketing master? Simon Brand Ventures, part of the mall giant Simon Property Group, continues to redefine and redirect the future of retail and recreation. Is a mall for shopping or for entertainment (some would argue that shopping is entertainment)? Either way, and based upon the increases in SPG profits, it means money for this retail REIT, which is targeting teens and women as “very important segments.” This year, Simon offers its second “DTour Live” for teenagers, in which sponsors provide product samples, interactive games, and activities. The company is also launching its women’s escape, “Simon Mall for You,” which will feature free spa-like activities, as well as speakers and fashion tips to those seeking “a girls’ night out.”]