U.S. malls are bucking recent trends, delivering results that are handily beating analyst estimates as well as besting 2019 performance, reports CNN.
“Malls have certainly recovered from for the pandemic,” said Neil Saunders, managing director of GlobalData Retail, a consulting firm. “Consumer spending right now is robust. People haven’t spent all of the stimulus money yet. There’s pent-up demand. That’s why retailers are reporting stellar numbers.”
Simon Property Group (Indianapolis, Ind.), the largest mall operator in the U.S., reported second quarter earnings that exceeded results during the same quarter in 2019. “The strategy we adopted in the height of the pandemic is playing out better than we could have expected,” he told investors last week. “We kept our properties functioning. We bet on the rebound. And we’re seeing the benefits of that.”
Retail Properties of America Inc. (RPAI, Oak Brook, Ill.) recently reported earnings per share that topped forecasts and topped its earnings for the same period in 2019.