Wednesday, February 12, 2020

Simon & Taubman: New-age pressures force marriage of old rivals

Chain Store Age
Simon’s 2003 attempt to take over Taubman Centers, a failed bid that set the big mall owners at odds ever since, has culminated in a merger forced by conditions of the times.

“Last year we predicted that we were going to be seeing consolidation among REITs in the mall space. They’ve lost a lot of leverage with retailers. Retailers gained the upper hand, closing stores and driving rents down. So mall owners are forced to consolidate to add more growth,” said Greg Maloney, president and CEO of JLL Retail.. . . more