“Where it used to take years for … a bad mall to go out of business, I think it’s going to happen more quickly. “What’s going to happen … with retail real estate is that the strong retail will get stronger,” he said, adding that weaker retail will suffer, sooner rather than later. Nonetheless, in a wide-ranging presentation that covered his career, his Indianapolis-based company’s growth into a global behemoth, and his views on both management and the future of retail real estate, Simon made it clear that his industry is facing real challenges, some of which will lead to significant change. “I think will bounce back a little bit faster and harder than most people say.” “I’m going to bet on the American consumer a bit more than CNBC and the others,” Simon said. And now, in the bust years of the early 21 st century, a new crop of eulogists are predicting that the financial crisis will turn glittering spaces like the Houston Galleria or Indianapolis’ Circle Centre into premature relics. During the boom years of the 1990s, Time magazine declared that online shopping meant that malls would soon become extinct. Meanwhile, those who would write the American shopping center’s obituary have been proven wrong before, he noted. The company, he added, is well positioned to weather a consumer downturn that has eliminated such familiar mall tenants as Wilson’s Leather, the Sharper Image and Steve & Barry’s. Indeed, Simon said during a recent Wharton Leadership Lecture, his firm, the nation’s largest public real estate company, might consider making acquisitions again given that prices have recently fallen to levels last seen in 2002. Shopping malls are here to stay, at least according to David Simon, chairman and CEO of Simon Property Group, owner of more than 350 malls, outlet centers and other retail-oriented properties in the U.S., Europe and Asia. Choosing a New Board Leader: Eight Questions March 7, 2023.Speak With Confidence: Four Fixes That Work April 11, 2023.It’s Not You - It’s Your Goals: Knowing When to Quit May 30, 2023.Generating Ideas: A Process for Breakthrough Innovation June 14, 2023.Meet the Authors: Wharton’s Katy Milkman on How to Change May 14, 2021.Meet the Authors: Mauro Guillén on How Businesses Succeed in a Global Marketplace June 21, 2021.Meet the Authors: Wharton’s Peter Cappelli on The Future of the Office November 4, 2021.Meet the Authors: Erika James and Lynn Perry Wooten on The Prepared Leader October 3, 2022.How National Politics Are Impacting DEI in the Workplace February 7, 2023.Diversity at Work: Why Inclusive Storytelling Matters April 4, 2023.Improving Accessibility in the Workplace - and in Space May 16, 2023.How Employers Can Support Women’s Reproductive Rights June 20, 2023.Great Question: Kevin Werbach on Cryptocurrency and Fintech July 21, 2021.Great Question: Dean Erika James on Crisis Management August 16, 2021.Great Question: Wendy De La Rosa on Personal Finance October 15, 2021.Great Question: Witold Henisz on ESG Initiatives November 17, 2021.Making the Business Case for ESG May 3, 2022.How Companies and Capital Can Be Forces for Good June 21, 2022.Investing in Refugee Entrepreneurs in East Africa August 8, 2022.Why Employee-owned Companies Are Better at Building Worker Wealth November 11, 2022.Beyond Business: Humanizing ESG December 13, 2021.How Analytics Is Changing Finance November 29, 2022.How Data Analytics Can Help Deliver Social Good December 20, 2022.How Analytics Can Boost Competitiveness in Sports January 31, 2023.Simon received an undergraduate degree from Indiana University and an MBA from Columbia Business School. Management Associates, Inc., Chairman & Chief Executive Officer of Simon Management Associates LLC, Chairman & Chief Executive Officer at CPG Holdings LLC and Associate of First Boston Corp.ĭavid E. Simon previously occupied the position of Chairman & Chief Executive Officer at Simon Property Group (Delaware), Inc., Executive Vice President of Melvin Simon & Associates, Inc., Executive Vice President of Wasserstein Perella & Co., Inc., Chairman & Chief Executive Officer at The Retail Property Trust, Chairman & Chief Executive Officer of M.S. and Member-Managers Board at HBS Global Properties LLC.ĭavid E. and National Association of Real Estate Investment Trusts, Inc. Simon is also on the board of Ruelala, Inc. Presently, he holds the position of Chairman, Chief Executive Officer & President at Simon Property Group, Inc., Chairman, President & Chief Executive Officer of Simon Property Group LP (a subsidiary of Simon Property Group, Inc.), Chairman-Supervisory Board for Klépierre SA and Chairman at Simon Property Group Acquisition Holdings, Inc. Simon is an American businessperson who has been the head of 9 different companies.
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