The biggest shopping mall owners in the United States say retailers are still forging ahead with plans to open new stores in spite of growing recession fears and decades-high inflation that’s squeezing shoppers’ budgets.
Simon Property Group, the country’s largest mall owner, said the pipeline of businesses slated to open up at its properties remains strong. The company reported an occupancy rate at its US malls and outlet centers of 93.9% as of June 30, up from 91.8% a year earlier.
“Even with what’s going on in the world, we really haven’t seen anyone back out of deals,” Simon Property Chief Executive Officer David Simon said on an earnings conference call Monday.
“We’re seeing a big rebound in Vegas, Florida is on fire … California is finding its legs,” he added.
Fueling the openings are a mix of factors, including retailers pushing to snap up limited space and popular online