Simon Property Group

Simon’s moat derives from efficient scale and location scarcity, reinforced by cost advantages from best‑in‑class leasing, marketing and data, plus soft network effects as top retailers cluster where footfall is highest.

U.S. malls and Premium Outlets were 96.0% occupied at June 30, 2025, with sales productivity of $736 per square foot and rising base rents, evidencing ongoing tenant demand for Simon’s nodes. Redevelopment creates embedded growth and raises switching costs as retailers integrate into multi‑asset programs across the platform.

Key erosion vectors are e‑commerce substitution and tenant credit events; however, Simon’s top‑quartile centers and outlet value proposition have historically outperformed during retail shake‑outs.