Some of Simon’s malls, such as the Fashion Mall at Keystone at the Crossing, have attracted stores that are in high demand.Īt other malls, like Circle Centre, Simon has tried to reinvent the mall experience by introducing hybrid models for their use, including traditional and nontraditional retail, entertainment and restaurant venues, and open-concept offices. Simon acquired these properties at a time when the traditional shopping mall experience is eroding, as online shopping and big-box stores have overtaken the retail market. In early 2020, Simon Property made a $3.6 million deal to acquire Taubman Centers, another competing company. Simon also formed a REIT of smaller malls and community shopping centers-a spin-off called Washington Prime Group (later known as WP Glimcher, with further acquisitions)-at the end of 2013. Following the acquisition of properties held by IBM’s pension plan in 1997 and Corporate Property Investors in 1998, the company again became known as Simon Property Group.ĭuring the early 2000s, Simon continued to purchase shopping centers across the country. In 2004, Simon bought Premium Outlets, and in 2008 it acquired the Mills Corporation, a developer of super-regional shopping malls. Under the Simon DeBartolo name, the company continued to purchase retail property. Before the merger, DeBartolo Realty had been a major rival of the Simons in the development of shopping centers. Simon Property Group merged with DeBartolo Realty Corporation in 1996 and was renamed Simon DeBartolo Group. In 1993, Simon and Associates changed its name to Simon Property Group under the leadership of David Simon, Mel Simon’s son, when it also became a publicly-traded company. When it opened, it included 8 department stores, over 400 smaller shops, a seven-acre indoor amusement park, and a 1.2 million-gallon walk-through aquarium among its attractions. The company is also the managing partner in the Mall of America, which opened in 1992 in Bloomington, Minnesota as the largest retail, hotel, and entertainment complex in the United States. One of Simon’s major roles in this partnership was serving as the day-to-day manager of the facility. Its Indianapolis interests also included a public-private partnership with the city in Circle Centre Mall. The company owns or has an interest in several Indianapolis centers, including Castleton Square Mall, The Fashion Mall at Keystone at the Crossing, and Greenwood Park Mall. By the early 1990s, the Simon company was one of the largest and most successful developers of Shopping Centers in the country, owning and managing more than 147 centers in 30 states from its Indianapolis headquarters.
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