Overview

Simon Property Group is an American real estate investment trust headquartered in Indianapolis, Indiana. Its business is centered on the ownership, development, leasing, management, and redevelopment of large-scale retail destinations, including enclosed shopping malls, open-air outlet centers, community centers, and lifestyle-oriented properties. The company is widely regarded as the largest owner of shopping malls in the United States and operates through recognizable retail platforms such as Simon Malls, Premium Outlets, and The Mills. The company traces its origins to 1960, when brothers Melvin Simon and Herbert Simon began developing strip shopping centers in Indianapolis. Their early business expanded from local retail development into a national portfolio of institutional-quality shopping properties. In December 1993, the interests of the Simon brothers were taken public as Simon Property Group in what was described at the time as the largest initial public offering for a real estate investment trust. Public ownership gave the company access to capital for an extended period of consolidation in the American retail-property sector. Simon pursued an acquisition-led growth strategy during the 1990s. It merged with DeBartolo Realty Corporation in 1996, creating Simon DeBartolo Group, and in 1997 acquired The Retail Property Trust in a hostile takeover. The company also partnered with Macerich to acquire malls formerly associated with IBM's pension plan. After acquiring Corporate Property Investors in 1998, it returned to the Simon Property Group name. These transactions helped establish the company as a national owner of dominant regional malls rather than simply a developer of neighborhood shopping centers. During the 2000s, Simon broadened its geographic reach and property types. It participated in the acquisition of Rodamco North America assets, including prominent properties such as Copley Place, Houston Galleria, and SouthPark Mall, and acquired a majority interest in The Kravco Company, associated with King of Prussia. In 2004, Simon entered the outlet-center sector through its acquisition of Chelsea Property Group. That transaction created the foundation for the Premium Outlets platform. In 2007, its acquisition of The Mills Corporation expanded the company into very large value-oriented retail destinations, including Sawgrass Mills. Simon continued to consolidate outlet assets through the acquisition of Prime Retail and subsequent purchases of additional outlet centers in the United States and Puerto Rico. It also developed an international presence through outlet projects in Canada, including Toronto Premium Outlets, Premium Outlets Montreal, and Premium Outlet Collection YEG. The company has periodically pursued large strategic transactions involving other property owners, including General Growth Properties, Capital Shopping Centres Group, and Macerich, although those proposals did not result in completed acquisitions. The company has also participated in retail operating businesses and brand restructurings, often alongside Authentic Brands Group and other investment partners. Examples include investments involving Aéropostale, Forever 21, Brooks Brothers, and Lucky Brand. These transactions reflected Simon's interest in supporting tenant brands and preserving retail demand within its property portfolio, while also illustrating the changing relationship between landlords, retailers, and brand owners. In 2020, Simon acquired Taubman Centers and partnered with Brookfield Asset Management in the acquisition of JCPenney. The company later explored a potential acquisition of Kohl's with Brookfield, but the proposal was rejected. In 2022, Simon purchased a 50 percent stake in Jamestown L.P., a real estate developer. These moves extended Simon's role beyond conventional mall ownership into broader retail, branded-consumer, and mixed-use real estate strategies. Simon positions its properties as curated destinatio…

History

Simon Property Group began in 1960, when Melvin Simon and Herbert Simon started developing strip shopping centers in Indianapolis. The brothers built a business around the idea that professionally managed retail properties could serve as durable income-producing assets. Their development activities eventually expanded beyond local strip centers into regional shopping malls and other large retail destinations. In December 1993, the business became publicly traded as Simon Property Group through a major REIT initial public offering. Public-market access supported an aggressive expansion program during the consolidation of the American shopping-center industry. In 1996, Simon merged with DeBartolo Realty Corporation, whose assets were associated with the retail-property interests of Edward J. DeBartolo Sr. The combined company was called Simon DeBartolo Group. In 1997, it acquired The Retail Property Trust in a hostile takeover and, with Macerich, bought 12 shopping malls connected to IBM's pension plan. In 1998, the acquisition of Corporate Property Investors was completed, after which the company adopted the Simon Property Group name again. It also obtained an interest in Groupe BEG, a European shopping-center operator, and in 1999 acquired 14 shopping centers from New England Development. Simon remained active in large portfolio transactions during the early 2000s. In 2002, it joined Westfield Group and The Rouse Company in acquiring 13 properties from Rodamco North America. The assets included highly prominent retail destinations such as Copley Place, Houston Galleria, and SouthPark Mall. In 2003, Simon acquired a majority interest in The Kravco Company, whose portfolio included King of Prussia, one of the best-known shopping centers in the United States. A major change in business mix occurred in 2004, when Simon acquired Chelsea Property Group. The transaction gave the company a significant outlet-center platform and led to the creation of Premium Outlets, later branded as Simon Premium Outlets. In 2007, Simon and Farallon Capital Management acquired The Mills Corporation. The deal added another major platform, The Mills, and brought properties such as Sawgrass Mills into Simon's portfolio. The company subsequently expanded Premium Outlets through its 2009 acquisition of Prime Retail and through further purchases of outlet centers in the United States and Puerto Rico. The late 2000s and early 2010s also featured several unsuccessful attempts to expand through transformative mergers. Simon sought to acquire General Growth Properties while GGP was under bankruptcy protection and later proposed an equity investment. GGP ultimately favored transactions involving Brookfield Asset Management, and Simon withdrew. Simon also made an offer for Capital Shopping Centres Group, but the proposal was rejected and withdrawn in early 2011. The company nevertheless continued to add individual assets, including Southdale Center and a larger ownership position in 26 Landmark Mills properties. Simon developed a Canadian outlet presence during the 2010s, opening Toronto Premium Outlets in 2013 and Premium Outlets Montreal in 2014. In 2014, it completed the corporate spin-off of Washington Prime Group. The restructuring was followed by additional portfolio changes involving The Outlet Collection Jersey Gardens, University Park Village, and Brunswick Square. In 2015, Simon made a proposal for Macerich, but the offer was rejected and withdrawn. The company also became involved in retail brand ownership and restructuring. In 2016, Simon partnered with Authentic Brands Group and GGP to acquire Aéropostale. In 2020, Simon and Authentic Brands Group acquired Forever 21, and Simon participated in acquisitions of Brooks Brothers and Lucky Brand. These transactions reflected an effort to preserve or reposition important retail brands while maintaining relationships with shopping-center tenants and consumers. In 2020, Simon acquired Taubman Centers and partnered with Brookfield Asset Management in the acquisition of JCPenney. In 2022, Simon and Brookfield proposed acquiring Kohl's, but the proposal was rejected. Later that year, Simon purchased a 50 percent stake in Jamestown L.P., a real estate developer. These developments illustrate a strategy that combines ownership and operation of retail properties with selective participation in retail brands, tenant businesses, and development partnerships. Leadership changed in the mid-2020s. Herb Simon retired as chairman and director in 2025, and Eli Simon was appointed chief operating officer. The supplied reference material states that David Simon died of cancer in March 2026 and that Eli Simon subsequently became chief executive officer while continuing as COO. Simon's ongoing business model emphasizes premier locations, tenant curation, outlet tourism, property redevelopment, and the adaptation of shopping centers into broader mixed-use and experiential destinations.

2022
Investment in Jamestown
[1]Simon Property Groupen.wikipedia.org
Simon purchases a 50 percent stake in Jamestown L.P.
2020
Taubman and JCPenney transactions
[1]Simon Property Groupen.wikipedia.org
Simon completes the Taubman acquisition and participates with Brookfield in acquiring JCPenney.
2014
Premium Outlets Montreal opens
[1]Simon Property Groupen.wikipedia.org
The company opens its second Canadian Premium Outlets location.
2013
Toronto Premium Outlets opens
[1]Simon Property Groupen.wikipedia.org
Simon expands its Premium Outlets presence in Canada.
2007
Acquisition of The Mills Corporation
[1]Simon Property Groupen.wikipedia.org
The transaction adds The Mills platform and major value-oriented retail destinations to Simon's portfolio.
2004
Entry into outlet centers
[1]Simon Property Groupen.wikipedia.org
The acquisition of Chelsea Property Group establishes Simon's Premium Outlets platform.
1996
Merger with DeBartolo Realty
[1]Simon Property Groupen.wikipedia.org
The merger creates Simon DeBartolo Group and materially increases the company's regional-mall portfolio.
1993
Simon Property Group goes public
[1]Simon Property Groupen.wikipedia.org
The company completes a major REIT initial public offering and becomes a publicly traded retail-property owner.
1960
Simon brothers begin developing retail centers
[1]Simon Property Groupen.wikipedia.org
Melvin Simon and Herbert Simon start developing strip shopping centers in Indianapolis, establishing the business that later becomes Simon Property Group.

Products and positioning

Premium retail real estate focused on dominant shopping destinations, high-quality tenants, outlet tourism, and long-term property redevelopment.

Shopping malls
Simon Malls
Simon Malls is the company's core platform of enclosed and regional shopping centers. These properties typically combine department stores, specialty retailers, restaurants, entertainment, and services. The platform is designed around dominant locations and substantial trade areas, with leasing, tenant curation, capital improvements, and redevelopment used to maintain the relevance of individual centers.
Outlet centers · 2004
Simon Premium Outlets
Simon Premium Outlets operates open-air outlet destinations offering branded merchandise at discounted prices. Many centers are positioned near major highways, airports, tourism corridors, or metropolitan areas and attract both local shoppers and visitors. The platform grew from Simon's acquisition of Chelsea Property Group and later expansion through Prime Retail and additional outlet acquisitions.
Large-scale retail and outlet centers · 2007
The Mills
The Mills is a platform of very large retail destinations combining outlet shopping, specialty retail, dining, entertainment, and other experiential uses. The platform entered Simon's portfolio through the 2007 acquisition of The Mills Corporation. Properties such as Sawgrass Mills illustrate its emphasis on scale, broad tenant mixes, and regional or tourist draw.

Brand decisions

2022
Acquire a stake in JamestownM&A
Background
Simon sought broader exposure to real estate development and mixed-use projects.
Action taken
Simon purchased a 50 percent stake in Jamestown L.P.
Aftermath
The investment broadened Simon's strategic relationship beyond direct ownership of shopping-center properties.
Source
2020
Acquire Taubman CentersM&A
Background
Simon pursued additional premier shopping-center assets during a period of disruption in the retail-property sector.
Action taken
Simon acquired Taubman Centers.
Aftermath
The transaction expanded Simon's ownership interests in major shopping centers.
Acquisition value. $3.4 billion (2020)
Source
2015
Withdraw Macerich acquisition proposalM&A
Background
Simon attempted to consolidate another major owner of high-quality shopping centers.
Action taken
It offered to acquire Macerich, but the proposal was rejected and withdrawn.
Aftermath
Simon remained an independent public REIT and focused on its existing portfolio and selected investments.
Source
2010
Withdraw from General Growth Properties bidM&A
Background
General Growth Properties was in bankruptcy protection, creating an opportunity for a major portfolio transaction.
Action taken
Simon made acquisition and equity-investment proposals but withdrew after GGP favored transactions involving Brookfield Asset Management.
Aftermath
Simon did not acquire GGP and continued expanding through smaller portfolio transactions and outlet properties.
Source
2007
Acquire The Mills CorporationM&A
Background
Simon pursued additional scale in large-format retail and outlet properties.
Action taken
Simon and Farallon Capital Management acquired The Mills Corporation.
Aftermath
Simon created The Mills platform and added major properties including Sawgrass Mills.
Acquisition value. $1.64 billion (2007)
Source
2004
Acquire Chelsea Property GroupM&A
Background
Simon sought to diversify beyond conventional enclosed malls and enter the growing outlet-center segment.
Action taken
It acquired Chelsea Property Group and integrated the assets into a Premium Outlets platform.
Aftermath
The transaction became the foundation of Simon's outlet-center business and supported later acquisitions and international expansion.
Acquisition value. $3.5 billion (2004)
Source

Recent events

2020-12-29
Simon completes merger with Taubman[3]Simon完成与Taubman的合并wishtv.com
Reported: 2020-12-29
Simon Property Group completed its $3.4 billion merger with Taubman Centers. Following the merger, Simon owns an 80% interest in The Taubman Realty Group Limited Partnership, and the Taubman family owns the remaining 20%.
Unconfirmed
JCPenney completes sale of most retail and operating assets[4]JCPenney完成大部分零售及运营资产出售privateequityinternational.com
Reported: 2020-12-07
JCPenney completed the sale of substantially all of its retail and operating assets to Simon Property Group and Brookfield Asset Management.
2020-11-18
Simon Property Group prices upsized stock offering[5]Simon Property Group为增额普通股发行定价prnewswire.com
Reported: 2020-11-19
Simon Property Group announced that it had priced an upsized public offering of 19,250,000 common shares at $72.50 per share; the offering was expected to close on November 23, 2020, subject to customary closing conditions.
2020-11-15
Simon Property and Taubman Centers settle dispute over transaction[6]Simon Property与Taubman Centers就交易纠纷达成和解realty.economictimes.indiatimes.com
Reported: 2020-11-16
Simon Property and Taubman Centers settled their legal dispute over the transaction. Under revised terms, Simon would pay $2.65 billion for an 80% stake in Taubman Realty Group, at $43 per share instead of the previously announced $52.50.
2020-10-13
DHL opens mobile pop-up store in Katy[7]DHL 在凯蒂开设移动快闪店prnewswire.com
Reported: 2020-10-13
DHL Express opened a mobile DHL ServicePoint pop-up store in Katy, Texas, expanding its U.S. retail locations.
2020-09-16
Brookfield and Simon acquire JCPenney assets[8]Brookfield与Simon收购JCPenney资产woodworkingnetwork.com
Brookfield Property Group and Simon Property Group purchased a substantial part of JCPenney's retail and operating assets for $1.75 billion.
2020-09-10
Simon Property Group and Brookfield offered J.C. Penney rescue funding[9]Simon Property Group与Brookfield提出向J.C. Penney提供纾困资金chinatimes.com
Reported: 2020-09-10
Simon Property Group and Brookfield Property Partners were reported to be close to completing negotiations to provide $800 million in support to bankrupt retailer J.C. Penney, including cash and debt assumption. J.C. Penney planned to seek bankruptcy court approval for the agreement the following month.
2020-09-09
Simon-Brookfield joint venture to acquire JCPenney assets[10]Simon-Brookfield合资企业拟收购JCPenney资产businessinsider.com
Reported: 2020-09-09
Lawyers for JCPenney said in bankruptcy court that its retail and operating assets are set to be acquired by a joint venture between Simon Property Group and Brookfield Property Partners. The transaction still requires bankruptcy-court approval, and competing bids may be evaluated.
2020-09-03
Simon Property Group partners with ShopShops[11]Simon Property Group与ShopShops建立合作therealdeal.com
Reported: 2020-09-03
Simon Property Group is partnering with livestream shopping app ShopShops, with the partnership involving Simon's malls and weekly activity at Woodbury Common Premium Outlets in New York.
2020-07-14
Simon Property Group sues Eddie Bauer over unpaid rent[12]Simon Property Group 就未付租金起诉 Eddie Bauertherealdeal.com
Reported: 2020-07-15
Simon Property Group filed a lawsuit against Eddie Bauer seeking $6.2 million in missed rent payments. The article reports that Eddie Bauer had not paid rent since April, according to court records.

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Overview

History

Products and positioning

Brand decisions

Recent events

Related entries

Sources34 sources