Why Simon Property Malls Will Be a Long-Term Coronavirus Winner
Efforts to stem the coronavirus pandemic have forced many retailers to close, and malls have mostly shut their doors (with the exception of essential stores that are still in limited operation). That's clearly bad news in the short term for Simon Property Group (NYSE: SPG), but the impact of COVID-19 could eventually have a silver lining.
Currently, the largest mall owner in the United States has furloughed 30% of its workers and laid others off. In addition, the CEO for the retail real estate investment trust (REIT) isn't taking a salary, and non-furloughed executives are taking pay cuts up to 30%.
That's all very bleak, but the REIT may have much brighter days ahead.
Source Fool.com
