The CEO of the biggest mall owner in the U.S., Simon Property Group, says the retail industry looks to be “reaching the bottom” of a tumultuous wave of bankruptcies.
“We are having a high bankruptcy year. … There’s no denying that,” David Simon told analysts during a post-earnings conference call on Wednesday morning. “But I think we’re kind of reaching the bottom in … 2019 on that stuff. It’s rivaling what happened in 2017. So, it’s not like something that we haven’t experienced before. But we know [what] we have to do.”
Simon shares were last down about 3.5% Wednesday afternoon, having fallen about 12% this year.