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Malls Still Have Significant Value

Malls Still Have Significant Value

Malls Still Have Significant Value
December 20
20:36 2018
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Turns out malls offer more than shopping and Instagram experiences. They create jobs, too.
That’s according to a new report released on Thursday, titled “The Impact of Brick and Mortar Shopping,” by Simon Property Group, a real estate development firm with a portfolio of more than 220 malls globally. The report looked at the socioeconomic and environmental impacts of the roughly 200 Simon malls in the U.S. and found that the real estate development firm created 316,870 jobs in 2017.
“Brick-and-mortar shopping enhances the quality of life and well-being of communities in numerous ways, including the support of vital local interests such as education, public safety and infrastructure,” David Simon, chairman and chief executive officer of Simon Property Group, said in a statement. “Additionally, in the ever-growing age of digitalization, shopping centers create gathering spaces for visitors to shop, dine, socialize and share in-person experiences with family, friends and other members of their local communities.”
Of the jobs, 311,870 were in retail stores across Simon shopping centers. That equals more than $5.9 billion in annual wages. The other 5,000 jobs were working directly with Simon Property Group.
In the last five years, the property group has invested $5 billion into its

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