FAILED Simon Property Group (SPG) Franklin Mall in Philadelphia, importance of anchor-store

 On the heels of  high-end anchor-store (Saks 5th Avenue) for Keystone Mall, closing in July/2024, SPG (Simon Property Group) is ABANDONING the Franklin Mall in Philadelphia. Plus, DEFAULTING on loans ("boning" the lender)!

https://wolfstreet.com/2024/07/15/simon-property-group-jettisons-another-mall-to-manage-its-way-through-the-brick-and-mortar-meltdown-by-shrinking-and-walking-away-from-debts/

Simon [ Simon Property Group ] walked away from malls across the US since before the pandemic, including Independence Center near Kansas City, Missouri, which in 2019 generated what was then the largest loss ever for mall CMBS holders.

Simon has also sold malls, including to the public. Since 2012, it has shed 122 shopping centers of all types, or 38% of all its shopping centers, going from 317 shopping centers in its annual report for 2012 to just 195 in its Q1 2024 Supplement.

See below for interesting comment on r/deadmalls, Re: Franklin Mall

Malls are 110% reliant on the strength of their anchor stores to get people to walk through the mall to each of them and not drive to the other side. The little stores feed off of the foot traffic between them.

This is likely the END of Keystone Mall..

The above

pushing Keystone Mall (& anchor Saks 5th Avenue) as a high-end mall in Indianapolis

explains the FAILED STRATEGY of SPG -- ordering Keystone Mall "mall security" to weed-out lower socio-economic mall go-ers

Following/Harassing *perceived* undesirables

Keystone Mall incident: Following/Harassment 

Keystone Mall incident: Sept/2024 incident @Keystone Mall, Mall Security accuses patron of trespassing, Cops called 

BAD IDEA -- alienating potential paying ($$) customers..

https://www.reddit.com/r/deadmalls/comments/1e0uhlo/simon_property_group_in_talks_to_surrender/