Simon Property Group Inc. (SPG - Free Report) has been making rigorous efforts to drive footfall at its properties. In sync with that, the company recently announced an association with Electrify America to install electric-vehicle charging stations at over 30 of its properties.
Simon Property has been undertaking every possible step to ensure that footfall remains high at all of its properties. This move also aids Simon Property in its corporate-sustainability ambitions.
Mona Benisi, Simon Property’s vice president of corporate sustainability informed, "Having been one of the first retail property owners in the U.S. to offer customer EV charging stations, we understand the importance of this infrastructure to facilitate the transition towards smart sustainable cities.”
Gulfport Premium Outlets in Gulfport, MS has been chosen as the first property where the charging station is going to be installed in early June. Moreover, Electrify America, Mississippi Power and Simon Property are going to host a 'First Charging Ceremony' in that location. After which, the charging stations will be installed at few notable properties of the company across the United States.
Simon Property has been undertaking these efforts to combat the declining mall traffic, which continues to suffer due to the rapid shift in customers' shopping preferences, with e-retail taking precedence. In fact, retailers are compelled to reconsider footprints and eventually opt for store closures while others, unable to cope with competition, are filing bankruptcies as e-commerce is gaining market share from brick-and-mortar stores.
This resulted in tenants demanding substantial lease concessions, which mall landlords find unjustified. Retail real estate investment trusts like Simon Property, GGP Inc. , Kimco Realty Corp. (KIM - Free Report) , Macerich Company (MAC - Free Report) and others have felt the heat, and the companies’ share prices have been suffering for the past 12 months.
Nonetheless, Simon Property is trying to adapt to changing markets.
Encouragingly, in the past month, this Zacks Rank #3 (Hold) stock has outperformed the industry. While the company’s shares have gained 6.9%, the industry has recorded growth of 2.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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