Simon, a global leader in premier shopping, dining, entertainment, and mixed-use destinations recently released “The Impact of Brick and Mortar Shopping” — a detailed report highlighting the socioeconomic and environmental impacts of its shopping centers. The research was conducted with Deloitte Consulting LLP and is based on comprehensive data collected from Simon’s U.S. portfolio.
“The development, construction, and operation of shopping centers support local and national economies through job creation, small and local business development, and other investments that contribute to economic development. 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. 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,” commented David Simon, Chairman and Chief Executive Officer.
Simon undertook the analysis to better determine the economic, social, and environmental impacts of its shopping centers across the company’s U.S. portfolio and reinforce the community benefits of bricks and mortar shopping that cannot be replicated by E-Commerce.
Highlights from the report include:
- Simon’s centers provide 311,870 retail jobs. Additionally, Simon employs more than 5,000 people, paying annual wages in excess of $372 million.
- State and local governments benefit greatly from the success of Simon’s properties. In 2017 alone, a combined $5 billion in tax payments was generated from Simon and sales tax from store sales.
- 100 percent of Simon shopping malls participate in local community activities and, on average, each of Simon’s over-200 properties is actively engaged with four community organizations.
- Simon’s $5 billion investment in redeveloping its properties over the last five years continues to provide a significant jobs boost to the local economies of the communities it serves.