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New York

Shopping malls not going away anytime soon

Malls will not go the way of the Dodo bird, according to the nation’s largest mall operator, Simon Property’s, CEO David Simon, CNN reported. He cited Roosevelt Field mall on Long Island, which recently secured Neiman Marcus as an anchor tenant, as an example of a shopping center seeing a renaissance. 

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“If you look at our business and our profitability, it’s never been better,” Simon told CNN, despite widespread speculation that the era of the shopping mall has come to an end. And there is evidence to support his claim, as his company’s shares are up 22 percent in 2012, CNN said.

But Simon does not necessarily see infinite growth in the sector. Instead of focusing on opening new malls, he told CNN his company would focus on refurbishing and adding new stores to existing malls. [CNN]