You’ve probably walked through a Simon mall. Maybe you grabbed a pretzel at the food court or spent too much at the Apple Store. But most folks don't realize that the man steering that massive ship, David Simon, basically reinvented how we think about "the mall" while everyone else was busy writing its obituary.
He’s the CEO of Simon Property Group, and honestly, he’s a bit of a shark in a world of sinking ships.
People love to talk about the "retail apocalypse." They point at empty storefronts and dusty parking lots as proof that the internet killed brick-and-mortar. But if you look at David Simon’s playbook, you’ll see something totally different. He’s not just holding on; he’s buying up the competition and even the retailers himself.
Why David Simon matters more than you think
David Simon isn't just a legacy hire who took over his dad’s company. Sure, his father Melvin Simon and uncle Herbert started the business back in 1960, but David is the one who took it public in 1993. That IPO was a monster—nearly $1 billion, the largest real estate offering at the time.
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Since he took the helm as CEO in 1995, he’s orchestrated over $38 billion in acquisitions.
Think about that for a second. While other developers were scared of the 2008 crash or the 2020 lockdowns, Simon was out there shopping. He grabbed The Mills in 2007 for $7.9 billion. He snatched up Taubman Centers in a $3.6 billion deal right as the pandemic was hitting. He’s basically playing Monopoly with real life skyscrapers and luxury plazas.
The "Unorthodox" Strategy: Buying the Tenants
Here is the weird part. Most landlords just collect rent. If a store goes bankrupt, the landlord looks for a new one. David Simon decided that was too passive.
Through a joint venture called SPARC Group, Simon Property Group started buying the actual brands that were failing. We’re talking:
- J.C. Penney
- Forever 21
- Brooks Brothers
- Lucky Brand
- Aeropostale
Critics thought he was crazy. Why would a real estate guy want to manage a clothing brand?
The logic is actually pretty simple. By owning the tenant, he keeps the lights on in his malls, prevents a "dark" anchor space from tanking the property value, and gets a slice of the retail profits. It’s a vertical integration move that changed the industry. As of early 2026, Simon Property Group is sitting on a massive portfolio that feels more like a diversified tech-retail hybrid than a simple real estate trust.
Real Estate FFO and the 2026 Outlook
If you’re into the nitty-gritty financial stuff, Simon's numbers are kind of staggering. In 2024, the company saw a real estate FFO (Funds From Operations) of $4.877 billion. That’s about $12.24 per share.
Just this month, in January 2026, the company sold $800 million in senior notes. They are loading up on dry powder. Why? Probably because David Simon knows that in a high-interest-rate environment, cash is king and distressed assets are going to be everywhere.
He’s a "control freak" in the best way possible. Analysts often call him a micromanager, but when you’re managing over 200 premier properties worldwide—including icons like The Forum Shops at Caesars Palace in Vegas or The Galleria in Houston—maybe you need to be.
Mixed-Use: The Death of the "Pure" Mall
Simon is currently dumping billions into a redevelopment pipeline. The goal is simple: stop calling them malls.
They are becoming "mixed-use destinations." You’ve likely seen this happening. A Sears closes, and instead of a new department store, a Life Time Fitness moves in. Or a luxury apartment complex. Or a coworking space.
By adding residential and office spaces, he’s creating a built-in customer base. You live at the mall, you work at the mall, and you eat at the mall. It’s a return to the "town square" concept, just with much better air conditioning and a Tesla charger in the garage.
The Global Footprint and Modern Acquisitions
It’s not just about the U.S. suburbs anymore. David Simon has been aggressively pushing into international markets.
- Klépierre: Simon is the largest shareholder in this Paris-based giant, which owns malls all over Europe.
- Luxury Outlets in Italy: In early 2025, they closed on The Mall Firenze and The Mall Sanremo.
- Jakarta Premium Outlets: They just opened this 302,000-square-foot monster in Indonesia in March 2025.
He’s betting that while Americans might be addicted to Amazon, the rest of the world still views a trip to a luxury outlet as a massive "event."
What Most People Get Wrong
The biggest misconception is that David Simon is fighting a losing battle against the internet. He’s not. He’s actually using the internet’s weaknesses to his advantage.
Online shopping is great for a pack of batteries, but it sucks for "experiential" luxury. You can’t get a $5,000 watch experience on a smartphone. Simon has shifted the portfolio toward Class A properties—the top-tier malls where the wealthy still go to be seen.
His net worth is estimated to be at least $176 million as of early 2026, but the company he built is worth north of $60 billion. That gap exists because he’s focused on the long-term "fortress balance sheet" rather than just cashing out.
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Actionable Insights for Investors and Business Owners
If you're looking at how David Simon operates, there are a few things you can actually apply to your own business or investment strategy:
- Be a Contra-Cyclical Buyer: When everyone else is terrified of retail, Simon is buying. Look for value where others see "obsolescence."
- Vertical Integration Works: Don't just be a service provider; see if you can own a piece of the ecosystem you support.
- Adapt or Die: If the traditional mall is dead, build a "lifestyle center." Don't fall in love with your original business model if the world has moved on.
- Liquidity is a Weapon: Simon keeps billions in liquidity (over $8.5 billion as of last year) so he can pounce when a Taubman or a Brooks Brothers goes on sale.
The reality is, David Simon has turned Simon Property Group into a survivor. By the time the next retail shift happens, he'll probably already own the company that's causing it.