Why Simon Property Group Plummeted 55% in March
The largest U.S. mall owner, Simon Property Group (NYSE: SPG), saw its stock price fall an astonishing 55% in March, according to data from S&P Global Market Intelligence.
Malls were already suffering as shopping behaviors shifted away from malls in recent years, but when the coronavirus hit, malls experienced a new low. On March 18, Simon Property Group announced the closure of all properties. Reopening dates have not yet been set as the health crisis deepens across the country.
On March 31, Simon announced the furlough of 30% of its workforce and the permanent layoff of other employees. Salaries of upper-level managers are cut by up to 30% during the pandemic, and CEO David Simon will not receive a salary.
Source Fool.com
