Will Omicron Crush Simon Property Group Once Again?
Real estate investment trust (REIT) and mall giant Simon Property Group (NYSE: SPG) was one of the hardest-hit retail operators at the start of the pandemic. After a rough 2020, things took a positive turn in 2021 as in-store shopping returned and its malls returned to normal operations. Simon Property Group's share prices shot up 233% from March 2020 lows. But as omicron, the newest COVID-19 variant, makes its way across the country, there's concern it could crush Simon Property Group once again.
While most federal or state mandates requiring business closures are long gone, many businesses are still closing their doors as omicron, now the dominant strain of the novel coronavirus, spreads like a wildfire. New York Apple stores have shut down temporarily, as have Broadway and the Radio City Rockettes, with many other retailers, restaurants, and entertainment venues in major cities following suit.
Vaccinations are helping curb the severity of symptoms, but they aren't helping combat the spread of omicron. Confirmed cases are reaching record highs, motivating people to once again stay indoors, which equates to reduced foot traffic and sales for retailers across the board.
Source Fool.com
