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America's biggest mall operator surges 15% after revealing plan to reopen 49 malls this weekend (SPG)

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  • Shares of Simon Property Group surged 15% after CNBC reported that the company plans to reopen 49 properties across the country this weekend.
  • America's largest mall operator will be opening a combination of malls and outlet centers this Friday through Monday after being closed since March 18 due to the coronavirus pandemic.
  • The company plans to offer free masks, hand sanitizing packets, and temperature tests to customers who ask for it. 
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Shares of Simon Property Group surged as much as 15% in Tuesday's trading session to $65.66 after CNBC's Lauren Thomas reported Simon Property Group would be reopening 49 outlet stores and malls this coming weekend, citing an internal memo.
The company plans to open properties across the country, including in states such as South Carolina and Georgia.
In order to combat the spread of the coronavirus, America's largest mall operator will be providing free face masks, hand sanitizer packets, and infrared temperature testing to customers upon request.
The locations will have reduced mall hours, closing at 7 p.m. Monday through Saturday and closing at 6 p.m. on Sundays, to allow time for overnight cleaning.
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Simon said it will also regularly sanitize high trafficked areas like food courts, escalators, door knobs, and electronic directories. Additionally, Simon is mandating that all employees wear face masks while they work.
The impending reopening will give a glimpse into what life will look like as states across the country lift restrictions and allow economies to slowly reopen. The state of Georgia was the first to allow businesses to reopen this past Friday.
The bigger question is how long it take for consumers to feel comfortable enough to go out shopping.
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Source
https://markets.businessinsider.com/news/stocks/simon-property-group-stock-price-reopening-plans-malls-retail-coronavirus-2020-4-1029140579?utm_source=feedburner&utm_medium=feed&utm_campaign=feed%3a+clusterstock+%28clusterstock%29

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