Simon Property Group Essay

Words: 460
Pages: 2

Simon Property Group started in 1960 when Melvin Simon asked his brothers Fred and Herbert to join him in Indiana. Simon then joined the army and after his discharge, he started a job as leasing agent and began to learn about real estate business. He realized that
Develop retail shopping centers will have a successful future. With the assistance of his brothers, he founded Melvin Simon and Associates (MSA) and began his career path from there. Simon brothers developments were small at first. Their first wholly-owned shopping plaza opened in Bloomington, Indiana in 1960. WIthin a short period of time, Simon brothers reputation as good managers attracted large retailers including Sears and Woolworth's. Banks started to know the company better
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Later in that time, they opened the first two enclosed malls in Indiana, in Anderson and Bloomington. By 1967, the company operated more than 3,000,000 square feet. The company continued improving and growing over years. In the early 1980’s, Simon company started focusing on urban areas more and during that time, Simon’s downtown Indianapolis project, Circle Centre, opened. This project boosted the activity in downtown Indianapolis. In the early 1990’s, Simon company took a new approach to attract more customers and that is by adding entertainment options to the shopping experience. The began to add amusement arcade and interesting architectural design features. After much success, the company merged with Debartolo Group and became a publicly traded company in 1996 but soon after in 1998, the company announced that they will revert back to their original name, Simon Property Group because Debartolo decided to resign. The company was incorporated by then. By the end of 1998, the company has partnered with many other companies including Chelsea, The Macerich Company of Santa Monica, and PepsiCo, Inc. and Microsoft. The revenue of the company grew from $406 million to $1.4 billion by the end of the year. Simon expanded into new geographic market and made