“And so even though if we may slow down next year or even into the holiday season, I don't think the growth from our existing business is going to slow down because the demand for new deals and space is there.”

In context

“ohnston: Yes, sir. But how do you and the team feel headed into holiday? The consumer seems okay. But certainly, we're facing a slowdown, high inflation, it's hitting interest rates. So I mean, what really keeps you optimistic on your retail investments and then also on the holiday overall and it being a solid season? David Simon: Well, look, you're always, as any kind of CEO, you're always worried about the macro environment. But I will tell you what gives me unbelievable confidence going into the next few years is, the realization that - what we have been saying is that don't underestimate physical retail. And it’s kind of repetitive what I said earlier, but I'll just reinforce. We feel really good because physical retail is where the action is. That's where the return on investment is. And so even though if we may slow down next year or even into the holiday season, I don't think the growth from our existing business is going to slow down because the demand for new deals and space is there. On the retail side, I -- we're trying to -- one is I don't want to make a huge deal out of it. Two, is I want people to understand we've made an unbelievable investment. So we're getting a 50% return on our net investment there. So if it goes to 70% or it goes to 50%, it's -- we are going to have volatility, but it's still the hell of an investment, still being a great thing for us to do, to not only understand but what it takes for retailers to be successful, but kind of where the future is. So there will be volatility in that, but our better brands in there like Brooks Brothers, Lucky Jeans, Monica, really doing well. I said to you on the last call, the lower income consumer is tightened their belt and we do have a few brands that are affected by that. But even with that said, we have a”