“We will be launching Simon Media Network in the next couple of weeks to more broadly take advantage of the first-party customer insights we are getting.”

In context

“Eli Simon (Chief Executive Officer, President & Chief Operating Officer): Thanks, Alex. We will be launching Simon Media Network in the next couple of weeks to more broadly take advantage of the first-party customer insights we are getting. We have billions of visits a year and carry over $100 billion in our domestic portfolio. The announcement will come in the coming weeks. We see an opportunity to combine our digital footprint—Simon+, ShopSimon, Simon Search—with our in-house screen network. We have over 4,000 screens, the largest footprint of screens that we continue to invest in. Simon Media Network aims to create something compelling for both endemic brands—retailers in our centers—and non-endemic brands who want access to our consumers with high intent to shop. It's a business growing at double-digit, mid-teens percent year-over-year. We're investing in it, adding screens and touch points at our centers. It has a 1- to 2-year payback period in many cases and, when done right, adds to our centers. Our digital directories and Simon Search for real-time inventory get great usage. We think there's a big opportunity here. Malls and retail centers are having a cultural moment; people realize they're not going away and young people want to hang out here. There's an opportunity to take advantage of that and provide advertisers something few others can. We're focused on it and think it can grow materially over time.”