David Simon on tariffs
From Simon Property Group Inc ($SPG) Q3 2025 Earnings Call · · Castify Earnings Call
“I continue to believe that tariffs will have an impact. We have not yet seen all of it. And I think some of that will be passed on to the supplier, some of that will be eaten by the retailer, and some of that will be passed on to the consumer. So in many cases the inability for retailers to eat that entire tariff, they're going to have to pass it on or renegotiate better vendor deals.”
On , David Simon, Chairman, Chief Executive Officer & President at Simon Property Group Inc, spoke about tariffs during Simon Property Group Inc ($SPG) Q3 2025 Earnings Call on Castify Earnings Call.
About David Simon
David Simon, chairman, CEO, and president of Simon Property Group, discussed the impact of tariffs on the company’s business during the Q2 2025 earnings call, stating that tariffs are a “real cost to doing business” and that “the only consistent thing about tariffs is that they’ve been consistently changing.” He expressed agreement with President Trump’s view that interest rates should be lower, saying, “It should be 4% by the way. I agree with President Trump.” Simon also asserted that the market “absolutely, unequivocally misprices big enclosed center shopping centers,” citing cash flow growth and longevity. On the Q3 2025 earnings call, Simon reiterated that tariffs will have an impact, adding, “We have not yet seen all of it. I think if I had to put an inning on it, I’d say five, six.” He noted that retail demand remains “unabated” and that the physical shopping environment “continues to be the place to be.” Simon highlighted new store openings by Meta, Google, and Netflix at Simon properties, and emphasized that value is important for consumers across income levels. He also compared the stability of malls to data centers, stating, “What we do know is that good malls have been around 70 years. Not seven years, not 17 years, but 70 years.”