Simon Property Group — the largest mall owner in the United States and operator of Jersey Gardens, Jackson Premium Outlets, Quaker Bridge Mall, and Jersey Shore Premium Outlets in New Jersey — is committing $400 to $500 million to revitalize its secondary and mid-tier mall portfolio across 2025–2026. With a 96% occupancy rate and record earnings to back the plan, the investment signals genuine confidence in the future of physical retail.
What Simon Is Investing In
The $400–500 million commitment is spread across several areas. According to Simon’s investor communications, the strategy targets:
- Vacancy reduction — filling space in underperforming properties with new tenant categories
- Experience and entertainment — adding fitness studios, entertainment venues, dining, and healthcare providers to diversify beyond traditional retail
- Physical upgrades — modernizing aging corridors, food courts, parking, and common areas at mid-tier properties
- Mixed-use expansion — exploring residential and hospitality additions at select properties
The investment targets specifically those malls in Simon’s portfolio that have received less capital attention in recent years — not the flagship properties, but the solid, community-serving malls that matter most to local shoppers outside the major metro centers.
The Numbers Behind the Confidence
Simon’s decision to invest at this scale isn’t speculative — it’s backed by strong performance data. The company reported a 96% occupancy rate across its US mall portfolio for 2025, alongside a record $4.8 billion in funds from operations (FFO). For context, FFO is the primary performance metric for real estate investment trusts, and $4.8 billion represents Simon’s strongest year on record.
Additionally, Simon has been more proactive than most mall operators in attracting non-traditional tenants. Healthcare clinics, coworking spaces, fitness centers, and entertainment concepts now appear in Simon properties alongside traditional fashion retail. This diversification is a key reason occupancy stays high even as some traditional department stores have struggled.
What It Means for NJ Shoppers
For visitors to Simon-managed malls in New Jersey, the investment translates to tangible improvements over the coming years. Updated retail corridors, more diverse tenant mixes, better dining options, and improved amenities are all on the agenda at properties across the portfolio. JD Sports opening at Jersey Gardens in May 2026 is one example of this momentum in action.
Furthermore, the investment in mid-tier properties is specifically good news for shoppers outside the major metros. Properties like Quaker Bridge Mall in Lawrence Township serve important local communities and benefit meaningfully from capital investment that improves the tenant mix and the physical experience.
Simon NJ Properties at a Glance
Simon’s New Jersey portfolio includes some of the state’s most-visited destinations. See our full guide to the best NJ malls and outlets to plan your next visit, and don’t forget — all clothing and footwear purchases in New Jersey are exempt from sales tax. That applies across every Simon property in the state.
- The Mills at Jersey Gardens — Elizabeth, NJ (outlet, 200+ stores)
- Jackson Premium Outlets — Jackson, NJ (outlet, 100+ stores)
- Quaker Bridge Mall — Lawrence Township, NJ (120+ stores)
- Jersey Shore Premium Outlets — Tinton Falls, NJ (outlet, 120+ stores)
Source: Retail Dive — Simon Property Group investment strategy, 2025.
