Simon Property Group expects to more than double the rent generated by approximately 1 million square feet of space vacated following Saks Global’s bankruptcy, according to the company’s second quarter 2026 earnings call and media reports from Retail Dive and Bisnow.
The space, nearly all of which came from Saks Off 5th closures, previously generated approximately $18 million in annual rent. Simon Property Group has already signed leases covering roughly half of the vacated space, with those leases generating more rent than Saks had paid for the entire portfolio of space, according to CEO Eli Simon during the Aug. 10 earnings call.
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