Real-Time Tenant Profile Tracking with Kadoa

What is Simon Property Group?

With a market cap of more than $64bn, Simon Property Group ("SPG") is a leading owner and operator of almost 250 premium shopping destinations in the US and around 50 in the rest of the world. Understanding SPG's tenant mix gives investors valuable insights into SPG's exposure to significant occupiers as well as a reliable indicator of the take-up of available space within its portfolio of malls and outlet centres around the globe.

What information is publicly available about SPG's tenant mix?

SPG publishes a store directory for all of its c300 properties, however, these directories are hosted on each property's own dedicated website in a format that is difficult to download or extract.

How can Kadoa help investors leverage this information?

Kadoa can extract all of SPG's tenant directories and present them in a structured format in just a few clicks. The extraction takes minutes and can be delivered in the format that best suits your existing workflows, at a frequency of your choosing. With a complete and up-to-date view of tenant mix, investors can focus on analysing and manipulating that information to better understand how they should refine their positioning.

So, who are SPG's top tenants?

The top 10 tenants by number are predominantly fashion and accessory retailers. Some of these have been known to be in poor financial health, so having a finger on the pulse of the tenant mix can make a meaningful difference to the investment thesis, especially when a catalyst such as a tenant failure comes to pass. Combining this information with other metrics such as tenant credit quality or revenue growth can bring a new dimension to financial models.

#	Store Name	Count	% all US stores
# 1	Store Name American Eagle	Count 159	% all US stores 0.6%
# 2	Store Name Lids	Count 153	% all US stores 0.6%
# 3	Store Name Journeys	Count 151	% all US stores 0.6%
# 4	Store Name Sunglass Hut	Count 148	% all US stores 0.6%
# 5	Store Name Zumiez	Count 146	% all US stores 0.6%
# 6	Store Name Aeropostale	Count 142	% all US stores 0.6%
# 7	Store Name Bath & Body Works	Count 124	% all US stores 0.5%
# 8	Store Name Pandora	Count 117	% all US stores 0.5%
# 9	Store Name Victoria's Secret	Count 111	% all US stores 0.4%
# 10	Store Name Claire's	Count 110	% all US stores 0.4%

*excludes "Management Office" listings, as of January 2026

And what is the breakdown of all tenants by category?

As consumer habits have evolved, so has the streetscape at shopping malls. Tenant data extracted by Kadoa shows that clothing and apparel retailers accounted for almost 2 in 5 of all occupiers across the SPG estate, while more traditional bookshops made up a tiny 1% of stores. Monitoring the tenant mix can help investors to identify inflection points as they happen, especially in a world where consumer preferences change direction at pace.

Category	% all US stores
Category Clothing/Apparel	% all US stores 39%
Category Restaurants/Food & Beverage	% all US stores 16%
Category Accessories	% all US stores 9%
Category Jewelry	% all US stores 6%
Category Beauty/Cosmetics	% all US stores 6%
Category Services	% all US stores 5%
Category Other	% all US stores 5%
Category Entertainment/Gaming	% all US stores 4%
Category Home & Garden	% all US stores 3%
Category Sports & Outdoors	% all US stores 3%
Category Electronics/Tech	% all US stores 2%
Category Health & Wellness	% all US stores 2%
Category Books/Media	% all US stores 1%

*excludes "Management Office" listings, as of January 2026

What about tracking tenant mix change?

With 25,000+ units, the tenant mix inevitably ebbs and flows. Kadoa's web monitors can provide real-time alerts of new and departed tenants so that you can pick up on short-term changes as well as monitor long-term trends - without needing to visit a single site. Anchor tenant quietly quitting? Influx of new viral brands? Kadoa empowers you with the information you need to understand and to react.

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About Kadoa: Kadoa provides investment professionals with a no-code platform to gather, structure and monitor information from the web to better inform their investment decisions. From webpages to documents to news feeds, Kadoa's self-healing AI agents deliver the information that investors need in real-time underpinned by a robust approach to compliance and data quality.