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WPG - The Next Blow For Struggling Mall REITs: Victoria's Secret's Downward Spiral
Washington Prime Group Inc.
A rising tide of store closures has put mall owners on the defensive in recent years. Uncertain about how long this "retail apocalypse" might last and how great the damage may be, investors have dumped shares of mall REITs.
In fact, over the past three years, sector leader Simon Property Group (SPG) has posted a total return of -8%, trailing the S&P 500 by 60 percentage points. Yet it performed far better than any other mall REIT. Shares of Macerich (MAC), Taubman Centers (TCO), Pennsylvania Real Estate Investment Trust