Sales and traff ic rebounds at Malls, says Brookfield Ceo

One of the biggest mall owners in the U. S. says business is coming around. Brookfield Property Partners LP said sales at its retail properties were “approaching normalized levels” in the third quarter — in some cases surpassing year-earlier benchmarks — as shoppers began to return after COVID-19 lockdowns lifted. Customer traffic was as much as 70 per cent of normal levels at Brookfield’s malls, with almost all tenants open, Chief Executive Officer Brian Kingston said on a conference call with analysts. Sales for retailers in certain segments, such as luxury goods and jewelry, were as much as 26 per cent higher than last year’s third quarter, he said. Even with the improvement in traffic, Brookfield only collected about 75 per cent of rent due from tenants, contributing to a US$135 million net loss for the quarter.