# If Simon Property Group moves, who benefits? How far does the value-chain ripple reach?
Canonical: https://valuechain.wiki/simon-property-group · Facet: ripple · Updated: 2026-10-20T20:25:54.851+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Per the valuechain.wiki graph, Simon Property Group is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 2 companies within two hops; the links are backed by 9 dated sources, 4 of them primary filings (as of 2026-10-20).

The idea that mall-landlord equities follow retailer equities with a fixed lag did not hold for Simon. In the reopening year 2021, Simon returned 95.7%, ahead of TJX at 12.8% and Ross at -6.0%. Simon then fell 21.9% in 2022 while the two tenants gained 6.7% and 2.9%. Simon led again at 29.2% in 2023, but lagged in 2025 at 12.9% versus 28.7% for TJX and 20.4% for Ross. Their 2026 returns split again: Simon +11.4% through October 9, TJX -13.2% and Ross +28.6% through September 4. Different cutoff dates limit precise relative comparisons. Simon’s Q2 2026 occupancy of 96.0% and lease income of $1.659709 billion show a firm rental business, but bilateral TJX and Ross rent is undisclosed, so no individual tenant can be credited for the growth. Interest rates, debt costs and acquisitions put separate clocks between tenant sales, renewed rent and REIT shares. The next test is the joint path of Q3 base rent, occupancy and interest expense.

## Demand chain (leading)
- T1 TJX Companies (https://valuechain.wiki/tjx-companies.md)
- T1 Ross Stores (https://valuechain.wiki/ross-stores.md)

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