Shopping-spree tourists boost Simon Property

Brand-bargain-hunting tourists from countries such as China, Mexico and Brazil are boosting the revenues of the U.S.' largest shopping mall owner, even as domestic consumers become more cautious in their retail spending. Simon Property Group reported a 12% gain in third-quarter funds from operations and raised its full year forecast for the measure, which indicates a property company’s ability to generate cash, saying retailers were seeking more space. Revenue increased 6% from a year earlier to $1.3. The company expects tourists to account for 40% of their malls' visitor growth over the next five years and is tailoring its properties to meet travellers' needs.