The Guy Building Malls While Everyone Else Is Running From Retail

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The Guy Building Malls While Everyone Else Is Running From Retail

While most developers are fleeing brick-and-mortar, one Arizona investor is doing the unthinkable—betting big on shopping centers.

Retail Real Estate Was Supposed to Be Dead

For years, the headlines screamed:
📉 “Retail is dying.”
📦 “Amazon is eating everyone’s lunch.”
👻 “Ghost malls are the new graveyards.”

And honestly? It looked like the game was over.

Until a Scottsdale-based developer named Joshua Simon said:
“Actually, now’s the perfect time to build.”

The Contrarian Play That’s Turning Heads

Since 2018, Simon has:
🏗️ Built 2.6 million square feet of retail space
📍 Expanded into 9 states
🧱 And is now adding another 1.5 million square feet this year

In an economy where construction costs are up and retail leases are risky, he’s going all in on shopping centers.

And he’s doing it by focusing on places no one else is watching.

Why It’s Working (When It Shouldn’t Be)

1️⃣ Smart Site Selection

• He’s targeting fast-growing towns with cheap land, not major metros.

• Think booming suburbs with Walmart anchors—not luxury malls.

2️⃣ Partnership with Local Governments

• Cities like Mesa, Arizona are helping him bring in retailers.

• Officials are hiring consultants to attract national brands and streamline approvals.

3️⃣ Timing Is Everything

• While big investors sit on the sidelines, Simon’s scooping up prime locations at a discount.

💥 It’s the ultimate “be greedy when others are fearful” move.

But It’s Not a Risk-Free Bet

❌ Construction Costs Are Through the Roof

• Materials, labor, and timelines are unpredictable.

❌ Consumer Habits Are Still Evolving

• People love online shopping—but they also want experiential retail.

❌ You Need Retail Tenants to Actually Sign Leases

• Vacancy is still a big risk, especially in lesser-known markets.

But when it works? The cash flow from fully leased centers is incredibly stable and long-term.

What This Means for Investors

Most people are chasing multifamily units, industrial warehouses, or build-to-rent homes.

But retail—yes, retail—is quietly coming back.

🏬 Neighborhood shopping centers
🍔 Quick-serve restaurants
🚗 Strip malls in high-growth suburbs

These places are booming again. Why? Because people still need to shop, eat, and gather.

Final Thought: Being Early Looks Crazy—Until It Doesn’t

While the herd says “retail is dead,” Joshua Simon is building the future of physical shopping.

🧠 He’s thinking long-term.
📍 He’s betting on overlooked markets.
💰 And he’s getting in before the market wakes up.

Sometimes the best move in real estate isn’t to follow the trend.
It’s to build where everyone else is afraid to.