It is a bit misleading to call Simon and Brookfield “J C Penny” owners - they are both gigantic REITS that own thousands of commercial properties, including many malls. They probably own a lot of the malls where Kohl’s is an anchor store.
Yep, like in the movie “The Founder”...
“You don’t seem to realize what business you’re in. You’re not in the burger business, you’re in the real estate business. You build an empire by owning the land. What you ought to be doing is owning the land upon which that burger is cooked.”
They’re paying for the land not the retail boxes.