In October 2002, Simon Property Group, in partnership with VisaUSA, introduced the concept of a prepaid Simon-branded gift cardthat could be used wherever Visa cards were accepted. A month laterGeneral Growth Properties introduced a similar program, beginningat five of its malls in the Chicago area. Now all of its malls,including those acquired from Rouse Co., offer gift cardprograms.

This May, also in tandem with Visa, Glimcher Realty Trust beganmarketing gift cards at its then 25 malls. CBL & AssociatesProperties jumped on the gift card bandwagon this fall, offeringgift cards at its 31 shopping centers, through a partnership withAmerican Express, and so did CBL & Associates Properties Inc.with its CBL Mall Gift Card.

In 2003, Simon sold six million gift cards, generatingapproximately $340 million. According to published reports, in thefirst five months of this year, Simon's gift card revenues were up28% over the same period the year before. Approximately 80% of thecards are used at Simon's malls, which suggests that center-brandedcards play a significant role in building customer loyalty.