PHILADELPHIA, May 10, 2017 /PRNewswire/ -- PREIT (NYSE:
PEI) today announced the addition of new experiential tenants at
two of its Pennsylvania-based
malls. As the mall industry continues to shift toward a new model
inclusive of retail, dining and entertainment, these new
experiences will further elevate PREIT's portfolio to reflect the
evolving behaviors of consumers. Since 2012, PREIT has added over 1
million square feet of dining, entertainment, health and wellness,
fast fashion and off price tenants, an increase of more than 70% of
space committed to these tenants.
At Capital City Mall in Harrisburg, PA, a lease has been executed with
Dave & Buster's. The 28,000 square foot dining and
entertainment venue will open in Fall 2018 and support the mall's
continued diversification strategy. Earlier this year, PREIT
announced that DICK's Sporting Goods will open and join Field &
Stream. The property also boasts the only DSW and Forever 21 stores
in the region.
On the heels of the recent opening of LEGOLAND Discovery Center,
Plymouth Meeting Mall in the Philadelphia suburbs is welcoming two new
tenants to its already diversified roster. PREIT has executed a
lease with 5 Wits, a unique entertainment destination named after
the five senses. This live-action entertainment experience
immerses guests in realistic situations that includes hands-on
challenges and requires teamwork. 5 Wits offers a variety of
adventures with elevated special effects and compelling
storytelling. A new-to-region and first-to-portfolio tenant for
PREIT, the experience will offer several adventures for a range of
guests – from families, to kids ages seven and older, to corporate
groups seeking team-building activities. The 14,000-square foot
location will be located in Plymouth Meeting Mall across from
LEGOLAND Discovery Center and will open in Fall 2017. In addition,
CYCLEBAR, premium indoor cycling that offers a high-energy workout
in a concert-like atmosphere, opens its Plymouth Meeting Mall
location on May 18 occupying more
than 2,700 square feet of space. CYCLEBAR's state-of-the-art studio
and dynamic classes will complement the unique mix of tenants at
the mall.
PREIT is taking a consumer-driven approach to crafting its
tenant mix across its portfolio with 17 percent of space committed
to dining and entertainment. At Plymouth Meeting Mall, the
proportion is greater than 45 percent, highlighting PREIT's ability
to capitalize on location and differentiate an asset in a highly
competitive market.
"The historic view of the mall, heavily reliant on apparel and
traditional retail, has expired and a new model is rising. Dining,
entertainment and experiential concepts represent the mall of the
future and allow landlords to highlight the value in the real
estate they own," said Joseph F.
Coradino, CEO of PREIT. "PREIT has long been transforming
the traditional mall model, having added our first mall-based
Marshalls in 2002, DICK's Sporting Goods in 2006 and Whole Foods in
2010 and we are fully committed to evolving our model to meet the
consumer where they are. The new tenants we are adding at
these quality properties underscores our ongoing transformation and
value-creating platform."
Creating a variety of experiences beyond retail at malls aligns
with ongoing changes in consumer behaviors. According to
PREIT's 2016 Shopper Survey, 62 percent of consumers like to shop
around and participate in other activities – including dining,
seeing a movie and socializing – while at the mall.
About PREIT
PREIT (NYSE:PEI) is a publicly
traded real estate investment trust that owns and manages quality
properties in compelling markets. PREIT's 23 million square feet of
carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in the eastern U.S. with concentrations in the
mid-Atlantic's top MSAs. Since 2012, the company has
driven a transformation guided by an emphasis on portfolio quality
and balance sheet strength driven by disciplined capital
expenditures. Additional information is available at www.preit.com
or on Twitter or LinkedIn.
CONTACT:
Heather
Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT