In a year that halted so much of everyday life, Washington Prime
Group Inc. (NYSE: WPG) town centers across the country met 2020
with resilience, persistence and compassion for guests, communities
and partners. The Company reimagined countless events and
activations to continue to foster connections in a time of social
distancing, launching numerous industry-leading initiatives
designed to support small businesses and community organizations
alike, all while abiding by strict local, state and federal
mandates and restrictions.
Supporting Small Business
While supporting small businesses and the community is always a
focus of Washington Prime Group, innovation had never been as
important as it was in 2020 given the unprecedented business
challenges brought on by the COVID-19 pandemic.
As many small businesses had to close during the early phases of
the COVID-19 pandemic, local entrepreneurs found it difficult to
pay operating expenses such as payroll, insurance, utilities, loan
interest, inventory and, of course, their rent. Because of the
essential role small businesses play as a major driver of the U.S.
economy, and the fact that it’s the right thing to do, Washington
Prime Group partnered with the Institute for Justice Clinic on
Entrepreneurship and members of the University of Chicago faculty
to launch the Open for Small Business initiative. Nobel Laureate
Richard Thaler, Freakonomics author Steven Levitt and Institute
Director Elizabeth Kregor joined forces with experts from
Washington Prime Group to address some of the most pressing current
needs of small businesses, including through the development of a
standardized lease modification template.
To date, Washington Prime Group provided $7 million in rent
subsidies to small businesses through its Open for Small Business
initiative. This includes $4.5 million in economic relief to
minority-owned small businesses, $0.6 million in allowances for new
local tenants in 2020, and over $0.5 million in emergency capital
for existing local and regional tenants. In addition, Open for
Small Business has hosted or promoted more than 30 complimentary
webinars which provide valuable resources and insights to small
businesses.
Washington Prime Group launched Retail To-Go, connecting
physical retail and e-commerce to provide shoppers a convenient
choice for shopping based on their comfort level. Through Retail
To-Go, shoppers can make an order at participating retailers and
then arrange for a pick up at designated locations. Retail To-Go
continues to provide a contactless and convenient way for guests to
shop for their favorite items and stay connected to their town
centers.
To further support small businesses, Washington Prime Group
teamed up with Coca-Cola for an exciting text-to-win sweepstakes
over the holiday season. Guests who entered the sweepstakes were
entered for a chance to win Coca-Cola swag and a $5,000 shopping
spree, while Washington Prime Group contributed $0.25 per entry (up
to $25,000) to its Open for Small Business initiative.
Disruptive Thinking
Washington Prime Group continued to innovate during this
challenging year, including with the introduction of Fulventory,
the Company’s last mile fulfilment initiative. Fulventory has been
met with tenant response which has surpassed the Company’s
expectations as illustrated by the recent leasing of an 80,000 SF
medical logistics, distribution and fulfilment facility for WVU
Medicine, the medical system at West Virginia University; an
inventory clearance facility to a sporting goods retailer; and
several letters of intent and ongoing discussions with existing and
prospective tenants to address portfolio wide fulfilment
solutions.
Designed to maintain consumer loyalty and incent a return to the
town centers following COVID-19 retail closures, Washington Prime
Group developed Well Picked Goods, a weekly digital curation of
products from tenants at a particular town center, as selected by
the property’s General Manager. Through Well Picked Goods, guests
who purchased products from the curated list were eligible to
receive a gift card once the town center reopened. Washington Prime
Group CEO Lou Conforti enlivened the initiative with his
entertaining and engaging product descriptions, maintaining a
strong connection with guests during a time when town centers were
closed to the public due to local stay at home orders.
The newly launched Tangible™ Collective is an innovative concept
which brings together the best of brick-and-mortar and e-commerce
and offers guests the opportunity to try unique, online-only
products in a physical space. This concept also offers support to
community-centric brands and exposure to budding entrepreneurs at a
time when it is most critical.
Additionally, the Company developed and launched a new website
to showcase the innovation of Washington Prime Group’s retail
experience. The Experience Retail® Innovation website launched at
the end of 2020 with a high-energy and engaging webcast for
tenants, investors, and the community.
Committed to Caring
To date, Washington Prime Group town centers have hosted more
than 1,000 goodwill efforts as part of WPG Cares, the Company’s
initiative where local management teams embrace their roles as
community ambassadors and work with local organizations to
transform town centers into spaces for social good. When stay at
home orders shut down many town centers, the Company found ways to
remain an integral part of the community, including through hosting
blood drives, distributing meals for students unable to attend
school, serving as a socially distant shelter for flood victims and
a suitable location for voter registration, COVID-19 testing sites
and even a socially distant high school commencement ceremony (or
celebrating the resilient Class of 2020 with a #ScholarSpree). In
these instances and countless others, local management teams
recognized a need in their community and felt empowered to deliver
when it was needed most.
One in five children live with a serious mental illness that
interferes with everyday life, and the results of social distancing
have exacerbated those challenges for many. So, Washington Prime
Group teamed up with the country’s largest not-for-profit
freestanding pediatric health care network, Nationwide Children’s
Hospital, for its On Our Sleeves™ movement to transform children’s
mental health through education, advocacy and research. The
Company’s KidX Clubs® shared weekly emails with resources and
activities created by Nationwide Children’s Hospital behavioral
health experts that were designed to enlighten families on mental
health and overall wellness topics.
WPG’s KidX Club® partnered with Highlights, an award-winning
global family media brand, to launch its first virtual KidX summer
program at a time when working parents were scrambling to determine
how best to entertain kids at home with limited camp options. The
summer KidX Club powered by Highlights@Home offered free,
twice-weekly collections of themed activity packs, including
stories, puzzles, videos, games, jokes, and even suggestions for
performing random acts of kindness.
To support families and teachers preparing for a back-to-school
season unlike any other, Washington Prime Group encouraged guests
to donate school items for Stuff the Bus drives, including more
than 6,400 backpacks for students. Ashland Town Center, Southgate
Mall and Mesa Mall all hosted Stuff the Bus school supply drives to
benefit K-12 students in their local communities. Mesa Mall
collected school supplies and raised nearly $3,000 in donations,
all of which benefitted the 22,000 students in local School
District 51.
Town centers also hosted socially distant or drive-through
teacher appreciation events, including exclusive discounts, live
music, raffles and complimentary snacks to support and recognize
educators. Orange Park Mall hosted a drive-through teacher
appreciation event, where volunteers gave out free bags of
classroom supplies, valued at approximately $100 each, to 860 local
teachers. Anderson Mall hosted a free lunch to thank local teachers
and distributed gift bags to the first 200 teachers. The
flexibility and innovation of WPG’s back-to-school events allowed
town centers to help families and teachers make valuable
connections, despite an unusual year.
Sharing the Love
In February, prior to the pandemic, Washington Prime Group
hosted a first-of-its-kind SweeTok Meet and Greet social media
influencer event driving thousands of guests to town centers across
the country. Larger than expected crowds gathered to meet 21 of
TikTok’s most popular celebrities, with some fans driving up to
eight hours to attend.
Art installations were also a key focal point of the Company’s
Valentine’s Day celebrations through the #PostYourLove activation.
Guests shared handwritten notes of love and encouragement on
Post-It notes in common areas of town centers and were encouraged
to share on social media using #PostYourLove. With approximately
15,000 love notes shared across town centers in February, the
Company demonstrated its commitment to cultivating an inclusive
community experience.
Experiencing Local Art
To emphasize community pride, Washington Prime Group enlisted
the help of local artists to install approximately 50 murals at
town centers across the country. Guests could see artists hard at
work and watch their vision take shape over time. Many
installations played into local themes, such as incredible Western
landscapes, Kentucky Derby roses, beloved school colors and
mascots. Ashland Town Center’s exterior art activation depicts a
horseshoe design with roses to symbolize the Kentucky Derby’s run
for the roses. There is also a silhouette of the famous Ashland
bridge, as well as the town center’s social media handle so guests
can tag Ashland Town Center in their photos. The Wolf Ranch Town
Center mural features red poppies, painted by a local artist. The
mural will become part of Georgetown’s annual Red Poppy Tour each
spring.
Communities connected over mural installations both in-person
and online. The Canvas Project reached an audience of more than 7
million and the murals continue to inspire guests every day.
Additionally, Washington Prime Group’s headquarters in Columbus,
Ohio received its own mural reflecting values of empathy, love and
respect.
Reimagined for Joy
Washington Prime Group reimagined many beloved fall and holiday
traditions for a socially distant experience, including Candy Crawl
and Fall Community Day. Many town centers transformed their parking
lots into big screen watch parties for sports fans with activities
and games for the whole family. Town centers were also proud to
host a safe space for children to trick-or-treat with socially
distant indoor trick-or-treating, drive-through trunk-or-treat
events, Boo & Brew and more.
Town centers are always a source of joy and much-anticipated
tradition during the holiday season. Team members worked tirelessly
to reimagine how events could continue safely throughout 2020.
Through their hard work, Santa was able to greet thousands of
children from his reinvented North Pole, bringing joy and magical
holiday memories to families while adhering to health and safety
guidelines. Many guests also enjoyed tree lighting events, drive-in
holiday movies, live music, ice skating, roller skating and virtual
Santa visits, providing families with opportunities to make lasting
holiday memories while staying safe.
Celebrating Diversity
Throughout the year, Washington Prime Group displayed its
commitment to diversity and inclusion, including through
celebrating National Diversity Week in October. Recognizing
diversity means something different to town centers across the
country, so the Company empowered its local management teams to
celebrate cultural holidays that are valued most in their
communities through the creation of activation guides. These guides
included resources to help honor important events like Native
American Heritage Month, Hispanic Heritage Month, Women’s Equality
Day, and Pride Month, among others. During the holiday season, many
town centers also hosted menorah lightings and offered a gathering
place for guests to celebrate (while socially distanced) Hanukkah
and Kwanzaa.
The Envelope, Please…
Again and again, Washington Prime Group was honored for its
innovation in the retail industry, commitment to its people and
communities, and excellence in marketing . The Company received a
Gold Award for Best Overall Kiosk from the 2020 ICSC Visual
Victories Awards and 22 MarCom Awards for several activations and
publications, including SweeTok, ScholarSpree and WPG Cares.
In addition, town centers were recognized for their community
stewardship, including the Arts Plus Business Connection Award from
the Aurora Chamber of Commerce (Town Center at Aurora); the 2020
Chamber Champion Award from the Lincolnwood Chamber of Commerce
(Lincolnwood Town Center); earning praise as a Distinguished Entry
in the Kukulu Hale Awards, which recognizes excellence in Hawaii’s
commercial real estate industry (Pearlridge Center renovation); and
Weberstown Mall’s solar panel installation project was honored with
the 2020 Greater Stockton Chamber of Commerce P3 Stewardship
Award.
Yes, We’re Open
Across the country, Washington Prime Group welcomed hundreds of
new tenants to its town centers, including enticing restaurants,
family-owned businesses and beloved local shops, from Burlap &
Birch at Ashland Town Center to Westminster Mall’s Donut Life
Museum. 2020 adaptive reuse openings included: Dunham’s Sports, WVU
Medicine and Ollie’s Bargain Outlet at Morgantown Mall; Dunham’s
Sports at Markland Mall; Morris Furniture at both The Mall at
Fairfield Commons and Dayton Mall; and FieldhouseUSA at The Outlet
Collection™ | Seattle.
Local management teams maintain a rigorous focus on bringing the
latest retail concepts and exciting experiences to guests. The need
for human connection remained the same, if not more important than
ever before. Washington Prime Group was proud to be a place of
connection for community members and businesses alike.
About Washington Prime Group
Washington Prime Group Inc. is a retail REIT and a recognized
leader in the ownership, management, acquisition and development of
retail properties. The Company combines a national real estate
portfolio with its expertise across the entire shopping center
sector to increase cash flow through rigorous management of assets
and provide new opportunities to retailers looking for growth
throughout the U.S.
Washington Prime Group®, Outlet Collection™, Tangible™, and
Experience Retail® are registered trademarks of the Company. The
Company also holds a patent (U.S. Pat. No. 10,540,702 B2) for the
Tangible interactive marketing concept. Learn more at
www.washingtonprime.com. To learn more about WPG’s events and
activations, follow Washington Prime Group on Instagram.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
which represent the current expectations and beliefs of management
of Washington Prime Group Inc. (“WPG”) concerning the proposed
transactions, the anticipated consequences and benefits of the
transactions and the targeted close date for the transactions, and
other future events and their potential effects on WPG, including,
but not limited to, statements relating to anticipated financial
and operating results, future liquidity, the Company’s plans,
objectives, expectations and intentions, cost savings and other
statements, including words such as “anticipate,” “believe,”
“confident,” “plan,” “estimate,” “expect,” “intend,” “will,”
“should,” “may,” and other similar expressions. Such statements are
based upon the current beliefs and expectations of WPG’s
management, and involve known and unknown risks, uncertainties, and
other factors which may cause the actual results, performance, or
achievements of WPG to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, without
limitation: changes in asset quality and credit risk; ability to
sustain revenue and earnings growth; changes in political, economic
or market conditions generally and the real estate and capital
markets specifically; the impact of increased competition; the
availability of capital and financing; tenant or joint venture
partner(s) bankruptcies; the failure to increase store occupancy
and same-store operating income; risks associated with the
acquisition, disposition, (re)development, expansion, leasing and
management of properties; changes in market rental rates; trends in
the retail industry; relationships with anchor tenants; risks
relating to joint venture properties; costs of common area
maintenance; competitive market forces; the level and volatility of
interest rates; the rate of revenue increases as compared to
expense increases; the financial stability of tenants within the
retail industry; the restrictions in current financing arrangements
or the failure to comply with such arrangements; the liquidity of
real estate investments; the impact of changes to tax legislation
and WPG’s tax positions; losses associated with closures, failures
and stoppages associated with the spread and proliferation of the
coronavirus (COVID-19) pandemic; to qualify as a real estate
investment trust; the failure to refinance debt at favorable terms
and conditions; loss of key personnel; material changes in the
dividend rates on securities or the ability to pay dividends on
common shares or other securities; possible restrictions on the
ability to operate or dispose of any partially-owned properties;
the failure to achieve earnings/funds from operations targets or
estimates; the failure to achieve projected returns or yields on
(re)development and investment properties (including joint
ventures); expected gains on debt extinguishment; changes in
generally accepted accounting principles or interpretations
thereof; terrorist activities and international hostilities; the
unfavorable resolution of legal or regulatory proceedings; the
impact of future acquisitions and divestitures; assets that may be
subject to impairment charges; significant costs related to
environmental issues; changes in LIBOR reporting practices or the
method in which LIBOR is determined; and other risks and
uncertainties, including those detailed from time to time in WPG’s
statements and periodic reports filed with the Securities and
Exchange Commission, including those described under “Risk
Factors”. The forward-looking statements in this communication are
qualified by these risk factors. Each statement speaks only as of
the date of this press release and WPG undertakes no obligation to
update or revise any forward-looking statements to reflect new
information, subsequent events or circumstances. Actual results may
differ materially from current projections, expectations, and
plans, if any. Investors, potential investors and others should
give careful consideration to these risks and uncertainties.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210121005962/en/
Investors: Kimberly A. Green, VP, Investor Relations &
Corporate Communications, 614.887.5647 or
kim.green@washingtonprime.com Media: Kimberly Flaherty, Senior
Director, Public Relations, 614.887.5715 or
kimberly.flaherty@washingtonprime.com
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