PHILADELPHIA, April 4, 2018 /PRNewswire/ -- PREIT (NYSE: PEI)
today announced the upcoming openings of an 8,500-square foot Five
Below on Friday April 6, 2018 and a
20,000-square foot HomeGoods in May at Magnolia Mall in
Florence, SC. These
first-to-region retailers join Burlington, which opened in September 2017, completing the anchor replacement
initiative for the space formerly occupied by Sears, which was
proactively recaptured by PREIT. The former department store space
will be fully occupied and completely transformed with the opening
of HomeGoods next month.
Five Below – a retailer catering to teens, pre-teens and
their parents that sells items priced $5 or less – and HomeGoods – an off-price home
furnishings and accessories retailer – are both first-to-region
retailers and leaders in the value category. With the off-price
category as one of the fastest growing retail segments, these
additions will further drive traffic and strengthen the property's
dominance in the market. In addition to these openings, H&M
will open later this year, Chick-Fil-A's expanded premises offering
indoor seating is under construction, and a lease has been signed
with Texas Roadhouse for an outparcel location. In addition
to transforming the Sears space, PREIT and Belk have executed a ten
year renewal which will include a store remodel, refreshing the
in-store Belk shopping experience as well. Already, the hub
for retail in the community, the evolution of Magnolia Mall is set
to continue with these and other new offerings on the horizon,
which will bring more new names to the region.
"A thoughtfully curated and diverse tenant mix is the future of
our industry, and these new additions have enhanced the shopping
experience at Magnolia Mall, further strengthening its position in
the market," said Joseph F.
Coradino, CEO of PREIT. "These in-demand retailers bring new
uses to the community and improve the diversity and quality of our
portfolio tenant base, creating compelling environments that drive
traffic and sales and create value for our shareholders."
PREIT's remerchandising efforts along with a growing local
economy have already generated strong results with sales as of
February 28, 2018 reaching an
all-time high of $451 per square
foot.
Magnolia Mall is a prime example of PREIT's portfolio of core
properties in strong markets including a mix of well-located
properties in densely-populated, high barrier-to-entry markets as
well as dominant assets in strong and growing smaller
markets. Given its proximity to the I-95 and I-20 highways,
Florence is a highly-trafficked
stop for travelers between the Northeast Corridor and Florida – with nearly a dozen hotels and 1,000
rooms located adjacent to Magnolia 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 robust portfolio of
carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in the densely-populated 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, Strategy & Communications
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT