PHILADELPHIA, Aug. 6, 2018 /PRNewswire/ -- PREIT (NYSE:
PEI) today announced the addition of Studio Movie Grill at Willow
Grove Park, replacing the former JC Penney, further diversifying
and enhancing the mall's tenant roster with an exciting
experiential tenant. Slated to open in 2019, Studio Movie Grill
represents the latest accomplishment in PREIT's comprehensive and
strategic anchor repositioning program – marking 11 announced
department store replacements solidified since the beginning of
2017.
Studio Movie Grill combines first-run movies with in-theater
dining from an extensive menu and full-service bar. At the push of
a button, moviegoers can place an order directly from their seat,
with food and beverages delivered before and during the show.
Additionally, the theater offers various dining options, including
tableside, counter space, lounge seats with tray tables, and
reclining lounges with built-in tray tables. Customers can reserve
seats when purchasing a ticket online, at a theater kiosk, or the
box office.
"Today's mall experience is an opportunity for shopping,
entertainment and socializing, and PREIT's investments in
experiential concepts are enabling our offerings to evolve
alongside our shoppers' habits," said Joseph F. Coradino, CEO of PREIT. "Studio Movie
Grill offers entertainment and dining that elevates the consumer
experience, and by welcoming the theater to Willow Grove Park,
we're providing local shoppers with more reasons to extend their
mall visit."
Offering 12 screens and filling a market void, Studio Movie
Grill will occupy a portion of the former JCPenney
space. Based on third party research data, Willow Grove Mall
shoppers are 87% more likely to attend a movie 4 or more times over
a three-month period than others in the Philadelphia area. This transaction
underscores PREIT's commitment to evolving its properties through
the addition of diverse uses, in particular social experiences such
as dining and entertainment, segments that currently making up over
20 percent of the Company's portfolio. As the retail landscape
continues to evolve, PREIT is attracting dynamic,
in-demand concepts – including experiential, off-price, and health
& wellness, as well as others – to its properties to further
differentiate and reimagine the mall experience.
Located in the Philadelphia
suburbs, Willow Grove Park boasts sales of over $700 per square foot. The mall is home to one of
two Bloomingdale's and Primark
locations in the Philadelphia
metro, as well as a diverse and sophisticated merchandising mix
including Apple, Michael Kors, PANDORA, Sephora and The Cheesecake
Factory, among others.
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.
Forward Looking Statements
This press release contains certain forward-looking statements
that can be identified by the use of words such as "anticipate,"
"believe," "estimate," "expect," "project," "intend," "may" or
similar expressions. Forward-looking statements relate to
expectations, beliefs, projections, future plans, strategies,
anticipated events, trends and other matters that are not
historical facts. These forward-looking statements reflect our
current views about future events, achievements or results and are
subject to risks, uncertainties and changes in circumstances that
might cause future events, achievements or results to differ
materially from those expressed or implied by the forward-looking
statements. In particular, our business might be materially and
adversely affected by changes in the retail and real estate
industries, including consolidation and store closings,
particularly among anchor tenants; current economic conditions and
the corresponding effects on tenant business performance,
prospects, solvency and leasing decisions; our inability to collect
rent due to the bankruptcy or insolvency of tenants or otherwise;
our ability to maintain and increase property occupancy, sales and
rental rates; increases in operating costs that cannot be passed on
to tenants; the effects of online shopping and other uses of
technology on our retail tenants; risks related to our development
and redevelopment activities, including delays, cost overruns and
our inability to reach projected occupancy or rental rates; acts of
violence at malls, including our properties, or at other similar
spaces, and the potential effect on traffic and sales; our ability
to sell properties that we seek to dispose of or our ability to
obtain prices we seek; our substantial debt and the liquidation
preference of our preferred shares and our high leverage ratio; our
ability to refinance our existing indebtedness when it matures, on
favorable terms or at all; our ability to raise capital, including
through sales of properties or interests in properties and through
the issuance of equity or equity-related securities if market
conditions are favorable; and potential dilution from any capital
raising transactions or other equity issuances.
Additional factors that might cause future events, achievements
or results to differ materially from those expressed or implied by
our forward-looking statements include those discussed herein and
in our Annual Report on Form 10-K for the year ended December 31, 2017 in the section entitled "Item
1A. Risk Factors." We do not intend to update or revise any
forward-looking statements to reflect new information, future
events or otherwise.
CONTACT:
Heather
Crowell
SVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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