PHILADELPHIA, Sept. 18, 2018 /PRNewswire/ -- PREIT
(NYSE: PEI) today unveiled a lineup of new tenants for Cherry Hill
Mall, a premier fashion and dining destination in the Philadelphia region, continuing to stay ahead
of consumer expectations and further expanding the tenant mix. The
tenants – many of which are new-to-portfolio, new-to-region, and/or
new prototypes – are inclusive of retail, dining, fitness and
technology incubator concepts that will support the property's
commitment to differentiating the tenant mix.
New to PREIT's portfolio, affordable Canadian fast-fashion
destination Ardene will debut as the brand's only store in
the region. The 11,000 square foot store will meet the growing
demand for this retail segment and will open later this year. In
addition, Kay Jewelers joined the tenant roster, opening a
1,700 square foot space, and Aeropostale is re-opening their 6,000
square foot store later this year. Just in time for the holidays,
Balsam Hill – which operated a pop-up location last winter –
will re-open this Friday and offer a selection of foliage products,
ornaments and holiday décor.
Revolutionary in-home fitness experience, Peloton, will
operate as a 300 square foot kiosk in center court. Customers will
have the opportunity to test ride the Peloton bike and receive a
personalized tutorial on form and bike settings. This is the
brand's first location in PREIT's portfolio and will offer
customers the opportunity to test a state-of-the-art technology and
immersive class content that offers a motivating leaderboard and
socially connected experience.
Expanding the mall's dining offerings, Fatburger will
join the tenant roster as a first in the region and will offer a
fast-casual experience, cooked-to-order meals using only the
freshest ingredients and traditional cooking methods. Fatburger is
set to open before year end. Additionally, fulfilling edible cookie
dough dreams, Dough Life is currently open and offers 12
flavors, with new flavors released every month.
"We're committed to creating malls that fit our consumers'
lifestyles, consistently identifying opportunities to refresh our
properties with new and in-demand tenants reflecting a well-curated
mix of retail, dining and entertainment concepts," said PREIT CEO
Joseph F. Coradino. "Even top tier
retail properties must evolve and continue to deliver
first-to-market high-quality uses."
These new and refreshed additions are the most recent updates in
the ongoing evolution of PREIT's flagship, Cherry Hill Mall. They
come on heels of PREIT's partnership announcement with 1776,
a new-to-portfolio concept that will drive innovation among the
local retail community, as well as the opening of several
international brands including Intimissimi and Zara over the past
year. In addition, the mall now offers Happy Returns which
allows consumers to return or exchange their ecommerce purchases
from participating online brands while at the mall, further
evidence of the merging of shopping habits between on and offline
sources.
Cherry Hill Mall is located in South Jersey, about eight miles
from Center City Philadelphia. The
premier mall offers a variety of sought-after destinations,
including Nordstrom, Apple, Zara, Hugo
Boss, The LEGO Store, The North Face, as well as an array of
dining options that includes The Capital Grille, Seasons 52, Grand
Lux Café and Maggiano's, 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.
CONTACT:
Heather
Crowell
SVP, Strategy & Communications
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT