PHILADELPHIA, Nov. 29, 2018 /PRNewswire/ -- PREIT
(NYSE: PEI) today announces strong results to kick off the holiday
shopping season, reporting a significant increase in traffic
throughout the four-day Thanksgiving weekend (Thursday through
Sunday) at properties with recent anchor redevelopment or
remerchandising initiatives, in comparison to 2017.
Viewmont Mall – Scranton,
PA
Traffic at the mall grew 11 percent, one of the
largest increases across the portfolio. PREIT proactively
recaptured and replaced the former Sears store with DICK's Sporting
Goods, Field & Stream, and HomeGoods – all of which opened in
September 2017. This year's holiday
weekend results underscore the overwhelming success of these
efforts and the reimagined mall overall.
Woodland Mall – Grand Rapids,
MI
The property, which is currently undergoing a
large-scale remerchandising initiative, experienced a 13 percent
increase in traffic. Upcoming additions or refreshed formats
include Altar'd State, Hollister, Victoria's Secret and several
other in-demand retailers. New tenants set to open in 2019 include
Von Maur, Urban Outfitters and
REI.
Moorestown Mall – Moorestown,
NJ
With the recent opening of HomeSense and Five
Below in the former Macy's space, Moorestown Mall kicked off the
season with a nearly 9 percent increase in traffic. Sierra Trading
Post will join the two off-price retailers in 2019, alongside new
dining additions Hash House a Go Go and Joe
Italiano's Maplewood.
MPG – Hyattsville,
MD
PREIT has invested $30
million in the transformation of this powerhouse property in
the DC suburbs, and the remerchandising initiative is paying off.
On the heels of recent additions – including ULTA Beauty, DSW, Five
Below, &pizza, Express Factory Outlet and more than a dozen
other tenants over the past two years – the mall saw a 6 percent
traffic uptick throughout the Thanksgiving holiday
weekend.
"We're already off to an incredibly successful start to holiday
shopping, as evidenced by the results from the kickoff weekend, and
we're confident that this data is a strong indicator for the rest
of the season," said Joseph F.
Coradino, CEO of PREIT. "To experience this notable upswing
in traffic at the properties where we've made significant
investments is a testament to the strength of our strategy and the
potential for long-term impact on sales and value."
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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SOURCE PREIT