PHILADELPHIA, Feb. 24, 2020 /PRNewswire/ -- Fashion
District Philadelphia, a joint venture partnership between PREIT
and Macerich, today highlights strong momentum in its inaugural
five months. Since September 2019,
numerous fashion and experiential marquee tenants have opened their
doors, with next in line to be flexible workplace provider,
Industrious.
Industrious, a leader in the burgeoning coworking industry, will
offer all-inclusive amenities such as complimentary breakfast, fast
WiFi, conference rooms and more, bringing a new dimension and
shopper to the project further capitalizing on its bullseye
location.
Notable recent additions to the property include outlet tenants:
Armani Exchange Outlet and Eddie Bauer Outlet; full-price retail:
Sephora and Torrid; and experiential destinations: AMC Theaters,
Round 1, Wonderspaces and REC Philly.
On the food and beverage front, joining favorites such as
Chickie's & Pete's and City Winery, The District will soon
welcome several new specialty food offerings, including Poke Sushi
Express, Potato Corner, Wetzel's Pretzels, and Big Gay Ice
Cream.
And, momentum will continue as it welcomes more
new-to-Philadelphia tenants,
including: Kate Spade New York, DSW, Windsor, Yoyoso and Clair de Lune this
spring. These exciting retail brands will be joined by
International fast fashion retailers, Primark and Ardene.
"We opened the doors of Fashion District Philadelphia to an
enthusiastic crowd and have welcomed over 4.6 million shoppers
since then," said Joseph F.
Coradino, CEO of PREIT. "As we enter our first full year of
operation, we are pleased to have cemented the tenant mix of the
future, introducing experiential retailers such as Wonderspaces and
Round 1, as well as popular apparel brands with mass appeal. We
expect to capitalize on the momentum created thus far and solidify
The District as Philadelphia's
go-to destination for style, dining, entertainement, and arts &
culture."
The scale of Fashion District Philadelphia's milestones
underscores the properties' impact on the city:
- 4.6 million customers
- 20 stores opened since September
- 11 charities and organizations supported
- 40 free & family-friendly activations offered
The first half of 2020 brings about new vigor to the property as
The District further diversifies its offerings with fifteen new
tenants spanning dining, apparel, makeup and accessories concepts,
as well as a brand new co-working space.
About Fashion District Philadelphia
Fashion District
Philadelphia is the first robust retail and entertainment offering
of its kind in Downtown
Philadelphia. Spanning three city blocks, The District will
feature over 800,000 square feet of dynamic offerings including
flagship, traditional full price, off-price and branded outlet
retail, experiential dining and entertainment, along with public
art and evolving cultural events. With a prime location in
Center City, The District is just
steps away from Philadelphia's
historic district and connected to Reading Terminal, the
Pennsylvania Convention Center and
SEPTA's Jefferson station – a convenient, transit-oriented location
offering accessibility for millions of Philadelphia residents, commuters and
visitors. Additional information is available at
www.fashiondistrictphiladelphia.com or on Facebook,
Twitter or Instagram.
About PREIT
PREIT (NYSE:PEI) is a publicly
traded real estate investment trust that owns and manages
innovative properties at the forefront of shaping consumer
experiences through the built environment. PREIT's robust portfolio
of carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in densely-populated, high barrier-to-entry markets with
tremendous opportunity to create vibrant multi-use destinations.
Additional information is available at www.preit.com or on
Twitter or LinkedIn.
About Macerich
Macerich is a fully integrated,
self-managed and self-administered real estate investment trust,
which focuses on the acquisition, leasing, management, development
and redevelopment of regional malls throughout the
United States.
Macerich currently owns 51 million square feet of real
estate consisting primarily of interests in 47 regional shopping
centers. Macerich specializes in successful retail
properties in many of the country's most attractive, densely
populated markets with significant presence in the West
Coast, Arizona, Chicago and the Metro New York
to Washington, DC corridor. A recognized leader in
sustainability, Macerich has achieved the #1 GRESB
ranking in the North American Retail Sector for five straight years
(2015 – 2019). Additional information about Macerich can
be obtained from the Company's website
at www.Macerich.com.
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, 2018 in the section entitled "Item
1A. Risk Factors." and our Quarterly Report on Form 10-Q for the
quarterly period ended September 30,
2019 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.
Media Contact:
Brownstein Group on behalf of
Fashion District Philadelphia
FDP@brownsteingroup.com
215-735-3470
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SOURCE Fashion District Philadelphia