PHILADELPHIA, Sept. 14, 2020 /PRNewswire/ -- Fashion District,
a PREIT and Macerich game-changing retail and experiential project,
this week celebrates the exciting and unusual first year of
operations for Philadelphia's
newest shopping, dining and entertainment destination with new
tenant additions and socially-distanced fun.
Most recently, the District welcomed a phenomenal list of over
81,000 square feet of new tenants including many first-to-market
tenants and new experiences that opened shortly after the property
re-opened following the pandemic-related closure.
- Upon its July re-opening, two new tenants opened their
doors: Industrious, The District's luxe coworking space
featuring all-inclusive amenities, private and fully furnished
offices, and conference rooms and Francesca's, a
boutique-style women's apparel, accessories and gift purveyor.
- With its first store in Philadelphia, the highly anticipated Kate
Spade Outlet, joined the roster, bringing its famous eclectic
style, offered at attainable prices, to Philadelphia on July
24.
- On August 19, Starbucks
added a new Philadelphia location
on Market Street at The District.
- Ardene, a Canadian fast fashion brand celebrating what
it means to be youthful, confident, and full of life complete with
clothing, footwear, accessories, jewelry, activewear, intimates,
and more, opened on August
21st.
- On August 27th,
DSW, another first-to-market tenant opened with an array of
designer and name brand shoes, such as Adidas, Vans, Sam Edelman and more, just in time for the
back-to-school season.
Throughout its inaugural year, the District has become a second
home to Philadelphians, hosting over two dozen community events and
supporting more than 20 local artists and charitable organizations
through its commitment to supporting the diverse community it
serves.
Year 1 by the numbers:
- Welcomed over 70 tenants
- Created nearly 1,000 jobs
- Welcomed an average of almost 700,000 visitors per open
month
- The District is currently 74% occupied with commitments
for over 80% of the space.
From 9/18-9/20/2020, Fashion
District's anniversary celebration will include:
- Dynamic and brightly colored balloon garland inside the cube
entrance.
- A weekend of outdoor concerts hosted by REC Philly
- A weekend of outdoor fitness classes Sponsored by Nike,
offering special discounts to participants
- A grand celebratory cake, baked by Tiffany's Bakery.
Guests who show receipts over $25 can
enjoy a free slice of cake
- New art installations including a new mural installation,
created on site by 3 Philadelphia artists, curated by Streets
Dept's Conrad Benner and
specially-designed, ever-inspiring messages from Amberella.
"The results from our first year, which included many obstacles,
are a testimony to the power and success of this property.
With over 80,000 square feet of new tenants opening following the
pandemic closure, we expect occupancy, sales and traffic to
continue to grow in the coming months as we return to normalcy,"
said Joseph F. Coradino, CEO of
PREIT. "We have created a go-to destination for fashion and fun
experiences that offers a unique combination of flagship,
off-price, fast-fashion, traditional full price and branded outlet
stores, a roadmap for successful projects going forward."
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 (REIT), 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 on the West Coast and
in Arizona, Chicago and the New York Metro
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, including the impact of the
COVID-19 pandemic and the steps taken by governmental authorities
and other third parties to reduce its spread, 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 and our ability
to remain in compliance with our financial covenants under our debt
facilities; 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 the sections entitled "Item 1A. Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2020. We do not intend to update or
revise any forward-looking statements to reflect new information,
future events or otherwise.
PREIT contact:
Heather
Crowell
EVP, Strategy and Communications
(215) 316-6271
heather.crowell@preit.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/fashion-district-welcomes-new-shops-as-it-celebrates-its-first-year-of-successful-operations-301129768.html
SOURCE PREIT