PHILADELPHIA, Feb. 22, 2021 /PRNewswire/ -- PREIT (NYSE:PEI) is
making it easier for customers throughout its portfolio to support
Black-owned businesses and brands all year through the launch of
"Support Black-Owned Business and Brands 365."
PREIT has empowered its local teams to create custom pages on
each of their websites highlighting Black-owned retailers,
restaurants and pop-up shops. Each property's website also lists
fashion brands, cosmetics, fragrance lines, entertainment, athletic
and other products for sale at the mall.
This is part of PREIT's ongoing efforts to spotlight Black-owned
entrepreneurs and brands within its portfolio of top-tier and
region-leading properties in eight states. During the coming year,
at least two-thirds of PREIT properties also plan to host
community-wide Black-Owned Business Showcases, providing
entrepreneurs with a venue to showcase their goods and services.
PREIT tested this concept and found great success in Fall 2020 at
Woodland Mall.
PREIT properties throughout the footprint are also planning
events and activities throughout the year, including art exhibits,
documentary screenings and food festivals as a way to highlight the
importance of Black-owned business and brands beyond Black History
Month.
"We are pleased to take this concrete step to encourage our
guests to support Black-owned businesses throughout the year," said
Joseph F. Coradino, CEO of PREIT.
"The past year has been challenging for many retailers, but
Black-owned businesses have been disproportionately impacted by the
pandemic. Consumers can now make even more informed buying
decisions that will directly support Black entrepreneurs in our
community."
A selection of Black-owned stores, pop-up and specialty stores,
restaurants and services across the PREIT footprint includes:
- Nearly 20 businesses in Patrick Henry Mall in Newport News, Virginia, including Culture
Shop, SAGE Beauty Lounge, Shoe Gods, Fitness 21, Body Bar and
African Attractions
- Nearly a dozen businesses at the Mall at Prince George's outside Washington, D.C., including Ebony Barbers,
Secret of Essence, Lucy Africa,
Tutu's Hat Shop and Everything for Kids
- Stone Fired Pizza by Midici at the Cherry Hill Mall in
Cherry Hill, New Jersey, along
with Romulus Art Gallery, Hannah
Marshall and Lavish Gems
- The Curing Room, Friendly Faces Barbershop and Emmerene
International at the Francis Scott Key Mall in Frederick, Maryland
- Flashlight Barber and Chick-fil-A in Jacksonville Mall in
Jacksonville, North Carolina
- Phoenix Beautiquee, My SZN Accessories and NKO Foundation in
Plymouth Meeting Mall in Plymouth
Meeting, Pennsylvania
- Foxy Ladies Boutique, Primetime Barbershop and Sweeter Than U
at Magnolia Mall in Florence, South
Carolina
"From music and movies to fragrances and designer clothing
lines, our properties are focused on offering a wide selection of
must-have brands for today's discerning shopper," Joseph F. Coradino, CEO of PREIT said. "Our
properties are the heartbeat of their communities, and we strive to
offer an experience as diverse as our customer base and enable our
guests to make better-informed buying decisions while always
supporting our tenancy at large."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real
estate investment trust (REIT) that owns and manages distinctive
real estate in high barrier-to-entry markets at the forefront of
enabling communities 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 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 expectations and assumptions regarding our
business, the economy and other future events and conditions and
are based on currently available financial, economic and
competitive data and our current business plans. Actual results
could vary materially depending on risks, uncertainties and changes
in circumstances that may affect our operations, markets, services,
prices and other factors as discussed in the Risk Factors section
of our other filings with the Securities and Exchange Commission.
While we believe our assumptions are reasonable, we caution you
against relying on any forward-looking statements as it is very
difficult to predict the impact of known factors, and it is
impossible for us to anticipate all factors that could affect our
actual results. Important factors that could cause actual results
to differ materially from those in the forward-looking statements
include, but are not limited to, our ability to achieve our
forecasted revenue and pro forma leverage ratio and generate free
cash flow to further reduce our indebtedness; our ability to manage
our business through the impacts of the COVID-19 pandemic, a
weakening of global economic and financial conditions, changes in
governmental regulations and related compliance and litigation
costs and the other factors listed in our SEC filings.
Additionally, 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 September 30, 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
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