PHILADELPHIA, Nov. 17, 2021 /PRNewswire/ -- PREIT (NYSE: PEI),
a leading real estate investment trust focused on creating
thoughtful, community-centric properties, today announced the
upcoming addition of Warby Parker
and Amazon 4-Star at its Cherry Hill Mall property. The
highly-coveted e-commerce brands are set to open locations in the
first half of 2022, a positive indication that companies and
consumers are valuing the tactical experience of physical
stores.
- Warby Parker, the eyewear
brand founded with a mission to inspire and impact the world with
vision, purpose and style, will open its first south jersey
location in spring 2022.
- Amazon 4-star is also set to open in the first half of
2022, offering an ever-changing and highly curated assortment of
top-selling products from Amazon.com.
These historically e-commerce brands join recent additions,
Purple and Peloton, indicating an increase in consumer demand for
in-person retail experiences.
- Peloton opened a permanent, in-line location after its
temporary unit proved successful.
- Purple, the innovative mattress company offering a
proprietary technology, opened earlier this month.
"Cherry Hill Mall continues to lead the PREIT fleet by
attracting high quality tenancy and generating traffic," said
Joseph F. Coradino, CEO of PREIT.
"We have long believed that at the confluence of online and offline
retail lives a great customer experience. The physical world
allows for an unmatched marketing opportunity for brands to engage
with consumers and to offer instant gratification sought by so
many."
Other exclusive additions and transformations continue to
occur.
- Miniso, a Japanese-inspired lifestyle product retailer,
opened its first east coast location at Cherry Hill Mall earlier
this year, offering household goods, daily life products, health
and beauty supplies, fashion accessories, digital products, and
food and toys.
- Dynamite, a trendy Canadian retailer, recently relocated
and opened a forward-looking, one-of-a-kind, tech-enabled store
that has only one of each item on the floor. In this new format,
cutting-edge prototype, the customer scans the item and requests a
particular size that is delivered straight to their dressing
room.
Earlier this year, Rally House, offering licensed team
apparel and gifts, and Windsor, a women's clothing and fashion
retailer, opened new stores. Other new additions
anticipated just in time for holiday shopping include: aerie
and SolePly, a local sneaker reseller.
These additions authenticate Cherry Hill Mall as the premier
shopping and dining destination on the east side of
Philadelphia. PREIT's trophy asset, the property is
experiencing solid leasing activity based on strong sales momentum
and market-leading position. On a Rolling 12-month basis, through
September 2021, sales are up nearly
17% compared to the rolling 12-month period ended September 2019. Since May
2021, an average of 98% of 2019 shoppers have returned to
Cherry Hill Mall.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment
trust that owns and manages innovative properties at the forefront
of shaping tailored consumer experiences. PREIT's robust portfolio
of carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in densely-populated, with tremendous opportunity to
create vibrant multi-use destinations. 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 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, 2020. We do not intend to update or
revise any forward-looking statements to reflect new information,
future events or otherwise.
Contact:
Heather
Crowell
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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