PHILADELPHIA, Jan. 24, 2019 /PRNewswire/ -- PREIT (NYSE:
PEI) and 1776 announced today the opening of 1776's newest campus,
a startup incubator and Founders' Market at Cherry Hill Mall,
providing space and supporting innovation and collaboration for the
local retail and startup communities. This new-to-portfolio concept
for PREIT and first mall location for 1776 will focus on startups,
small businesses, retail and e-commerce incubation initiatives,
revolutionizing the mall model. As the shopping experience
continues to evolve, Cherry Hill Mall now offers the opportunity
for 1776 members to immerse themselves in a productive retail
environment with real-time interaction with live customers,
shoppers and retailers as they explore products and concepts to
maximize their business.
In addition to 1776's trademark flexible workspace the space
includes the Founders' Market. Founders' Market is a
curated marketplace within 1776's newest location at Cherry Hill
Mall. The retail shop features artisans and makers from within our
community. Unique gifts and items are rotated regularly as new
independent retailers are introduced into the 1776 network.
In total, the 1776 spaces occupy more than 11,000 square feet
equipped for the local member community. Together, PREIT and 1776
will bring access, programming and innovation to entrepreneurs in a
new environment to drive collaborative and creative thinking. The
addition of this unique tenant concept inside the 1.3 million
square foot mall reinforces PREIT's commitment to redefining the
mall model and to the value it creates for the community.
"As the needs of the consumer evolve, PREIT continues to capture
opportunities to deliver a differentiated retail experience and
support a community of innovation within our mall walls," said
Joseph F. Coradino, CEO of PREIT.
"Through our partnership with 1776, we look forward to cultivating
an environment of creative and critical thinking forging a new path
in the retail evolution."
1776 is building a curated membership, one that touches several
topics within the retail vertical and beyond – ranging from
e-commerce, point-of-sale, artisanal products, AI-enabled retail,
and much more. The Cherry Hill
location can accommodate about 250 members that represent 100 to
150 companies. In an exciting move, existing 1776 member, Simply
Good Jars, is relocating to the new location, and attributes the
network to helping to build his business.
"We couldn't be more excited for our 1776 Cherry Hill Mall
campus to be open," said Jennifer
Maher, CEO of 1776. "The real-world exposure to test their
products that they otherwise wouldn't have had access to is a huge
benefit to partnering with PREIT on this new endeavor. Our curated
members in the retail vertical will have unique amenities available
to them to further their business ideas and scale it into
market."
Cherry Hill Mall is located in South Jersey, about eight miles
from Center City Philadelphia. The
premier mall offers a variety of sought-after destinations,
including Nordstrom, Apple, Zara, Hugo
Boss, The LEGO Store, Zara, as well as an array of dining
options that includes The Capital Grille, Seasons 52, Grand Lux
Café and Maggiano's, among others.
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.
About 1776
1776 transforms markets by curating
communities of entrepreneurs and enterprises in flexible work
environments. Our members gain access to a dynamic network
and focused programming to provide the knowledge and resources
necessary to spur innovation and solve complex challenges.
With 10 campuses across 5 different states, we are the
nation's largest network of incubators. For more information,
please visit www.1776.vc and follow @1776 on Twitter and @1776vc on
Instagram.
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:
PREIT
Heather Crowell
SVP, Strategy & Communications
(215) 454-1241
heather.crowell@preit.com
1776
Penny
Lee
Chief Strategy Officer
Penny@1776.vc
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