PHILADELPHIA, Sept. 25, 2019 /PRNewswire/ -- PREIT
(NYSE: PEI) today announced the successful incorporation of new
anchor tenants and the next phase of tenant openings at Plymouth
Meeting Mall. As part of its overall anchor repositioning and
remerchandising strategy, PREIT has diversified the tenant roster
with unique and experiential concepts to reflect a new mall model
and drive traffic and sales. This series of openings marks an
important milestone in a busy and productive fall season for the
company, having just opened Fashion District Philadelphia and the
upcoming completion of the redevelopment at Woodland Mall in
Grand Rapids, MI.
As part of its efforts to drive the quality of its portfolio and
upgrade anchor spaces, PREIT is welcoming over 200,000 square feet
of new retail, dining and experiential concepts for consumers at
Plymouth Meeting Mall. Dick's Sporting Goods and
Burlington opened this past
weekend. These new, invigorated storefronts drove
increases in shopper traffic within the mall by over 40% during
opening weekend. Miller's Ale House grand opens next
week and will be followed by Edge Fitness this Fall and
Michael's, coming in 2020.
Additionally, as Plymouth Meeting Mall shines a focus on health
and well-being, it is also welcoming Red Rose Spa (recently
opened), Sola Salon and Restore Hyperwellness &
Cryotherapy to its tenant mix. Complementing other health
staples at Plymouth Meeting Mall, the mall has created a hub for
health, wellness, nutrition, and recovery.
"Plymouth Meeting Mall sets the standard for the new era of mall
experiences that are sweeping the industry. Having integrated
entertainment, dining, grocery and fitness segment within our
portfolio, we're driving new customers to the mall regularly," said
PREIT CEO Joseph F. Coradino. "Our
proactive and strategic remerchandising efforts, including the
redevelopment of the mall's anchor space, along with our drive to
create a diverse tenant mix, are crucial ingredients to elevating
the consumer experience and providing local shoppers with more
reasons to visit the mall."
Located at the intersection of the Pennsylvania Turnpike,
Interstate 476, and the Northeast Extension with over 90 million
cars passing the property annually, Plymouth Meeting Mall offers a
differentiated experience to an expanded trade area. The
property counts among its offerings one of 9 LEGOLAND Discovery
Center locations in the country; Whole Foods; Dave & Buster's;
a renovated AMC Movie Theatre; Cyclebar, an indoor cycling studio;
five existing sit-down restaurants in addition to quick serve food
options; and a Build-a-Bear kiosk, one of the brand's first kiosk
deployments in the country. Today, nearly half of the property's
space is dedicated to dining and entertainment, underscoring
PREIT's early adoption of these experiential offerings to reimagine
the retail experience.
To celebrate these new additions, Plymouth Meeting Mall will be
hosting a Fall Harvest Fest from October 11-
October 13. As part of the weekend events, visitors will
have an opportunity to experience the new tenants first hand, as
well as fall crafts, fun & games, music, balloon twisting and
more. A full schedule of events can be found here.
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.
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
June 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.
CONTACT:
Heather
Crowell
EVP, Strategy & Communications
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT