PHILADELPHIA, Nov. 20, 2019 /PRNewswire/
-- PREIT (NYSE: PEI) welcomes new retailers to
elite properties as digitally-native brands continue to find value
in a brick and mortar presence. Once considered online-only
retailers, Stance, Morphe, Peloton, and Makarios will bring their
products to traditional retail space within the malls, with
Makarios having opened in October at Woodland Mall, and Morphe and
Stance having opened this month at Cherry Hill Mall; Peloton will
follow closely behind in spring 2020.
"As the retail ecosystem continues to evolve, the mall platform
offers a tremendous opportunity for digitally native brands to
expand their business and interface directly with consumers," said
Joseph F. Coradino, CEO of PREIT.
"Today's consumer values in-store shopping experiences, where they
can touch and feel products. We continue to see retailers that
began online complement their digital presence with
brick-and-mortar locations. According to ICSC's The Halo
Effect report, opening physical stores increases digital
traffic and awareness for emerging brands. "
Stance
Stance has turned socks into one of the
world's most exciting accessories in less than five years. With
over 36 million sock sales to date, Stance has infiltrated the
industry, quickly coining itself as the sock brand for 'sneaker
heads.' On November 14, Stance
celebrated the grand opening of its storefront at Cherry Hill Mall
– marking the brand's first Philadelphia-area location.
After finding success online, Stance took its business to brick
and mortar locations in an effort to interact more closely with
its consumers and to allow
consumers to feel more connected to the brand and lifestyle.
Stance's products are loved and experienced by dedicated
consumers worldwide.
Morphe
Morphe, a makeup brand that was
founded online and on social media in 2008, opened its second
Philadelphia region store at
Cherry Hill Mall on November 16.
Morphe celebrated a strong opening day and continues to exceed
sales expectations at their first South Jersey location. The
rule-breaking retailer, who has grown an Instagram following of
over five million in just three years, offers professional-grade
makeup at affordable prices. Morphe inspires creativity with
high-performing makeup brushes, richly pigmented shades and
flawless formulas, all of which consumers will now be able to try
for themselves in stores before making a purchasing decision.
"This year, we have expanded our brick-and-mortar footprint and
will be open in 50 locations by the end of the year. We know that
makeup and beauty are personal, so we wanted to make the experience
personal as well – allowing our consumers to experience and play
with our products firsthand. We've also found that our consumer is
more adventurous in-store, trying new colors, styles and trends,
allowing their creativity to flow," shared Kahla Broussard, VP of Retail Sales &
Operations at Morphe.
Peloton
The American exercise and equipment
company, Peloton, will be expanding its footprint in Cherry Hill
Mall to a traditional storefront after experiencing success with an
interactive kiosk location in the common area over the past year.
Founded in 2012, Peloton's luxury stationary bicycle rose to fame,
allowing users to stream cycling and other fitness classes in the
comfort of their homes, while providing a group fitness mentality
and energy through virtual rides and healthy competition
complemented by a leaderboard.
This spring, consumers will be able to visit Peloton's
storefront and test the world-class exercise equipment along with
additional merchandise and accessories for sale.
Makarios Decor
Makarios, a home décor company,
celebrated its grand opening on October
12 at Woodland Mall in Grand
Rapids, Michigan. The brand, which was founded by a husband
and wife team, specializes in creating an authentic product line of
handmade home decor pillows, signs, mantels, shelves, furniture,
home accents, wedding packages, corporate merchandise, landscape,
and complete custom pieces. The store was added as part
of the mall's reinvention in conjunction with the recent opening of
its expansion wing.
To learn more about PREIT's portfolio of opportunities in top
markets, visit: https://www.preit.com/properties/
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,
balance sheet strength and 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
September 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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