PHILADELPHIA, Aug. 23, 2021 /PRNewswire/ -- PREIT is
celebrating its various constituencies with its 2021 back-to-school
campaign. With sales predicted to break records by the
National Retail Federation, PREIT malls are ready to greet
customers, while supporting their communities and driving business
to their tenants.
Driving Sales
Sales continue to be strong
throughout the portfolio with Core Mall July sales increasing 17%
over 2019. As part of its effort to drive business to its
tenants and reward their loyal shoppers, PREIT has implemented a
seasonal reward program, Spend + Score. From now through
Sept. 6, for every $200 spent at PREIT malls, customers will receive
a $25 gift card of their choice from
a list of more than 30 merchants, all of which are PREIT tenants.
To participate, customers must upload pictures of their receipts at
spendandscore.com by September
30, 2021.
Driving Traffic
The season is starting off strong with core mall traffic for the
week ended 8/15/21 up over 9% over
the prior week. While shopping for school supplies, gear,
clothing, shoes, make-up and plenty of hand sanitizer,
back-to-school shoppers are encouraged to share their school pride
during each mall's Spirit Day, for a chance to win gift cards or
other prizes from favorite retailers.
Fresh Offerings
Timing is everything and PREIT properties are welcoming new tenants
at a robust rate. Across PREIT's portfolio, over 325,000 square
feet of new tenants are expected to open through October.
Supporting our communities.
Each PREIT Mall has
partnered with a local non-profit throughout the month of August to
collect and distribute backpacks and school supplies for students
in need.
Across its footprint, PREIT is collaborating with 10 non-profits
to ensure students in its communities have the resources they need
to kickstart a successful school year.
"We are proud to offer a comprehensive program to engage our
communities for the back to school season. As stewards of the
best possible experience, we are pleased to continue welcoming back
customers in an environment where they are rewarded, sales are
being driven to our tenant partners and we are giving back as
community centerpieces should," said Joseph
F. Coradino, CEO of PREIT. "This is a unique back-to-school
season and we are focused on curating fresh, evolving experiences
and diverse tenant mixes that create value for all of our
stakeholders."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment
trust that owns and manages innovative properties at the forefront
of shaping consumer experiences 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 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.
PREIT Contact:
Heather
Crowell
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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