As part of PREIT’s robust redevelopment and remerchandising strategy, Plymouth Meeting Mall is the latest property to add dynamic retail and experiential concepts to its lineup
Philadelphia, PA, September 25, 2019 – 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.
With a daytime population of 1 million, Plymouth Meeting Mall is located in a well-situated, high-trafficked region at the intersection of four of Philadelphia’s major roadways. Over 92 million vehicles pass the mall per year, representing a significant opportunity to attract visitors from the surrounding region.
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.