“It’s not your grandmother’s mall anymore.”
Isn’t that the truth? Appearing on CNBC’s “Mad Money”, PREIT CEO Joe Coradino spoke with Jim Cramer about PREIT’s strategy to stay ahead of the curve in today’s retail climate. With a keen understanding of the mall landscape and the foresight to proactively execute bold plans, our portfolio has only gotten stronger during an incredibly interesting time in retail, redefining the traditional mall experience.
Having sold 17 non-core properties – nearly 40 percent of our portfolio – and proactively re-tenanted underperforming department stores with higher quality tenants across a range of retail sectors, our goal of improving the quality of our portfolio contines. The principle is simple: stronger assets with better tenants lead to higher traffic and more sales. The results have paid off. A well-curated tenant mix across remaining high-performing properties have differentiated our portfolio – with new tenant additions, improved demographics and increased occupancy levels and sales that are up 8.2% YTD through February.
Hear more about our strategy by checking out the “Mad Money” interview below: