PREIT (NYSE: PEI), a leading real estate investment trust, today announced exciting additions to its flagship, Cherry Hill Mall, as the mall owner continues to drive the quality of the tenant base, building off of strong sales, traffic and new retailer introductions.
Joining recently-opened Warby Parker and Marc Cain, PREIT is pleased to share that first-to-portfolio leases have been executed with popular fashion brands – Psycho Bunny and Levi’s for Cherry Hill Mall.
Psycho Bunny, expected to open in mid-2023, is the brainchild of British fashion designer Robert Godley and American clothier Robert Goldman, both veterans in the menswear industry. The classic men’s apparel brand prides itself on doing everything better than it’s been done before and its logo.
Levi’s, expected to open this holiday season, will be the only full-price store in the South Jersey market. As one of the world’s largest apparel companies and a global leader in jeans, the brand has over 500 stores worldwide and products are available in more than 100 countries.
The mall is also set to welcome one of two Rumi Life stores in the market. The mission of Rumi Life is to fill and satisfy all of life’s desires, wants and needs at an affordable price, and to also provide these simple sparks of joy to life every day through all of the happy things their store has to offer.
Eddie V’s, a prime quality seafood restaurant, offering a fine dining experience, is expected to open its first South Jersey location and second in the state at the property in spring 2023. This high-quality offering adds to an already dynamic full-service dining lineup comprised of The Capital Grille, Seasons 52, Maggiano’s Little Italy and Bahama Breeze.
The caliber and diversity of this tenancy authenticates Cherry Hill Mall as the premier shopping and dining destination in Philadelphia’s eastern suburbs. Even at an impressive 96.2% occupancy as of June 30, 2022, PREIT continues to generate interest from new retailers looking to expand in the market at a top-tier location. A key barometer of underlying value in brick and mortar retail, sales per square foot, stands strong at $929.
“Cherry Hill Mall continues to attract leading retailers driving it to the next level of super-regional, fashion destinations,” said Joseph F. Coradino, CEO of PREIT. “Serving the densely-populated Philadelphia suburbs, our premier tenant mix puts it squarely in the nation’s top-tier malls. These highly sought-after brands attract new customers and retail and dining establishments that serve as a catalyst for value creation.”