20 New Tenants in Over 50,000 Square Feet Signed in Past Year Demonstrates
Strength of In-Person Experience at Top Tier Centers
PREIT today announced new and enticing additions to its flagship, Cherry Hill Mall.
Eddie V’s, a prime quality seafood restaurant, offering a fine dining experience, has executed a lease to open its first South Jersey location and second in the state at the property this fall. 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. Demonstrating the stalwart appeal of sit-down dining establishments at the center, 2021 sales increased 18% compared to 2019 at these establishments.
Marc Cain, an elite women’s ready-to-wear brand hailing from Germany, is expected to open in March. Marc Cain combines a sense of aesthetics and art with casualness, innovative thinking and exclusivity. It will be one of few U.S. locations, as the brand is very selective with its partners.
These tenants join upcoming additions, Warby Parker and Amazon 4-Star, as more top retailers seek exclusive locations to bring the physical experience to their customers.
The caliber and diversity of this tenancy authenticate Cherry Hill Mall as the premier shopping and dining destination on the east side of Philadelphia. PREIT’s trophy asset, the property is experiencing robust leasing activity in the past year with more than 20 new tenants to occupy 50,000 square feet of space driven by powerful sales growth and a market-leading position. A key barometer of underlying value in brick and mortar retail, sales per square foot, was up 27% at the end of 2021 to a record $936.
“With the continued introduction of leading brands, Cherry Hill Mall continues to drive to the next level of super-regional, fashion destinations,” said Joseph F. Coradino, CEO of PREIT. “Serving a densely-populated market, our premier tenant mix continues to attract and engage customers, driving success for our tenants to new heights. We are expanding the appeal of our portfolio through highly-coveted retail and dining establishments that serve as a catalyst for portfolio growth and value creation.”