PREIT Strengthens Moorestown Mall with Two New-to-Market Anchors
Leases executed with home furnishings and outdoor gear retailers in the off-price segment to serve as lead replacement tenants for Macy’s
Philadelphia, PA, November 1, 2017- PREIT (NYSE: PEI) announced today the addition of two new anchor tenants at Moorestown Mall, as the Company continues to transform the anchor mix and further diversify tenancy across its portfolio. The new-to-market retailers will occupy the former Macy’s space as part of the Company’s strategic anchor repositioning program and underscoring its proficiency in attracting coveted brands to its portfolio.
The first of the two new anchors will offer off-price home furnishings from top designer brands, providing shoppers with the popular treasure hunt experience. Occupying 25,000 square feet, it will be accessible from both the exterior and interior of the mall. Accompanying the home furnishings and accessories brand will be an off-price outdoor gear retailer in 18,000 square feet of space. Both are slated to open in 2018. As the off-price retail segment continue to gain market share, the addition of these concepts will meet the demands of local shoppers and continue to differentiate the property within the marketplace.
The Macy’s redevelopment offers an opportunity to bring highly sought after, first-to-market retailers to a vibrant market – enabling us to further distinguish the property. Our efforts at Moorestown Mall are exemplary of the extensive remerchandising we have executed throughout our portfolio to attract dynamic and differentiated concepts that appeal to our shoppers, driving traffic and sales and enhancing asset value.
These recently executed leases at Moorestown Mall are the latest accomplishments in PREIT’s anchor repositioning strategy. In the past two months, PREIT has announced the addition of several new concepts replacing former department stores.. At Viewmont Mall in Scranton, PA, DICK’S Sporting Goods, Field & Stream and HomeGoods opened in space formerly occupied by Sears. Burlington opened in former Sears’ space at Magnolia Mall in Florence, SC, with Five Below and HomeGoods expected to open in Spring 2018. At Capital City Mall in Camp Hill, PA, DICK’s Sporting Goods opened earlier this month, with Fine Wine and Good Spirits to open in November 2017, replacing Sears. At Valley View Mall, Herberger’s replaced a former Macy’s in September.
Moorestown Mall is located in the most affluent suburb in southern New Jersey, just 15 miles outside of Philadelphia. The mall offers a dynamic variety of tenants, including Lord & Taylor, Regal Stadium 12 & RPX, H&M, and Rizzieri Salon & Spa, as well as an array of dining options.
About PREIT
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.