Curated mix of new retail concepts further solidify the property’s dominance in a strong trade area
Philadelphia, PA, March 20, 2018 – PREIT (NYSE: PEI) today announced a series of retail concepts joining Dartmouth Mall in southeast Massachusetts. The tenants comprise more than 72,000 square feet of space that was either new/remodeled in 2017 or signed to-date in 2018. These remerchandising initiatives reflect PREIT’s continual efforts and commitment to elevating its tenant rosters to redefine the mall experience throughout its portfolio.
Occupying 3,900 square feet of space, locally-loved Newbury Comics – which specializes in music, movies and pop culture goods – is slated to open this spring. In addition, fast-fashion giant Forever 21 will open in 11,500 square feet and EbLens – a New England regional destination for sought after fashion inspired by today’s urban lifestyle – will open in 6,000 square feet this fall.
These newly executed leases come on the heels of several recent openings, including a new 23,000 square foot H&M; Encore, which offers popular shoe brands at affordable prices; and Torrid, a plus-size fashion retailer. Further transforming the property with popular dining and entertainment offerings, a multi-million dollar renovation of AMC Theatres was completed in 2015, with the addition of plush, reclining seating and a premium bar.
As of January 2018, comp sales per square foot for the most recent twelve month period at Dartmouth Mall were $509, a 9% increase over January 2017 results.
Dartmouth Mall is a prime example of the benefit of creating a portfolio of dominant properties in strong markets and evolving and reinventing the mall experience ahead of the curve. With a well-balanced and high performing mix of retail, dining and entertainment options for local consumers, Dartmouth Mall has become the dominant shopping hub within a 30 mile radius – with growing market share and more new additions slated
With close proximity to the major metropolitan areas of Providence, RI and Boston, MA – as well as population vacation destinations such as Cape Cod, MA and Newport, RI – Dartmouth Mall boasts a highly desired location with exceptional retail performance.
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.