Aug23

PREIT Core Mall Sales Increase 17% in July to Kickoff Back-To-School Season

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PREIT Powers Its Communities with Back-to-School Activations and Incentives
Tenants, Communities and Shoppers are Beneficiaries

PHILADELPHIA, August 23, 2021 – PREIT is celebrating its various constituencies with its 2021 back-to-school campaign.  With sales predicted to break records by the National Retail Federation, PREIT malls are ready to greet customers, while supporting their communities and driving business to their tenants.

Driving Sales

Sales continue to be strong throughout the portfolio with Core Mall July sales increasing 17% over 2019. As part of its effort to drive business to its tenants and reward their loyal shoppers, PREIT has implemented a seasonal reward program, Spend + Score. From now through Sept. 6, for every $200 spent at PREIT malls, customers will receive a $25 gift card of their choice from a list of more than 30 merchants, all of which are PREIT tenants. To participate, customers must upload pictures of their receipts at spendandscore.com by September 30, 2021.

Driving Traffic

The season is starting off strong with core mall traffic for the week ended 8/15/21 up over 9% over the prior week. While shopping for school supplies, gear, clothing, shoes, make-up and plenty of hand sanitizer, back-to-school shoppers are encouraged to share their school pride during each mall’s Spirit Day, for a chance to win gift cards or other prizes from favorite retailers.

Fresh Offerings

Timing is everything and PREIT properties are welcoming new tenants at a robust rate. Across PREIT’s portfolio, over 325,000 square feet of new tenants are expected to open through October.

Supporting our communities.

Each PREIT Mall has partnered with a local non-profit throughout the month of August to collect and distribute backpacks and school supplies for students in need.

Across its footprint, PREIT is collaborating with 10 non-profits to ensure students in its communities have the resources they need to kickstart a successful school year.

“We are proud to offer a comprehensive program to engage our communities for the back to school season.  As stewards of the best possible experience, we are pleased to continue welcoming back customers in an environment where they are rewarded, sales are being driven to our tenant partners and we are giving back as community centerpieces should,” said Joseph F. Coradino, CEO of PREIT. “This is a unique back-to-school season and we are focused on curating fresh, evolving experiences and diverse tenant mixes that create value for all of our stakeholders.”

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT’s robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.

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