PREIT Creates New Magnolia Mall Shopping Experience With Completion of Proactive Anchor Recapture
New-to-region retailers Five Below and HomeGoods set to open, marking the completion of the anchor replacement initiative for the former Sears’ space
Philadelphia, PA, April 4, 2018 – PREIT (NYSE: PEI) today announced the upcoming openings of an 8,500-square foot Five Below on Friday April 6, 2018 and a 20,000-square foot HomeGoods in May at Magnolia Mall in Florence, SC. These first-to-region retailers join Burlington, which opened in September 2017, completing the anchor replacement initiative for the space formerly occupied by Sears, which was proactively recaptured by PREIT. The former department store space will be fully occupied and completely transformed with the opening of HomeGoods next month.
Five Below – a retailer catering to teens, pre-teens and their parents that sells items priced $5 or less – and HomeGoods – an off-price home furnishings and accessories retailer – are both first-to-region retailers and leaders in the value category. With the off-price category as one of the fastest growing retail segments, these additions will further drive traffic and strengthen the property’s dominance in the market. In addition to these openings, H&M will open later this year, Chick-Fil-A’s expanded premises offering indoor seating is under construction, and a lease has been signed with Texas Roadhouse for an outparcel location. In addition to transforming the Sears space, PREIT and Belk have executed a ten year renewal which will include a store remodel, refreshing the in-store Belk shopping experience as well. Already, the hub for retail in the community, the evolution of Magnolia Mall is set to continue with these and other new offerings on the horizon, which will bring more new names to the region.
A thoughtfully curated and diverse tenant mix is the future of our industry, and these new additions have enhanced the shopping experience at Magnolia Mall, further strengthening its position in the market. These in-demand retailers bring new uses to the community and improve the diversity and quality of our portfolio tenant base, creating compelling environments that drive traffic and sales and create value for our shareholders.
PREIT’s remerchandising efforts along with a growing local economy have already generated strong results with sales as of February 28, 2018 reaching an all-time high of $451 per square foot.
Magnolia Mall is a prime example of PREIT’s portfolio of core properties in strong markets including a mix of well-located properties in densely-populated, high barrier-to-entry markets as well as dominant assets in strong and growing smaller markets. Given its proximity to the I-95 and I-20 highways, Florence is a highly-trafficked stop for travelers between the Northeast Corridor and Florida – with nearly a dozen hotels and 1,000 rooms located adjacent to Magnolia Mall.
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.