PREIT Delivers Expanding Retailers to New Markets
Portfolio presence in key markets continues to attract growing brands with four expanding retailers opening ten stores
PREIT (NYSE: PEI), today announced that a list of growing retailers are set to join the lineup at key properties in dynamic markets.
Part of the allure of PREITs portfolio is its presence in and around the Philadelphia and Washington DC suburban markets as well as its “Winner Take All” properties in smaller markets that have eliminated local competition. As tenants expand their brick-and-mortar presence, densely populated East Coast markets are attractive for gaining market share. At the same time, bringing new tenants to markets enhances repeat visits from customers seeking an evolving fresh tenant mix.
PREIT has a history of bringing new tenants to these key markets. Among the new tenants it has attracted for their first locations in the Philadelphia suburbs are: LEGOLAND Discovery Center at Plymouth Meeting Mall, HomeSense at Moorestown Mall, Zara’s first suburban Philadelphia location and A|X’s only market location at Cherry Hill Mall, one of two Bloomingdale’s stores in the market and the only Tilted 10 family entertainment experience at Willow Grove Park (opening Fall 2022).
Today PREIT highlights three retailers choosing to expand within its strong portfolio.
Rose & Remington, a contemporary and affordable lifestyle brand founded by a mother-daughter duo with a goal to create a fun and vibrant atmosphere where mother and daughter can shop together, will open three new locations in PREITs portfolio after opening its first location with PREIT at Woodland Mall last year. These stores will mark the popular retailer’s foray into greater Philadelphia. The retailer is expected to open at Willow Grove Park, Capital City, and Cherry Hill Malls later this year.
Lovisa describes itself as a fashion-forward jewelry brand that caters to every woman, with 150 new styles being delivered to stores each week. The retailer opened its first store with PREIT last year at Woodland Mall, last week at Springfield Town Center and is expected to open another location at Capital City Mall this fall.
BoxLunch, a division of Hot Topic, is a civic-minded specialty retailer offering a curated collection of licensed and non-licensed merchandise. The retailer will open new stores throughout PREITs portfolio at Capital City Mall, Patrick Henry Mall and Springfield Town Center this summer and Willow Grove Park this fall.
“As we look forward to welcoming new Rose & Remington, BoxLunch, Lovisa and Tilt locations throughout our footprint, it is clear that our presence in top markets in the densely populated mid-Atlantic provides PREIT with an opportunity to attract top tenants to our entire portfolio leveraging our strong portfolio allowing for synergistic regional retailer rollouts,” said Joseph F. Coradino, Chairman and CEO of PREIT. “As we continue to strengthen our portfolio with additional dining, entertainment, apartments, hotels and fitness options, our tenants should benefit from improved sales and traffic and our investors should benefit from improving valuations in a one-of-a-kind setting with everything our customers need.”