New-to-region retailer improves fashion offering replacing Bon-Ton in 2018
Philadelphia, PA, July 26, 2017 – PREIT (NYSE: PEI) today discussed the exciting future for one of its key suburban Washington DC assets, Valley Mall. The Company announced the addition of Belk at Valley Mall in Hagerstown, MD as part of the Company’s proactive recapture and diversification of its anchor store composition, following the recapture of Bon Ton. This transaction, previously contemplated in PREIT’s multi-year plan and capital projections, underscores PREIT’s commitment to strategic repositioning of key assets to elevate the quality of its portfolio. The Company is also at lease with two tenants for the former Macy’s location. These two tenants are expected to bring differentiated and sought-after uses to the property.
The trade area has seen prolonged population growth due to improved highway accessibility to Washington DC and Baltimore coupled with a lower cost of living compared to other metro suburbs. The mall also benefits from its location along the I-81 corridor, a vital north-south route. Flanked by nearly 1,000 hotel rooms within a half mile, Valley Mall is the dominant enclosed regional mall within 30 miles, serving a four state market.
Belk will occupy 123,000 square feet located in center court at Valley Mall offering an assortment of national brands and private-label fashion, shoes and accessories for the entire family, along with top-name cosmetics, a wedding registry and southern style for the home. Bon-Ton is slated to close in February 2018, followed by the opening of Belk in October 2018.
Over the past several years, PREIT has made critically important strides to reshape its portfolio through redevelopment and proactive anchor replacement initiatives. This transaction further realizes the transformation of Valley Mall. Across our properties, we’re steadfast in bringing in concepts that respond to the demands of local shoppers as the retail landscape continues to evolve. Valley Mall’s position in the marketplace, coupled with Belk’s strong performance at other PREIT malls, represents a significant opportunity to attract local shoppers, driving traffic and sales and creating value at the property.
Belk will be joining a dynamic mix of tenants at Valley Mall, including newly introduced retailers H&M, Pandora, Torrid and Mission BBQ. The property also boasts an eclectic lineup of dining and entertainment offerings including Primanti Brothers, Red Robin, Noodles & Co, Starbucks and Regal Cinemas, the largest stadium seating theater within 25 miles.
This new opening at Valley Mall is the perfect addition to our existing base of stores, helping us grow Belk’s footprint in the Maryland market as we continue to expand. We’re looking forward to welcoming new customers to Belk and are excited to get to know their style as we become part of the Valley Mall shopping experience.
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the 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.
About Belk, Inc.
Belk, Inc., a private department store company based in Charlotte, N.C., is where Southern customers shop for their perfect Sunday dress, the Saturday night outfit, and where family and community matter most. But Belk is more than shopping – it’s where you find your own unique way to express who you are. It’s where Southern style lives. Shop Belk in 16 Southern states and on www.belk.com to find an assortment of national brands and private-label fashion, shoes and accessories for the entire family, along with top-name cosmetics, a wedding registry and southern style for the home.
SVP, Corporate Communications and Investor Relations