PREIT Executes New Leases with Forever 21 Representing Portfolio Appeal to Quality Retail Brands
Fast-fashion retailer set to open at four high-performing properties, offering sought-after tenant and building upon reimagined retail experience
Philadelphia, PA, May 3, 2018 – PREIT (NYSE: PEI) today announced a series of transactions with Forever 21 at four of its high-performing properties. The Company has executed leases with the fast-fashion giant at Magnolia Mall in Florence, SC, MPG (Mall at Prince George’s) in Hyattsville, MD and Plymouth Meeting Mall in Plymouth Meeting, PA further advancing its remerchandising initiative. With the fast-fashion retail segment continuing to thrive, these transactions highlight the attractiveness of PREIT’s portfolio to in-demand retail brands.
The addition of Forever 21 at Magnolia Mall reinforce the transformation of the shopping experience at the property which includes the recent additions of Burlington and Five Below and upcoming openings of HomeGoods and H&M. Occupying 9,000 square feet of space, Forever 21 is expected to open in the 4th quarter 2018.
Forever 21 marks another milestone in the robust remerchandising efforts at MPG (Mall at Prince George’s), where PREIT has undertaken a multi-million dollar investment to reimagine the shopper experience. The retailer will complement the mall’s growing fast-fashion segment, which includes H&M that kicked off the redevelopment project when it opened in December 2016. Forever 21 is expected to open in late 2019 in 8,000 square feet of space.
Plymouth Meeting Mall
Plymouth Meeting Mall will welcome the retailer later this year, occupying 11,000 square feet. The in-demand retailer will further the property’s ongoing transformation into a unique and vibrant destination for visitors with a depth of food, fun and fashion offerings appealing to today’s consumer. PREIT has been curating a differentiated tenant mix at the well-located property to redefine today’s mall model, building upon the success of an already differentiated tenant mix that has included Whole Foods and Dave & Busters since 2010 along with several dining options. Other recent additions include one of only 9 LEGOLAND Discovery Centers in the country; CYCLEBAR, a boutique, indoor cycling studio; 5 Wits, a live action escape room-like adventure; and a Build-a-Bear kiosk.
Capital City Mall
As part of PREIT’s ongoing remerchandising effort at this property, Forever 21 will expand from 7,000 to 14,000 square feet. At this market-dominant asset in Harrisburg, an expanded Forever 21 builds off of the momentum generated from the addition of H&M, DICK’s Sporting Goods and the Fine Wine + Good Spirits store that replaced Sears last year.
To execute a series of transactions with such a coveted, in-demand retailer underscores the attractiveness of PREIT’s portfolio and signals the strength of our properties in the evolving retail climate. We’re focused on differentiating tenancy with an array of concepts, including the hot segment of fast-fashion brands, and the addition of Forever 21 at these three properties will fortify their marketplace position and drive increased traffic and sales.
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.