Additions reinforce PREIT’s ability to differentiate its portfolio and reinvent the shopper experience with a well-curated mix of dining, entertainment and retail tenants
Philadelphia, PA, November 6, 2017 – PREIT (NYSE: PEI) today announced multiple new experiential concepts, including dining and entertainment, at Plymouth Meeting Mall in the Philadelphia suburbs, further fortifying the property’s unique position in the marketplace as a regional destination. Over the past year, Plymouth Meeting Mall has welcomed a variety of new concepts bringing innovation and diversification to its tenant base to align with the new age of retail, highlighted by the opening of 5 Wits this past weekend.
PREIT has executed leases with Build-a-Bear for one of the brand’s first kiosk deployments in the country, where customers can create the same customizable furry friends they’re able to in a traditional store; The Dapper Doughnut, a kiosk experience serving hot mini doughnuts; and Busy Bees Pottery & Arts Studio, a create-your-own project art studio with BYOB canvas painting. These experiential concepts will join Versace Gelato, one of only 12 locations nationwide, which is expected to open soon.
These new additions underscore the continued evolution of Plymouth Meeting Mall, which was an early adopter of experiential offerings for local consumers. It was one of the first malls to open a Whole Foods Market on the property in 2010, and has since welcomed multiple dining and entertainment concepts to meet evolving consumer demands. LEGOLAND® Discovery Center Philadelphia opened at the property in April 2017, complementing existing entertainment attractions including Dave & Buster’s and a recently renovated AMC Theatre. Cyclebar, the world’s first and only Premium Indoor Cycling™ franchise, opened in May 2017 and 5 Wits, a cutting-edge live-action entertainment escape room, which grand opened this past weekend.
The addition of these uses to the Plymouth Meeting Mall offering exemplifies our unique approach to introducing experiential concepts at a well-located asset in a densely-populated market. With its well-curated, diverse range of entertainment and dining concepts, it is a truly unique property that will continue to evolve through our Macy’s redevelopment strategy.
Plymouth Meeting Mall is located in a well-situated, high-trafficked region at the intersection of four of Philadelphia’s major roadways. Over 90 million vehicles pass the mall per year – a significant opportunity to attract new visitors from the surrounding region.
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.