Assets with recently opened remerchandised tenants report significant traffic increase highlighting the strength of PREIT’s execution
Philadelphia, PA, November 29, 2018 – PREIT (NYSE: PEI) today announces strong results to kick off the holiday shopping season, reporting a significant increase in traffic throughout the four-day Thanksgiving weekend (Thursday through Sunday) at properties with recent anchor redevelopment or remerchandising initiatives, in comparison to 2017.
Viewmont Mall – Scranton, PA
Traffic at the mall grew 11 percent, one of the largest increases across the portfolio. PREIT proactively recaptured and replaced the former Sears store with DICK’s Sporting Goods, Field & Stream, and HomeGoods – all of which opened in September 2017. This year’s holiday weekend results underscore the overwhelming success of these efforts and the reimagined mall overall.
Woodland Mall – Grand Rapids, MI
The property, which is currently undergoing a large-scale remerchandising initiative, experienced a 13 percent increase in traffic. Upcoming additions or refreshed formats include Altar’d State, Hollister, Victoria’s Secret and several other in-demand retailers. New tenants set to open in 2019 include Von Maur, Urban Outfitters and REI.
Moorestown Mall – Moorestown, NJ
With the recent opening of HomeSense and Five Below in the former Macy’s space, Moorestown Mall kicked off the season with a nearly 9 percent increase in traffic. Sierra Trading Post will join the two off-price retailers in 2019, alongside new dining additions Hash House a Go Go and Joe Italiano’s Maplewood.
MPG – Hyattsville, MD
PREIT has invested $30 million in the transformation of this powerhouse property in the DC suburbs, and the remerchandising initiative is paying off. On the heels of recent additions – including ULTA Beauty, DSW, Five Below, &pizza, Express Factory Outlet and more than a dozen other tenants over the past two years – the mall saw a 6 percent traffic uptick throughout the Thanksgiving holiday weekend.
“We’re already off to an incredibly successful start to holiday shopping, as evidenced by the results from the kickoff weekend, and we’re confident that this data is a strong indicator for the rest of the season,” said Joseph F. Coradino, CEO of PREIT. “To experience this notable upswing in traffic at the properties where we’ve made significant investments is a testament to the strength of our strategy and the potential for long-term impact on sales and value.”