Off-price anchor tenants and mass-appeal restaurants offer unique experience at well-located property in southern New Jersey
Philadelphia, PA, September 20, 2018 – PREIT (NYSE: PEI) today announced the opening of HomeSense at Moorestown Mall in Moorestown, New Jersey. Fueled by growth in the off-price segment, HomeSense and the soon to open Five Below and Sierra Trading Post will replace the former Macy’s store, further transforming the property’s anchor mix and providing a variety of options for local shoppers in the southern New Jersey region. The additions further PREIT’s aim of redefining the mall experience.
Opening its doors today, HomeSense occupies 25,000 square feet of space offering off-price home furnishings from top designer brands. This is the first HomeSense location to open in the region and in PREIT’s portfolio – highlighting demand for this retail segment and PREIT’s ability to keep a pulse on popular trends.
Other value-oriented tenants opening soon include Five Below and Shoe Dept. Encore. Five Below, which offers products under $5 that appeal to kids, teens and adults alike, will open on October 5 and join HomeSense in the former Macy’s space. Shoe Dept Encore will open later this fall will also offer designer shoes at discount. They will join existing sought-after fashion retailers Express, H&M, Victoria’s Secret and Francesca’s.
New-to-market dining options will round out the additions, complementing the existing ones and offer mass appeal to the entire community:
Hash House A Go Go will bring farm-fresh food with a funky, modern twist. Its large bar will host a vibrant happy hour scene featuring local beers and truly famous signature cocktails. The well-known restaurant is famous for its unusual décor and oversized portions of Midwest inspired comfort food, serving breakfast, brunch, lunch and dinner daily. The restaurant will source many of its menu ingredients from local New Jersey farms.
Another new restaurant and South Jersey favorite will also join the lineup – Joe Italiano’s Maplewood, a family-owned Italian restaurant for nearly 75 years with locations in Hammonton and Mays Landing, N.J. and recently touting the 2018 Best Italian Restaurant Gold Award from Press of Atlantic City’s Best of the Press. Having built a reputation on serving unrivaled authentic Italian dishes and being renowned for its freshly made pasta and celebrated meatballs in red sauce—a.k.a. “gravy”— as well as for its signature seafood creations, the Moorestown location will put a fresh face on its menu with a creative array of brick-oven options.
“The reimagination of the Moorestown Mall experience is a prime example of our overall strategic effort to celebrate today’s consumer habits and forge a new mall definition by incorporating new anchor tenants and delivering new-to-market dining experiences,” said Joseph Coradino, CEO of PREIT. “As these segments gain popularity among consumers, we continue to bring unique brands that appeal to shoppers and further improve sales and drive traffic.”
More than 275,000 cars pass by Moorestown Mall every day. As one of the most well-located properties in PREIT’s portfolio, the mall is uniquely positioned to serve shoppers and boasts sales of over $415 per square foot. The redevelopment of Macy’s presents an opportunity to introduce new concepts as well as offer the potential for a mixed use center in the years to come.
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.
Forward Looking Statements
This press release contains certain forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “project,” “intend,” “may” or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, our business might be materially and adversely affected by changes in the retail and real estate industries, including consolidation and store closings, particularly among anchor tenants; current economic conditions and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; our substantial debt and the liquidation preference of our preferred shares and our high leverage ratio; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through sales of properties or interests in properties and through the issuance of equity or equity-related securities if market conditions are favorable; and potential dilution from any capital raising transactions or other equity issuances.
Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein and in our Annual Report on Form 10-K for the year ended December 31, 2017 in the section entitled “Item 1A. Risk Factors.” We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.