Leading European Fashion Retailer Opening its Fifth Location in the
Northeastern US in Willow Grove, PA
Philadelphia, PA, July 19, 2016 – PREIT (NYSE: PEI) today announced the grand opening of Primark, a leading European fashion retailer, at its Willow Grove Park in the Philadelphia suburb of Willow Grove, PA. This is the second Primark location in the Philadelphia region and the fifth in the Northeastern United States.
Primark is one of the largest clothing retailers in Europe, offering up-to-the-minute styles at value-for-money prices. This new location will occupy 58,300 square feet space previously occupied by Sears on the second and third floors of the southwest side of the mall. Focused on fashion, value and customer service, the retailer’s newest store will feature 59 fitting rooms and 47 registers, recharge areas, as well as a trend room, elevating the shopper experience for PREIT’s Willow Grove Park customers with added convenience and innovative experiences.
With a range of fashion products – including womenswear, menswear, children’s apparel, home goods and beauty products – Primark Willow Grove is a leading example of PREIT’s commitment to diversifying its tenant mix and welcoming contemporary anchor stores to its portfolio.
Retailers like Primark, delivering fashion and value that is limited to the brick-and-mortar format, are in high demand in today’s retail environment, meeting the evolving needs of consumers. New anchors, along with a unique roster of retailers, diverse dining, entertainment and experiential offerings are the keys to success in today’s mall setting,” said Joseph F. Coradino, CEO of PREIT. “By capitalizing on our concentration in sought-after markets, like Philadelphia, our properties attract new and exciting merchants, of which Primark’s second Philadelphia location is a prime example.
As consumer shopping behaviors continue to fuel the evolution of the mall, PREIT is differentiating the shopper experience by bringing new, diversified tenants to its properties. Over the past several years, the company has focused on strategic anchor redevelopment, enhancing its portfolio quality with the addition of niche retailers and “retailtainment” offerings. Earlier this year, PREIT executed a lease to bring DICK’s Sporting Goods and Field & Stream to its Viewmont Mall in Scranton, PA, as well as Round 1 Entertainment – offering billiards, ping pong and bowling – at its Exton Square Mall. Additionally, the company announced the development of a LEGOLAND Discovery Center at the Plymouth Meeting Mall, marking one of nine locations in the country and the only one in the state.
A grand opening for Willow Grove Park’s Primark store will be held this morning. Primark currently has 312 stores in 11 countries.
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pa., the company owns and operates over 25 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available at www.preit.com, on Twitter or LinkedIn.
Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the federal securities laws. 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 PREIT’s 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. Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT’s forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled “Item 1A. Risk Factors.” PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
SVP, Corporate Communications and Investor Relations