PREIT Adds Signature Tenants to Premier Malls

by Steve Lubetkin, Globest.com

PREIT has signed key leases for new tenants at the following premier malls:

Cherry Hill Mall, Cherry Hill, N.J.: lululemon athletica; Tumi, e.l.f. studio
Willow Grove Park, Willow Grove, PA: Primark (opening 2016)
Woodland Mall, Grand Rapids, MI: Garage
These new tenants complement other recent additions to these properties including:

UNIQLO at Cherry Hill Mall and Willow Grove Park
Michael Kors at Willow Grove Park
Vera Bradley at Cherry Hill Mall
"We have been successful in our strategic plan to enhance the shopping experience by delivering sought after national and first-to-portfolio and first-to-market retailers," says Joseph F. Coradino, CEO of PREIT. "As we continue our portfolio transformation, we expect to deliver more key brands that drive traffic and sales to our properties."

Cherry Hill Mall, eight miles from Philadelphia, serves as the dominant shopping center in densely populated southern suburban New Jersey, with a tenant mix consisting of high-end retailers and restaurants.  With the additions of e.l.f studio, lululemon athletica and Tumi this year and UNIQLO and Vera Bradley late last year, Cherry Hill Mall continues its tradition of attracting new tenants to the PREIT portfolio. The high-end tenant strategy appears to have paid off handsomely, PREIT tells GlobeSt.com.

“The customer has really been receptive to the remerchandising that has occurred since we brought Nordstrom to the property,” Heather Crowell, vice president of Corporate Communications and Investor Relations for PREIT, tells GlobeSt.com exclusively.  “When we set about the plan, sales at the property were $400 per square foot and as of the end of 2014, were well over $600 per square foot so we think that's the best validation of our merchandising strategy we could ask for.”

At Willow Grove Park Mall in Willow Grove, PA, Sears recently announced the planned  opening of Primark in a portion of its space on the 2nd and 3rd levels of the mall. The announcement comes as part of Primark's rollout in the Northeastern United States. Last year, Willow Grove Park continued to improve its merchandise offerings through the addition of Michael Kors and UNIQLO, who opened two stores in PREIT malls as part of its four-store expansion into Philadelphia.

Canadian-based retailer Garage will join Woodland Mall, a premier mall located in western Michigan that features many stores' exclusive Western Michigan presence. Garage will supplement the mall's diverse, high-end tenant mix while catering to the younger, fashion-savvy shopper.  Key stores Vera Bradley and Lush Fresh Handmade Cosmetics opened in 2014.

PREIT says its six premier malls contributed 38.2% of its same store mall NOI and generated sales per square foot of $543 as of December 31, 2014.  The continued merchandise upgrades are a direct result of the Company's effort to improve the quality of its portfolio.
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