Saturday, March 23, 2019

PREIT Redeveloping Woodland Mall with New Retailers

by Steve Lubetkin,

PREIT has continued the repositioning of Woodland Mall, further establishing its presence as the premiere retail, dining and entertainment destination in Grand Rapids, the second largest city in Michigan. The makeover includes a 90,000-square-foot retail lease in the former Sears store, and the second location for The Cheesecake Factory restaurant in Michigan.
“With the addition of a fashion department store, the region’s only Apple store and The Cheesecake Factory, this property will take its place as a trophy mall and a top-performer in our portfolio,” says Joseph F. Coradino, CEO of PREIT. “The high-impact redevelopment of Woodland Mall is delivering a diverse and robust tenant mix that aligns with our portfolio quality improvement efforts.”

First-to-portfolio retailer Von Maur, which will occupy 90,000 square feet in the former Sears space, is set to open in the fall. This location will be the high-end department store’s first in the region. Von Maur will be joined by Urban Outfitters and a series of other new-to-portfolio and new-to-market retailers at the mall. REI will open in a 20,000 square-foot outparcel in the second quarter 2019 – bringing the in-demand outdoor clothing, gear and footwear brand to the region.

The project will feature other high-impact tenants, strengthening this market-dominant asset.  As the second largest redevelopment underway in PREIT’s portfolio, Woodland Mall is expected to deliver nearly 20% NOI growth in 2020.
To elevate the dining experience and expand the mall’s trade area, PREIT has signed up The Cheesecake Factory for its second location in Michigan and its only location in more than 50 miles.  The 8,500 square foot restaurant is expected to open late October 2019. The Cheesecake Factory is known around the globe for its extensive menu, generous portions and legendary desserts.

“Since opening our first restaurant in Beverly Hills more than 40 years ago, The Cheesecake Factory has become known for creating delicious, memorable experiences for millions of guests around the country, and we’re so pleased to be opening our first restaurant in Grand Rapids,” says David Overton, founder, chairman and chief executive officer of The Cheesecake Factory. “We look forward to opening in Woodland Mall this fall.”

The Cheesecake Factory will join Black Rock Bar & Grill, an award-winning steakhouse and first-to-market experiential dining offering, with an anticipated opening this summer.

Complementing these high-quality and diverse retailers, this Fall, Woodland Mall will also welcome Tricho Salon, a salon featuring the top hair styles, designs and products as well as makeup and waxing services.  An innovator in the salon business since 2003, Tricho Salons boasts 12 locations across the US.

PREIT has continued to evolve the retail mix at the mall, with new and upgraded store prototypes from key retailers including Altar’d State, Apple and LUSH.  These stores will also be joined by newly renovated prototypes from Williams-Sonoma and Bath & Body Works, which will relocate their stores to the newly-created Von Maur wing.

During the 2018 holiday shopping season, Woodland Mall experienced strong growth in foot traffic, which is expected to be enhanced with these new additions.

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