Friday, August 23, 2019

Planet Fitness to Open at Moorestown Mall in Spring 2020

by John Jordan
PREIT reports today it has signed Planet Fitness to a more than 23,000-square-foot lease at its Moorestown Mall here, continuing the health and fitness tenancy growth within the Philadelphia-based REIT’s portfolio.

The fitness facility is slated to open in the spring of next year. The deal marks the latest expansion of square footage dedicated to health and wellness tenancy at the PREIT’s properties.
“Gym-goers today are focused on the fitness journey—they’re not just going to the gym, but buying attire that suits their athletic style and seeking healthier eating alternatives,” says Joseph F. Coradino, CEO of PREIT. “We want to provide local consumers with more reasons to choose the mall as their go-to destination for activities that suit their lifestyle. With the addition of Planet Fitness, we’re continuing to add health and wellness tenants supporting the all-encompassing experience offered by our properties as consumer interests expand well beyond soft goods.”

Since 2008, fitness center leasing in malls has tripled on a square footage basis. PREIT says it has recognized the growing demand in this segment and has strengthened its portfolio to include a variety of health-oriented concepts, most recently incorporating Onelife Fitness at the Valley Mall, Peloton at the Cherry Hill Mall and Edge Fitness opening this fall at the Plymouth Meeting Mall.
Moorestown Mall recently enhanced its tenant mix to include new restaurants to complement a productive Harvest Seasonal Grill, YardHouse and Regal Cinema, rounding out a dining and entertainment component as well as a blend of new-to-market off price venues offering branded merchandise at a discount in the former Macy’s location, including HomeSense, Sierra and Five Below with Michaels Arts and Crafts joining the tenant roster in 2020.

At Moorestown Mall, results have been strong, PREIT reports. Rent generated in the former Macy’s store is 19 times the prior revenue. Traffic has improved by 5.7% through June 30, 2019 compared to the first six months of 2018.

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