Friday, December 6, 2019

Black Friday, Thanksgiving Weekend Sales Bolster PREIT’s Strategy

by John Jordan
PREIT reports robust sales at its recently opened redeveloped properties during Black Friday and the Thanksgiving weekend.

The locally-based REIT states that sales during that prime selling period set up their recently opened redevelopments—Fashion District Philadelphia, Woodland Mall and Plymouth Meeting Mall—for a strong holiday season.
In just over two months since opening, Fashion District in Philadelphia has welcomed more than 2 million visitors, an achievement for a property marching toward stabilization. Upcoming openings of key destination tenants, including Round 1, Wonderspaces, Primark and Sephora are likely to bolster these results, PREIT officials state.

The opening of the highly-anticipated Woodland Mall expansion wing has been a success. Traffic for the Black Friday weekend was up 29% at the Grand Rapids, MI complex over the same period last year with many retailers reporting sales in excess of their goals.

Recent openings at the Woodland Mall include high-impact tenants, many of which are exclusive and new-to-market such as Von Maur, Urban Outfitters, The Cheesecake Factory, Tricho Salon and Black Rock Bar & Grill.

As part of its ongoing anchor repositioning effort, PREIT welcomed new retail, dining and experiential concepts for consumers at its Plymouth Meeting Mall. Most recently, Dick’s Sporting Goods, Burlington, Miller’s Ale House and Edge Fitness have opened their doors in the former Macy’s space. Benefitting from a strategic location in the Philadelphia suburbs, traffic was up 24% over last year’s Black Friday weekend at the shopping center in Plymouth Meeting, PA.

“The work we have done in strengthening our portfolio continues to deliver exceptional results,” said Joseph F. Coradino, CEO of PREIT. To experience this notable upswing in traffic at the properties where we’ve made significant investments is a testament to the strength of our strategy and the potential for a sustained, long-term impact on sales productivity and shareholder value.”

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