A reinvented Macy's box at the Moorestown Mall in Moorestown, NJ
PHILADELPHIA—PREIT reports it has successfully replaced all of its anchor department store vacancies in its core portfolio.
In the turbulent bricks and mortar retail sector, PREIT has replaced 13 department stores in three years in its core portfolio of 18 properties.
In these 13 stores, PREIT signed lease deals with more than 30 new tenants that run the gamut of consumer categories, including off-price, sports and leisure, fitness, arts and crafts, dining and entertainment, home décor, as well as traditional department stores.
“PREIT has been steadfast and deliberate in delivering results through its anchor replacement initiatives and is proud of its track record, having no un-leased department stores in its core portfolio,” says Joseph F. Coradino, CEO of PREIT. “With no anticipated JC Penney closings on the horizon and among the lowest exposure to Sears in the sector, we are uniquely positioned to execute on our strategy and capitalize on the opportunity to strengthen our earnings growth as material projects come on line this fall.”
Year to date through June 30, 2019, a number of recently re-merchandised properties saw increases in foot traffic compared to the six months ended June 30, 2018, including the Capital City Mall: +9.4%; Moorestown Mall: +5.7%; Mall at Prince George's: +2.3% and the Valley Mall: +2.1%
Comparable sales in the company's core portfolio were up 5.3% to $530 per square foot for the rolling 12-month period ended May 31, 2019, the retail REIT states.
Last month, PREIT reported that it had secured Burlington as the lead replacement for Sears at Dartmouth Mall in North Dartmouth, MA following the company's proactive recapture of the store.
PREIT stated at the time that it was in discussions with other large format retailers to complement Burlington.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
