PHILADELPHIA, May 10, 2017 /PRNewswire/ -- PREIT (NYSE: PEI) today announced the addition of new experiential tenants at two of its Pennsylvania-based malls. As the mall industry continues to shift toward a new model inclusive of retail, dining and entertainment, these new experiences will further elevate PREIT's portfolio to reflect the evolving behaviors of consumers. Since 2012, PREIT has added over 1 million square feet of dining, entertainment, health and wellness, fast fashion and off price tenants, an increase of more than 70% of space committed to these tenants.
At Capital City Mall in Harrisburg, PA, a lease has been executed with Dave & Buster's. The 28,000 square foot dining and entertainment venue will open in Fall 2018 and support the mall's continued diversification strategy. Earlier this year, PREIT announced that DICK's Sporting Goods will open and join Field & Stream. The property also boasts the only DSW and Forever 21 stores in the region.
On the heels of the recent opening of LEGOLAND Discovery Center, Plymouth Meeting Mall in the Philadelphia suburbs is welcoming two new tenants to its already diversified roster. PREIT has executed a lease with 5 Wits, a unique entertainment destination named after the five senses. This live-action entertainment experience immerses guests in realistic situations that includes hands-on challenges and requires teamwork. 5 Wits offers a variety of adventures with elevated special effects and compelling storytelling. A new-to-region and first-to-portfolio tenant for PREIT, the experience will offer several adventures for a range of guests – from families, to kids ages seven and older, to corporate groups seeking team-building activities. The 14,000-square foot location will be located in Plymouth Meeting Mall across from LEGOLAND Discovery Center and will open in Fall 2017. In addition, CYCLEBAR, premium indoor cycling that offers a high-energy workout in a concert-like atmosphere, opens its Plymouth Meeting Mall location on May 18 occupying more than 2,700 square feet of space. CYCLEBAR's state-of-the-art studio and dynamic classes will complement the unique mix of tenants at the mall.
PREIT is taking a consumer-driven approach to crafting its tenant mix across its portfolio with 17 percent of space committed to dining and entertainment. At Plymouth Meeting Mall, the proportion is greater than 45 percent, highlighting PREIT's ability to capitalize on location and differentiate an asset in a highly competitive market.
"The historic view of the mall, heavily reliant on apparel and traditional retail, has expired and a new model is rising. Dining, entertainment and experiential concepts represent the mall of the future and allow landlords to highlight the value in the real estate they own," said Joseph F. Coradino, CEO of PREIT. "PREIT has long been transforming the traditional mall model, having added our first mall-based Marshalls in 2002, DICK's Sporting Goods in 2006 and Whole Foods in 2010 and we are fully committed to evolving our model to meet the consumer where they are. The new tenants we are adding at these quality properties underscores our ongoing transformation and value-creating platform."
Creating a variety of experiences beyond retail at malls aligns with ongoing changes in consumer behaviors. According to PREIT's 2016 Shopper Survey, 62 percent of consumers like to shop around and participate in other activities – including dining, seeing a movie and socializing – while at the mall.
PREIT (NYSE: PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
SVP, Corporate Communications and Investor Relations
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