PREIT Executes First Portfolio UNIQLO Transaction to Open at Willow Grove Park in Suburban Philadelphia Globally recognized retailer joins fashion-forward tenant lineup
PHILADELPHIA, May 12, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) announces its first transaction with global apparel retailer UNIQLO at Willow Grove Park in Willow Grove, PA, scheduled to open this fall. The fast fashion concept store will occupy 10,000 square feet on the mall's third level near Nordstrom Rack.
UNIQLO features high-quality, casual apparel for men, women and kids. The brand's "made for all" apparel aims to transcend age, gender, occupation and ethnicity with high-quality, universal designs that offer supreme comfort and a superb fit with affordable prices.
"As we continue to focus on improving portfolio quality, we're thrilled to add UNIQLO to our tenant roster in this first-to-portfolio transaction as well as to be a part of their expansion plans and introduction to the Philadelphia market," stated PREIT CEO Joseph F. Coradino.
Willow Grove Park is a three-level, 1.2 million square foot premier regional shopping mall, located north of Philadelphia. Anchored by Bloomingdale's, Macy's, Sears, JC Penney and Nordstrom Rack, Willow Grove Park features more than 130 leading distinctive specialty stores and restaurants, including Apple, Banana Republic, Coach, J. Crew, Lucky Brand Jeans, Pandora, Sephora, Teavana, White House/Black Market, Williams-Sonoma, Bravo Cucina Italiana and The Cheesecake Factory.
About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company now owns properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. The Company's current portfolio is comprised of 35 shopping malls, seven other retail properties, and three development sites totaling 45 properties and 30.4 million square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.
About UNIQLO and Fast Retailing
UNIQLO is a brand of Fast Retailing Co., Ltd., a leading global Japanese retail holding company that designs, manufactures and sells clothing under seven main brands: Comptoir des Cotonniers, GU, Helmut Lang, J Brand, Princesse tam.tam, Theory, and UNIQLO. With global sales of approximately 1.14 trillion yen for the 2013 fiscal year ending August 31, 2013, Fast Retailing is currently the world's fourth largest apparel retail company, and UNIQLO is Japan's leading specialty retailer. UNIQLO continues to open large-scale stores in some of the world's most important cities and locations, as part of its ongoing efforts to solidify its status as a truly global brand. Today the company has more than 1,300 stores in 14 markets worldwide: Japan, China, France, Hong Kong, Indonesia, Malaysia, Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, U.K. and U.S. UNIQLO operates an integrated business model under which it designs, manufactures, markets and sells high-quality, casual apparel. The company believes that truly great clothes should be supremely comfortable, feature universal designs, are of high quality and offer a superb fit to everyone who wears them.
AT THE COMPANY
VP, Corporate Communications and Investor Relations