PHILADELPHIA, June 16, 2016 /PRNewswire/ -- PREIT (NYSE: PEI) today announced the launch of a shopper digital rewards program, known as PREIT Perks, which will enable shoppers to earn credit on their purchases, as well as give retailers enhanced visibility into shopper behavior at PREIT malls. The program is debuting at the Cherry Hill Mall in Cherry Hill, NJ, and will be rolled out across PREIT's portfolio over the next several months – reaching thousands of retailer locations.
PREIT Perks leverages innovative technology from Spring – the only platform that connects digital marketing with real-time payment data and in-store sales – to maximize benefits for both consumers and retailers. To enroll in PREIT Perks, shoppers can register up to 15 credit and debit cards to earn credit for purchases made at mall retailers. Enrollment is a quick, one-step process available at in-mall kiosks and on PREIT malls' websites. For every $250 spent, consumers earn $10 back on their next transaction at the mall. PREIT Perks also connects consumers to retailers, giving brands access to real-time payments data and other shopper insights. Through partnerships with MasterCard, Visa and American Express, the Spring platform can segment customers based on frequency, shopping habits and spending behavior. With this technology, retailers can engage shoppers while they are in the mall, offering incentives by spend amount, time frame or specific location.
"As technology continues to drive changes in consumer behavior, PREIT is committed to investing in new, innovative programs to better connect and incentivize shoppers and amplify the omnichannel experience," said Joseph Coradino, CEO of PREIT. "PREIT Perks elevates the customer experience for shoppers by giving them an opportunity to be rewarded for their loyalty to our properties and optimizes the retailer-consumer relationship by providing our tenants with real-time insights into shopper behavior."
"Mall owners are increasingly looking for ways to connect with shoppers; retailers, for a way to effectively push traffic in-store; and, consumers for a more innovative shopping experience – and the Spring platform meets all of those needs," said Bruce Mitchell, CEO, Spring. "With this game-changing technology, shoppers will be rewarded and retailers will gain visibility into consumer behavior like they've never had before. We're thrilled to partner with PREIT as they continue to enhance their mall properties."
The addition of PREIT Perks is illustrative of the company's ongoing commitment to technology and innovation to create a differentiated mall experience. Last year, PREIT announced a partnership with Mobiquity to provide beacon-based advertising throughout its portfolio, enabling retailers to use location-based data to deliver targeted promotions to mall shoppers. By connecting retailers and shoppers through customized offers and personal, real-time experiences, PREIT is increasing customer engagement and driving traffic and sales at its properties. In addition, the company is preparing to launch online gift card sales for the back-to-school season.
"The launch of PREIT Perks is another important milestone as we seek to drive portfolio quality," said Coradino. "We're focused on providing a high-quality, rewarding experience for our consumers and retail partners and creating value for our shareholders through improved traffic and sales productivity at our properties."
PREIT (NYSE: PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pa., the company owns and operates over 25 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available at www.preit.com, on Twitter or LinkedIn.
Spring operates the Spring Network, which is immediately available to national and local merchants who want to grow revenue through performance-based marketing. Merchants simply opt-in to Spring and can immediately start running promotions – with no change to equipment or operations – adding the ability to track revenue and transactions delivered in real time and increasing consumer visits and spend per visit. Spring has partnerships with four of the nation's largest shopping mall operators – including Simon Property Group, Starwood Retail Partners, Taubman Centers and PREIT – reaching a network of more than 300 malls across all 50 states. Learn more at www.springnetwork.com.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT's current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT's forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled "Item 1A. Risk Factors." PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
SVP, Corporate Communications and Investor Relations
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