PREIT Expands on Success of Restaurant Addition Strategy with 2nd Annual PREIT South Jersey Restaurant Week Event

PHILADELPHIA, June 24, 2015 /PRNewswire/ -- PREIT (NYSE: PEI) announced this week the return of its popular PREIT South Jersey Restaurant Week, a consumer-driven experience that highlights the abundance of fine dining options available at the Company's three southern New Jersey properties.

During the week-long promotion, set for July 12 – 19, guests will be offered special menus and/or pricing from destination restaurants at Cherry Hill Mall, Moorestown Mall, and Voorhees Town Center (see full list of participants below).

Recognizing the growing importance of socialization and entertainment experiences in the ever-evolving retail industry, PREIT has focused on delivering exciting restaurant options throughout its portfolio, adding over 200,000 square feet of restaurants to the Philadelphia market since 2008. To expand upon the success of these additions, PREIT became the first mall operator in the Philadelphia/South Jersey region to introduce the concept of Restaurant Week exclusively hosted at its properties, a benefit the Company creates by having such a significant retail real estate presence in the market.  This year, PREIT plans to drive consumer awareness through its partnership with web-based urban review guide, Yelp, to host a special preview event for reviewers and introduce its dining brands to more Philadelphia-area food lovers and bloggers.

Having added 27 new dining establishments in the Philadelphia market since 2008, PREIT most recently celebrated the opening of Harvest Seasonal Grill & Wine Bar at Moorestown Mall, and has an executed lease with Yard House to open at the property later this year.

"Our goal is to improve the shopping experience at our properties through the introduction of exciting dining options and sought-after retailers," says PREIT CEO Joseph F. Coradino. "By creating experiences like PREIT South Jersey Restaurant Week, we are highlighting our great restaurants and delivering a unique experience with an added value proposition for our consumers."

Studies show that the growing millennial demographic enjoys dining out, and those who dine at a mall typically stay longer and have a higher propensity to spend. According to a study performed by marketing agency BBDO Atlanta, who surveyed 1,000 millennials about their eating-out habits and attitudes, sixty-four percent of millennials dine out at least once per week. Additionally, restaurant industry sales are expected to hit a record high in 2015, according to the National Restaurant Association's 2015 Restaurant Industry Forecast, which projects restaurant and food service sales to top $709 billion this year – a 3.8 percent increase from 2014.

"Restaurants create a venue for the social experience desired by shoppers, especially the millennial consumer,  and offer an experience they cannot get online," says Coradino.  "Restaurants drive traffic and sales inside the mall without competing with traditional retailers."

For more information about PREIT South Jersey Restaurant Week, and for reservation information, visit the participating malls' web sites for menu and offer details.

RESTAURANTS PARTICIPATING IN PREIT MALLS SOUTH JERSEY RESTAURANT WEEK:

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 owns and operates 28.5 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia.  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 preit.com or on Twitter or LinkedIn.

CONTACT:
AT THE COMPANY
Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
[email protected]

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SOURCE PREIT