Expect New Stores and Many Shoppers at PREIT Malls This Holiday Season
2021 Record New Leasing Activity Leads to 450,000 square feet of new stores since last holiday season, representing nearly 5% YOY occupancy growth
Proactive Cultivation of Local and Small Businesses Leads to Half of Portfolio being Fully Occupied and 17% Growth in Black and Brown-Owned Businesses
Great Deals, Lots of Customers, Shopper surprises, Photos with Santa and more
PREIT (NYSE: PEI), today, highlighted what droves of shoppers are experiencing this holiday season at its properties.
New Stores
PREIT’s leasing success over the past two years, leading to a remarkable 480 basis point increase in occupancy, has resulted in many new stores for shoppers to visit. Since last holiday season began, over 450,000 square feet of new stores have opened.
Permanent store success has also resulted in increased interest from small and diverse business, a primary focus of PREITs as it seeks to differentiate its properties and offer unique experiences. As a product of this successful effort, half of PREIT’s properties are fully leased this holiday season!
As part of PREIT’s effort to cultivate diverse businesses, the number of Black and Brown-owned businesses operating across its portfolio increased by 17% since 2021 to nearly 140 across 17 properties.
Shoppers can also expect great deals along with lots of company at the mall. Traffic over Black Friday weekend was in line with 2021 across the portfolio with top-performers Springfield Town Center and Woodland Malls posting the largest gains over last year.
PREIT Malls are also randomly surprising visitors with gift cards and giveaways every Wednesday through Christmas Week, hosting special events and, as part of their continued effort to be a centerpiece in their communities, partnering with Cards for Hospitalized Kids where children waiting to visit with Santa can decorate a car for a hospitalized child.
“With NRF predicting strong sales holiday growth again this year, we are pleased to offer our customers a distinctive, fun and community-focused holiday season,” said Joseph Coradino, Chairman & CEO of PREIT. “Our leasing success provides continual reasons to visit our properties, with many new stores and experiences opening over the past year and the tactile experience of new products and social gatherings.”