PREIT reports 22% holiday traffic increases at two renovated malls
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Plymouth Meeting Mall is not far from Simon’s powerhouse property in King of Prussia, Pa.
PREIT, one of a number of traditional mall owners engaged in major renovations, reaped outstanding results from its efforts at re-done centers over the holidays.
Plymouth Meeting Mall in the Philadelphia suburbs kicked off the holidays with a 24% traffic increase on Black Friday and held that momentum with a 22% rise during the remainder of the season.
Much of the increase, according to PREIT, was due to new tenants Burlington, Dick’s Sporting Goods, Miller’s Ale House, and Edge Fitness that moved into a former Macy’s space. Michael’s will fill out the rest of the anchor square footage when it opens in March.
Holiday traffic also rose 22% at Woodland Mall in Grand Rapids, Mich., where an expansion wing welcomed tenants including Von Maur, Urban Outfitters, The Cheesecake Factory, and Black Rock Bar & Grill.
PREIT’s multi-year remerchandising initiative at Mall at Prince George’s in Hyattsville, Md., made for a 10% Christmas traffic gain. New draws there included H&M, Ulta, DSW, Chipotle, and Miller’s Ale House.
Average sales per sq. ft. for the PREIT portfolio for the fourth quarter hit $539, an all-time company high. Some 16 million people visited PREIT malls during the holidays.
“The achievement of this exceptional double-digit traffic growth at key redeveloped assets underscores our ability to curate highly desirable tenant mixes that deliver a unique mix of differentiated uses designed for long-term success,” said PREIT CEO Joseph F. Coradino.