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03/29/2022

The mall operator that just set a sales per square foot record is…

Al Urbanski
Real Estate Editor & Manager
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Phoenix Theatres' new concept opening at Woodland Mall features 4K projection and heated seats packed with subwoofers.

PREIT, the mall owner which years ago set a minimum average sales-per-sq.-ft. number as a marker for dispossession, now finds itself with record-high receipts.

The Philadelphia-based company’s portfolio-wide sales-per-sq.-ft. hit an all-time high of $618 in February, according to a report released this week. The highest gainers over January were Mall at Prince George's, Springfield Town Center, and the Moorestown, Jacksonville, and Capital City Malls.

The company credits a steady stream of new tenants for ringing the registers, a trend that will continue in the coming months.

Lego’s first Lego Discovery Center will be opening at Springfield Town Center in Virginia. Tilted 10 will fill the former J.C. Penney space at Willow Grove Park in Pennsylvania. Phoenix Theatres is expected to open a new concept at Woodland Mall in Michigan featuring heated reclining seats installed with subwoofers. And Eddie V's, Warby Parker, Deo Eyewear, and M2O Burgers are slated to open at Cherry Hill Mall.

"Delivering new tenants to our communities and creating these refreshed environments has continued to drive consumer interest leading to impressive sales growth for our tenants," said PREIT CEO Joseph F. Coradino.