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It’s anchors aweigh at PREIT in strategic repositioning


PREIT’s stated strategic shift to pack its portfolio with more relevant anchors is moving ahead at full steam.

At its Cumberland Mall in New Jersey this month, Dick’s Sporting Goods opened in a 50,000-sq.-ft. space vacated by J.C. Penney. In December, another former Penney’s space will debut as a Round One Entertainment location, and being readied for 2017 openings at other PREIT malls are Home Goods and Field & Stream stores, a Whole Foods Market, and a Legoland Discovery Center.

“We are continuing to capitalize on our portfolio of high-quality properties in compelling markets by bringing in exciting retail and entertainment destinations,” said PREIT CEO Joseph Coradino. “At the same time, we are systematically reducing exposure to select department stores thereby creating value and driving traffic and sales momentum."

A Primark opened at the company’s Willow Grove Park in July, and a Saks OFF 5th opened at its Springfield Town Center in September.

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