PREIT reports 10% sales increases at three malls in May

Sales at Cherry Hill Mall, Springfield Town Center, and Woodland Mall were up 10% year-over-year in May and 12-month comp sales grew 3% since the end of 2021, PREIT reported.

At Cherry Hill, PREIT’s crown jewel, sales per sq. ft. rose to $944 versus $936 last year. The Philadelphia-based company foresees that number continuing to rise as it has executed 45,000 sq. ft. of leases for tenants yet to open.

Woodland Mall in Grand Rapids, which underwent a transformative development in 2019 that drew new tenants such as Rose and Remington and Phoenix Theatres, saw its sales per sq. ft. rise 5.6% to $667. And Virginia’s Springfield Town Center—which has beefed up its restaurant lineup and will open its region’s first Lego Discovery Center—saw comp sales rise to $580 per sq. ft. from $558 last year.

"Our strategic portfolio management strategy designed to own top-tier assets in top suburban markets and the top retail destinations in secondary markets continues to yield results," said PREIT CEO Joseph Coradino.