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06/09/2022

PREIT reports 10% sales increases at three malls in May

Al Urbanski
Real Estate Editor & Manager
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black rock
Black Rock is part of an improved tenant lineup at Woodland Mall in Grand Rapids, Mich.

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.