One of America’s biggest mall owners is back in business with a great majority of its tenants at their registers.
PREIT’S Capital City Mall in Harrisburg, Pa., and Dartmouth Mall in Providence, R.I., were both 85% occupied on re-opening days. PREIT was positive about traffic, too, noting that the Patrick Henry Mall in Newport News, Va., drew 99% as many visitors as it did in the same week last year.
The average non-anchor occupancy rate across its mall portfolio was 85%, according to PREIT.
“We are extremely encouraged by these results and are thrilled to be on the path toward full re-opening,” said Joseph Coradino, CEO of the Philadelphia-based mall owner.
With June opening dates set for suburban Philadelphia properties, Coradino expects PREIT’s entire portfolio to be operational by the end of the month. The single exception will be the new Fashion District in Center City Philly, which is expected to open on the July 4th weekend.
PREIT noted that its full return to business will employ 30,000 workers and contribute more than $60 million in tax revenue annually to the communities in which it operates.