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Coradino says Bon-Ton closures won’t hurt PREIT

Joseph Coradino, CEO of major mall owner PREIT’s institutionalized anchor replacement strategy, has insulated the company against department store closures like the one announced by Bon-Ton.

“Our aggressive disposition and proactive anchor replacement program has resulted in the lowest exposure to Bon-Ton within our sector,” Coradino said. “We have found great opportunity in replacing department stores and have been leading the industry in so doing.”

PREIT claims to be the first big mall owner to have instituted a program to sell low-productivity malls, disposing of properties it deemed incapable of achieving average sales per sq. ft. of $500. A PREIT press release noted that — at the 17 properties it disposed of in the last five years — 25 anchor stores have closed.

The company reports that eight of its malls have achieved the $500 sales goal in each of the last 12 months, and that the rolling 12-month sales per square foot average across its portfolio currently stands at $483.

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