PREIT issues State of Repositioning report
There was a time, not long ago, when mall owners crowed about their Sears, Macy’s and J.C. Penneys. Now, one has issued a chronicle of its systematic decommissioning of department store anchors.
That owner is PREIT, and CEO Joe Coradino claims his company was ahead of the curve in the decline of some of the biggest names in retail.
“PREIT was an early mover in its proactive anchor repositioning program,” Coradino said in releasing a compilation of moves made during PREIT’s strategic repositioning. “We are capitalizing on owning quality properties in the best locations in their markets, capturing a wide variety of tenant interest. At the same time, we are systematically reducing exposure to select department stores.”
PREIT reported that there are currently nine anchor locations in transition it its portfolio. Seven replacement tenants are under construction, and five are expected to be on the rent rolls by year’s end.
The locations:
Viewmont Mall (Scranton, Pennsylvania): Dick's Sporting Goods, Field & Stream, and HomeGoods will replace a Sears store that PREIT recaptured in 2016.
Capital City Mall (Harrisburg, Pennsylvania): Another Dick's moving into another former Sears.
Valley View Mall (Lacrosse, Wisconsin): Herberger's Department Store will open in a former Macy's.
Magnolia Mall (Florence, South Carolina): Sears replaced by Burlington.
Last year, PREIT installed Dick’s and Round 1 Entertainment in two recaptured J.C. Penneys locations at Exton Mall in Exton, Pennsylvania, and Cumberland Mall in Vineland, New Jersey.
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That owner is PREIT, and CEO Joe Coradino claims his company was ahead of the curve in the decline of some of the biggest names in retail.
“PREIT was an early mover in its proactive anchor repositioning program,” Coradino said in releasing a compilation of moves made during PREIT’s strategic repositioning. “We are capitalizing on owning quality properties in the best locations in their markets, capturing a wide variety of tenant interest. At the same time, we are systematically reducing exposure to select department stores.”
PREIT reported that there are currently nine anchor locations in transition it its portfolio. Seven replacement tenants are under construction, and five are expected to be on the rent rolls by year’s end.
The locations:
Viewmont Mall (Scranton, Pennsylvania): Dick's Sporting Goods, Field & Stream, and HomeGoods will replace a Sears store that PREIT recaptured in 2016.
Capital City Mall (Harrisburg, Pennsylvania): Another Dick's moving into another former Sears.
Valley View Mall (Lacrosse, Wisconsin): Herberger's Department Store will open in a former Macy's.
Magnolia Mall (Florence, South Carolina): Sears replaced by Burlington.
Last year, PREIT installed Dick’s and Round 1 Entertainment in two recaptured J.C. Penneys locations at Exton Mall in Exton, Pennsylvania, and Cumberland Mall in Vineland, New Jersey.
Connect with me on LinkedIn | Follow me on Twitter