PREIT’s version of ‘That’s Entertainment’

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PREIT’s version of ‘That’s Entertainment’

By Al Urbanski - 07/20/2017

Dining and entertainment square footage continues to replace that of department stores in PREIT’s mall portfolio.



Last week the Philadelphia-based developer announced that it had signed leases to fill vacated Sears space at two of its properties. Five Below and an unnamed off-price furniture retailer will join Burlington in the former Sears at the Magnolia Mall in Florence, South Carolina.



At Capital City Mall in Camp Hill, Pennsylvania, Fine Wine & Good Spirits signed a lease to join Dick’s Sporting Goods in the old Sears footprint.



This week, PREIT announced plans for entertainment expansion. The company claims that non-anchor space in its portfolio dedicated to dining and entertainment has increased by 36% since 2012.



All In Adventures, an escape room concept, has signed leases to open in Magnolia Mall as well as two other Pennsylvania malls -- Viewmont and Willow Grove Park.



Tilt Studio has signed a lease to bring its rides, arcade games, bowling, and laser tag to Patrick Henry Mall in Newport News, Virginia, and Dave & Busters will do a 15% expansion of its location at Springfield Town Center in Springfield, Virginia.



“PREIT has added over one million sq. ft. of dining, entertainment, health and wellness, fast fashion and off price tenants, an increase of more than 70% of space committed to these tenants in five years,” said company CEO Joseph Coradino.