PREIT's Future in Urban Retail and Beyond

PREIT has been a leader in the retail industry for decades, with a portfolio of high-quality properties that are strategically located in major metropolitan areas.

The company has a strong presence in the Northeast and Mid-Atlantic regions, with a focus on urban markets such as Philadelphia and Baltimore.

PREIT's properties are designed to provide an exceptional shopping experience, with a mix of national and local retailers that cater to the diverse needs of urban residents.

By investing in these urban areas, PREIT is well-positioned to capitalize on the growing demand for experiential retail and entertainment.

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PREIT's Transformation was a deliberate effort to revamp the company's business model and operations.

The company's focus shifted from being a traditional REIT to a more experiential retail and mixed-use property owner.

This transformation was driven by a recognition that the retail landscape was changing rapidly and that PREIT needed to adapt to remain competitive.

By incorporating more experiential elements into their properties, PREIT aimed to create destinations that would attract customers and drive foot traffic.

The company's investment in the Springfield Town Center in Maryland is a prime example of this strategy in action.

PREIT's former executive, Coradino, was a 40-year veteran of the company and a self-proclaimed cheerleader for its prospects.

He was optimistic despite the company's significant financial struggles, which include a deficit of over $900 million.

PREIT's shopping centers faced shutdowns due to pandemic restrictions, which had a major impact on the company's finances.

The trend towards e-commerce and rising interest rates also contributed to the company's financial woes.

Coradino's optimism was tested by the sight of Santa Claus standing behind a protective plastic screen at Cherry Hill Mall.

PREIT has taken steps to revamp its business, including selling off properties like Cumberland Mall in Vineland.

The company has also promoted new uses for its shopping centers, such as a recently opened medical center at one of its malls.

PREIT has been undergoing a significant transformation, and one of the key aspects of this change is the company's focus on new beginnings. This shift in strategy is aimed at revitalizing their portfolio of assets and creating a more dynamic and engaging experience for customers.

By expanding their mixed-use development capabilities, PREIT is now able to create vibrant and thriving destinations that combine retail, dining, and entertainment options. This integrated approach is designed to foster a stronger sense of community and attract a wider range of visitors.

The company's investment in experiential retail is also a key component of their new beginnings strategy. By incorporating unique attractions and interactive experiences, PREIT is able to create a more immersive and memorable experience for customers.

One notable example of PREIT's new beginnings approach is their redevelopment of the Cherry Hill Mall in New Jersey. This project involves a significant renovation of the property, including the addition of new dining and entertainment options, as well as the incorporation of a state-of-the-art virtual reality experience.

By focusing on new beginnings and creating dynamic, mixed-use destinations, PREIT is well-positioned to thrive in a rapidly changing retail landscape.

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Urban Retail's Future is all about adapting to changing consumer habits and technological advancements.

PREIT has been investing heavily in digital transformation, with a focus on creating seamless experiences for shoppers.

The company's partnership with Amazon is a prime example of this, enabling customers to shop online and pick up their orders in-store.

In addition to this, PREIT has also been working to enhance its online presence, with a focus on mobile optimization and social media engagement.

This shift towards e-commerce is a major trend in urban retail, with many consumers now preferring to shop online rather than in-store.

However, PREIT is also committed to preserving the social and community aspects of shopping centers, recognizing their importance in urban spaces.

In fact, PREIT's shopping centers are designed to be vibrant community hubs, hosting events and activities that bring people together.

By balancing the needs of both online and offline shoppers, PREIT is well-positioned to thrive in the future of urban retail.

The retail industry has undergone a significant shift in recent years. Over five years, Red Thread PR secured more than 1,700 national, regional, and trade media placements for PREIT.

This resulted in a total of over 223 million impressions, which is a staggering number. After just one year of collaboration, earned media impressions grew by 50%.

Having a strong online presence is crucial for retailers, and PREIT's coverage made a significant impact. 73% of coverage included PREIT in the headline or first three paragraphs.

This helped to establish the company as a thought leader in the industry. 54% of coverage even included a quote from a company spokesperson.

As a result, PREIT was able to make impactful business deals, such as replacing 19 anchor stores with over three dozen new tenants.

PREIT is transforming its mall properties into experiential, mixed-use community hubs. This shift is a response to trends among leading retailers nationwide.

At Moorestown Mall, a residential project with 375 units is underway, along with an outpatient center, shopping, dining, and a family entertainment center. This project aims to reimagine the mall as a community-centric neighborhood hub.

Bohler's South Jersey team supported the plans with site civil engineering design and permitting services to obtain necessary approvals. This allowed the project to move forward efficiently.

A similar transformation is taking place at Plymouth Meeting Mall, where PREIT has received approval to construct 275 residential units. This project also includes plans to add more entertainment and dining options while decreasing traditional retail space.

Bohler's Southeastern Pennsylvania team reimagined the existing three-story Macy's building, creatively reallocating leasable space and reducing parking demand. This design approach allowed Bohler to secure a waiver of land development, expediting the approval process.

PREIT CEO Jared Chupaila has highlighted the developer's shift from the traditional mall model, focusing on revitalizing its 17 properties with a blend of residential, medical, and entertainment spaces. This approach aims to ensure future viability and financial health.

Converting parking spaces into other uses requires expertise and innovation, making an experienced design firm invaluable for landlords, leasing teams, and developers.

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