PREIT Delivers New Tenants to Cherry Hill Mall as Retail Evolution Continues

New-to-region and first-to-portfolio tenants, Peloton, Ardene and Fatburger, join the roster -- highlighting the continued attraction of flagship Philadelphia-area asset

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PREIT

Sep 18, 2018, 16:30 ET

PHILADELPHIA, Sept. 18, 2018 /PRNewswire/ -- PREIT (NYSE: PEI) today unveiled a lineup of new tenants for Cherry Hill Mall, a premier fashion and dining destination in the Philadelphia region, continuing to stay ahead of consumer expectations and further expanding the tenant mix. The tenants – many of which are new-to-portfolio, new-to-region, and/or new prototypes – are inclusive of retail, dining, fitness and technology incubator concepts that will support the property's commitment to differentiating the tenant mix.

New to PREIT's portfolio, affordable Canadian fast-fashion destination Ardene will debut as the brand's only store in the region. The 11,000 square foot store will meet the growing demand for this retail segment and will open later this year. In addition, Kay Jewelers joined the tenant roster, opening a 1,700 square foot space, and Aeropostale is re-opening their 6,000 square foot store later this year. Just in time for the holidays, Balsam Hill – which operated a pop-up location last winter – will re-open this Friday and offer a selection of foliage products, ornaments and holiday décor.

Revolutionary in-home fitness experience, Peloton, will operate as a 300 square foot kiosk in center court. Customers will have the opportunity to test ride the Peloton bike and receive a personalized tutorial on form and bike settings. This is the brand's first location in PREIT's portfolio and will offer customers the opportunity to test a state-of-the-art technology and immersive class content that offers a motivating leaderboard and socially connected experience.

Expanding the mall's dining offerings, Fatburger will join the tenant roster as a first in the region and will offer a fast-casual experience, cooked-to-order meals using only the freshest ingredients and traditional cooking methods. Fatburger is set to open before year end. Additionally, fulfilling edible cookie dough dreams, Dough Life is currently open and offers 12 flavors, with new flavors released every month.

"We're committed to creating malls that fit our consumers' lifestyles, consistently identifying opportunities to refresh our properties with new and in-demand tenants reflecting a well-curated mix of retail, dining and entertainment concepts," said PREIT CEO Joseph F. Coradino. "Even top tier retail properties must evolve and continue to deliver first-to-market high-quality uses."

These new and refreshed additions are the most recent updates in the ongoing evolution of PREIT's flagship, Cherry Hill Mall. They come on heels of PREIT's partnership announcement with 1776, a new-to-portfolio concept that will drive innovation among the local retail community, as well as the opening of several international brands including Intimissimi and Zara over the past year. In addition, the mall now offers Happy Returns which allows consumers to return or exchange their ecommerce purchases from participating online brands while at the mall, further evidence of the merging of shopping habits between on and offline sources.

Cherry Hill Mall is located in South Jersey, about eight miles from Center City Philadelphia. The premier mall offers a variety of sought-after destinations, including Nordstrom, Apple, Zara, Hugo Boss, The LEGO Store, The North Face, as well as an array of dining options that includes The Capital Grille, Seasons 52, Grand Lux Café and Maggiano's, among others.

About PREIT
PREIT (NYSE: PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.

CONTACT:
Heather Crowell
SVP, Strategy & Communications
(215) 454-1241
[email protected]

SOURCE PREIT