PREIT Plays Major Role in UNIQLO's Expansion in Philadelphia Market

Two of Four Philadelphia-area UNIQLO Stores are Located in PREIT Malls

Partnership Demonstrates PREIT's Dominant Position in the Philadelphia Area and Ongoing Portfolio Transformation

News provided by

Oct 10, 2014, 08:00 ET

PHILADELPHIA, Oct. 10, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) will celebrate the opening of global apparel retailer UNIQLO at PREIT's Willow Grove Park in Willow Grove, PA today, October 10, 2014. The UNIQLO opening at the Willow Grove Park mall follows the successful launch of another UNIQLO location at PREIT's Cherry Hill Mall on September 26, 2014.

The fashion retailer announced plans earlier this year to expand in the Philadelphia market, the nation's sixth largest Metropolitan Statistical Area. UNIQLO's decision to locate two of its four stores in the Philadelphia area in PREIT-owned malls underscores PREIT's dominance in the region, the Company's successful track record of partnering with growing brands and PREIT's success in transforming its portfolio over the last several years.

"Partnering with a globally recognized brand such as UNIQLO to expand its presence in the Philadelphia market validates and enhances PREIT's dominant position in the region," said PREIT CEO Joseph F. Coradino. "We look forward to entering into additional partnerships with other top retailers to help them grow their brands in the area. With the continued execution on our proven business strategy, including the continued enhancement of our portfolio, I am confident that PREIT will deliver significant benefits to all stakeholders."

UNIQLO features high-quality, casual apparel for men, women and kids. The brand's "made for all" apparel offers high-quality, universal designs with supreme comfort and a superb fit with affordable prices to all customers.

Willow Grove Park, located north of Philadelphia, is a three-level, 1.2 million square foot premier enclosed mall anchored by Bloomingdale's, Macy's, Sears, JC Penney and Nordstrom Rack with more than 130 leading specialty stores and restaurants.

Cherry Hill Mall, located in the New Jersey suburbs of Philadelphia, is a 1.3 million square foot enclosed mall, anchored by Nordstrom, Macy's, JC Penney, Crate & Barrel and The Container Store, known for high-quality fashion offerings and great dining options.

About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates over 30 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.

About UNIQLO and Fast Retailing
UNIQLO is a brand of Fast Retailing Co., Ltd., a leading global Japanese retail holding company that designs, manufactures and sells clothing under seven main brands: Comptoir des Cotonniers, GU, Helmut Lang, J Brand, Princesse tam.tam, Theory, and UNIQLO. With global sales of approximately 1.14 trillion yen for the 2013 fiscal year ending August 31, 2013, Fast Retailing is currently the world's fourth largest apparel retail company, and UNIQLO is Japan's leading specialty retailer. UNIQLO continues to open large-scale stores in some of the world's most important cities and locations, as part of its ongoing efforts to solidify its status as a truly global brand. Today the company has more than 1,300 stores in 14 markets worldwide: Japan, China, France, Hong Kong, Indonesia, Malaysia, Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, U.K. and U.S. UNIQLO operates an integrated business model under which it designs, manufactures, markets and sells high-quality, casual apparel. The company believes that truly great clothes should be supremely comfortable, feature universal designs, are of high quality and offer a superb fit to everyone who wears them.