PREIT Welcomes New Brands to Cherry Hill Mall in Advance of Holiday Shopping Highlighted by Suburban Philadelphia's First Zara

PHILADELPHIA, Sept. 27, 2017 /PRNewswire/ -- PREIT (NYSE: PEI) announces the grand opening of international fast-fashion retailer, Zara, at Cherry Hill Mall in Cherry Hill, NJ tomorrow. This first-to-portfolio retailer for PREIT marks the brand's first location in suburban Philadelphia and further elevates the diverse and curated mix of concepts at the highly trafficked property.

Zara – one of the largest clothing retailers globally, offering apparel and accessories for men, women and children – occupies approximately 26,000 square feet of space between Macy's and Nordstrom. To accommodate the size of this space, PREIT built out an additional 5,000 square foot expansion. With the addition of Zara, five stores –Banana Republic, Hollister, Aveda, Clarks and Call It Spring. – needed to be relocated and have reopened in new prototype store designs. As a result, PREIT has created an opportunity for shoppers to ultimately discover six new retail experiences following the addition of Zara.  

To further refresh the mall experience for shoppers in 2018, PREIT has executed a lease with Italian lingerie retailer, Intimissimi. Cherry Hill Mall will be one of the first U.S. locations for this growing international brand. Intimissimi will open in the space currently occupied by LUSH, which is relocating and expanding into a new prototype concept for the 2017 holiday season.

This holiday season, Cherry Hill Mall will also be home to two pop-up shops. Balsam, the world's leading online retailer of artificial Christmas trees and related holiday décor products, opened its first pop-up shop in New Jersey. Joining Balsam is global fair trade retailer, Ten Thousand Villages, which offers crafts & housewares from around the world. The addition of these pop-up shops validates the importance of having a physical presence in retail, particularly during the high-traffic holiday season.   In fact, according to the International Council of Shopping Centers' Holiday Shopping Intentions Survey, 96% of shoppers plan to make a purchase from a retailer who has both a physical and an online presence, with 91% of shoppers buying at physical locations.

"As shopping patterns continue to evolve, PREIT will provide a compelling and innovative experience at our properties with the addition of top tier, new-to-market concepts," said Joseph F. Coradino, CEO of PREIT. "Attracting leading international retailers, Zara and Intimissimi, coupled with unique offerings found at our new pop-ups as well as new store designs for existing tenants are evidence of PREIT's commitment to diversifying and improving its tenant mix."

Cherry Hill Mall is located in South Jersey, about eight miles from Center City Philadelphia. The premier mall boasts more than $650 sales/square foot and offers a variety of luxury stores and exclusive retailers, including Nordstrom, Apple, Hugo Boss, Michael Kors, Pottery Barn, The North Face as well as an array of dining options.

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

About Zara  
Zara is owned by the Inditex Group, one of the world's largest fashion retail groups. In addition to Zara, Inditex has 7 other brands: Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe. The Inditex Group has more than 7,000 stores in 93 markets. Inditex entered the US in 1989 with Zara, when it opened its first store on New York's Lexington Avenue. Today, Zara operates more than 80 stores in more than 20 cities in the US and online through www.zara.com

CONTACT:  
Heather Crowell 
SVP, Corporate Communications and Investor Relations 
(215) 454-1241 
[email protected]

SOURCE PREIT

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