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PREIT (PEI) Ramps Up Cherry Hill Mall, Revamps Tenant Roster
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Amid lackluster retail scenario, Pennsylvania Real Estate Investment Trust — better known as PREIT — recently ramped up its tenant lineup at Cherry Hill Mall, a preeminent retail and dining hub in Philadelphia.
The dominant mall will add new-to-region and/or first-to-portfolio tenants like Ardenewill, Kay Jewelers, Balsam Hill, Peloton and Fatburger.The addition of these retailers will diversify the existing high-quality roster of tenants at the premium mall — including Nordstrom (JWN - Free Report) , Apple (AAPL - Free Report) , Zara, Hugo Boss, The LEGO Store, The North Face, among others — and cater to the demand of the region’s solid shopper demographics. In fact, the property is located in South Jersey, about eight miles from Center City Philadelphia, and enjoys decent footfall from the vibrant neighborhood.
While Ardenewill will debut in the region, with its first store spanning 11,000 square feet, later this year, Balsam Hill is set to offer a variety of foliage and holiday décor products through a pop-up store this week. Also, Kay Jewelers and Peloton are part of the tenant roster, with a 1,700-square-footprint and a 300-square-foot kiosk, respectively. Further, Aeropostale is set to reopen its 6,000-sqaure-foot store later this year.
Encouragingly, the company has also expanded the mall’s dining options with the addition of Fatburger — its first outlet in the region. The new tenant roster is one of the few transformational efforts taken by the company to rejuvenate its flagship mall. Earlier, the company had announced a partnership with 1776 for a new-to-portfolio concept to drive innovation and attract international brands in the mall.
Additionally, the mall has initiated Happy Returns services, allowing shoppers to return online purchases made from select retailers. Notably, the service already has significant presence in Simon Property Group’s (SPG - Free Report) malls. In late June, the company announced an agreement to expand the service in 16 additional centers.
Understandably, these strategic steps are beneficial for PREIT. This also highlights the company’s strategic attempts to tackle online retailers by fortifying its physical presence. These efforts will help the company adjust its business in the wake of the retail apocalypse.
In fact, a relevant tenant base, featuring an array of first-to-market retailers, will likely create a dynamic and compelling shopping environment for consumers. This is expected to drive mall traffic and elevate portfolio quality.
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PREIT (PEI) Ramps Up Cherry Hill Mall, Revamps Tenant Roster
Amid lackluster retail scenario, Pennsylvania Real Estate Investment Trust — better known as PREIT — recently ramped up its tenant lineup at Cherry Hill Mall, a preeminent retail and dining hub in Philadelphia.
The dominant mall will add new-to-region and/or first-to-portfolio tenants like Ardenewill, Kay Jewelers, Balsam Hill, Peloton and Fatburger.The addition of these retailers will diversify the existing high-quality roster of tenants at the premium mall — including Nordstrom (JWN - Free Report) , Apple (AAPL - Free Report) , Zara, Hugo Boss, The LEGO Store, The North Face, among others — and cater to the demand of the region’s solid shopper demographics. In fact, the property is located in South Jersey, about eight miles from Center City Philadelphia, and enjoys decent footfall from the vibrant neighborhood.
While Ardenewill will debut in the region, with its first store spanning 11,000 square feet, later this year, Balsam Hill is set to offer a variety of foliage and holiday décor products through a pop-up store this week. Also, Kay Jewelers and Peloton are part of the tenant roster, with a 1,700-square-footprint and a 300-square-foot kiosk, respectively. Further, Aeropostale is set to reopen its 6,000-sqaure-foot store later this year.
Encouragingly, the company has also expanded the mall’s dining options with the addition of Fatburger — its first outlet in the region. The new tenant roster is one of the few transformational efforts taken by the company to rejuvenate its flagship mall. Earlier, the company had announced a partnership with 1776 for a new-to-portfolio concept to drive innovation and attract international brands in the mall.
Additionally, the mall has initiated Happy Returns services, allowing shoppers to return online purchases made from select retailers. Notably, the service already has significant presence in Simon Property Group’s (SPG - Free Report) malls. In late June, the company announced an agreement to expand the service in 16 additional centers.
Understandably, these strategic steps are beneficial for PREIT. This also highlights the company’s strategic attempts to tackle online retailers by fortifying its physical presence. These efforts will help the company adjust its business in the wake of the retail apocalypse.
In fact, a relevant tenant base, featuring an array of first-to-market retailers, will likely create a dynamic and compelling shopping environment for consumers. This is expected to drive mall traffic and elevate portfolio quality.
Shares of this Zacks Rank #3 (Hold) company have underperformed its industry over the past six months. While its shares have declined 1.3%, the industry has gained 1.6% during the same time frame. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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