Shopping Centers Today International

DEC 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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As 2015 comes to a close, PREIT is cel- ebrating successes of a year spent laser- focused on enhanced portfolio quality and performance. By improving the tenant mix, especially at its premier properties, the Philadelphia-based company has seen robust results and increased metrics since it announced its transformation plan in 2012. Today, the portfolio's sales per square foot average $428, an impres- sive 15% improvement over three years prior. Instrumental in the improvement is PREIT's ability to generate increased retailer demand and execute frst-to-portfolio transactions with noteworthy tenants like Field & Stream, Tumi, lululemon, Vera Bradley, TopShop, Windsor, Yard House, adidas, e.l.f. studio, Century 21 and Lego — an impressive and ever-expanding roster of tenants. A key part of this focus has been taking place at PREIT's Cherry Hill Mall, where in 2009 the company invested $220 million into a wildly successful redevelopment that transformed the property into the region's fashion and dining destination. Four of the aforementioned frst-to-portfolio ten- ants opened at Cherry Hill Mall just in the past several months, with more planned announcements slated in 2015. Located just eight miles from Philadelphia, Cherry Hill Mall serves as the dominant shopping — A d ve r t i s e m e n t —

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