The new mall formula now calls for fewer department stores and more tenants like gyms, restaurants, medical offices, and arcades that bring round-the-clock traffic. PREIT found 36 of them to replace 19 anchors in just the past five years.
Some of the mall owner’s most notable new tenants include an Aldi supermarket set to open at Dartmouth Mall in Massachusetts, a HomeGoods headed for Cumberland Mall in New Jersey, and a 165,000-sq.-ft. Cooper University Health Care outpatient facility at Moorestown Mall outside of Philadelphia.
“PREIT continues to lead the charge to proactively transform its retail centers to create lively community centerpieces,” said CEO Joseph Coradino.
Coradino credits this tenant transformation with building traffic across PREIT’s 14 malls in May and June back to 90% of 2019 levels.