With close to 300 malls in the country predicted to close over the next five years, a number of owners, including Pennsylvania Real Estate Investment Trust, are using entertainment to attract more shoppers, writes Suzette Parmley for Philly.com.
PREIT has already started increasing lifestyle and entertainment options at most of its malls across the state. For example, Plymouth Meeting Mall in Montgomery County has recently welcomed a huge Legoland Discovery Center as well as the 5 Wits maze-like survival game.
Meanwhile, Willow Grove Mall will soon be opening an interactive escape room. These are replacing the traditional retail anchors that are gradually becoming a thing of the past.
According to PREIT chief executive officer, Joseph Coradino, integrating social experiences into the mall is of crucial importance.
“Malls are moving toward becoming full-scale lifestyle destinations that will extend consumer visits and drive sales,” he said.
He added that close to 19 percent of PREIT’s portfolio space is currently committed to dining and entertainment.
Read more about the future of Philly malls at Philly.com by clicking here.