PREIT was one of the first mall managers to add Whole Foods grocery as an anchor at one of its malls. The grocery store opened in Plymouth Meeting Mall seven years ago and quickly increased foot traffic in the shopping center.
This prompted PREIT to add another Whole Foods location to its Exton Square Mall. It is expected to open later this year. Last year, some PREIT owned malls also added Amazon lockers. These allow online purchases to be collected at the mall.
Joseph Coradino, PREIT’s chief executive officer, said that the deal will most likely benefit the industry by fostering innovation in the entire segment, but most significantly in the delivery of products.
“Amazon’s acquisition of Whole Foods both illustrates the strength of the grocery segment and confirms the continued need for brick-and-mortar retail,” said Coradino. He also pointed out that while online shopping is growing, the social experience of the mall cannot be replicated online.
Read more about the acquisition’s potential impact at Philly.com by clicking here.