Pennsylvania Real Estate Investment Trust is hoping the redeveloped Plymouth Meeting Mall will help propel it into the nation’s premier real estate companies, writes Natalie Kostelni for the Philadelphia Business Journal.
Plymouth Meeting Mall is part of the Philadelphia-based company’s efforts to reimagine what its suburban malls should look like. Ten years ago, PREIT spent $90 million to add a Whole Foods Market and a number of new restaurants to the mall.
More recently, it spent an additional $40 million to redevelop 230,000 square feet vacated by Macy’s. The space will now be occupied by several tenants, including Dick’s Sporting Goods, Miller’s Ale House, and several wellness companies.
The new stores are scheduled to open in October and the company expects they will generate four times the sales volume compared to Macy’s.
“We think Plymouth Meeting will take us out of the midlevel to the top level of mall REITs,” said Joe Coradino, PREIT CEO.
The company has also secured new tenants for its other properties, including Willow Grove Mall. Studio Movie Grill and Yard House are scheduled to open next year in the former Sears space.
Read more about PREIT’s plans at Philadelphia Business Journal by clicking here.