PREIT Seeing Results from Updating Its Willow Grove, Plymouth Meeting Malls

PREIT’s lenders say the real estate group breached an agreement that they would file for bankruptcy by October 18 if need be. Image via PREIT

Pennsylvania Real Estate Investment Trust is starting to see results from the investments it has been making in its properties, including several local malls, writes Adam Levine-Weinberg for TheMotley Fool.

Plymouth Meeting Mall has been struggling for a while due to its proximity to King of Prussia, one of the most successful malls in the world. The smaller mall’s troubles were exacerbated when Macy’s, one of its anchor stores, decided to close its doors.

To deal with both issues, PREIT has decided to adapt Plymouth Meeting Mall to better serve its immediate community and be more conducive to shorter trips.

Last month, the company welcomed Burlington and Dick’s Sporting Goods to the former Macy’s space. The newcomers increased the mall’s foot traffic by 40 percent on the opening weekend. PREIT also added a Miller’s Ale House restaurant and will soon welcome the Edge Fitness gym and a new Michaels store.

Meanwhile, Willow Grove Park Mall, PREIT’s most productive mall as measured by sales per square foot, also has redevelopment projects slated for completion in the first half of 2020. Among them is a new upscale dine-in movie theater, Studio Movie Grill.

Read more about PREIT’s efforts at The Motley Fool by clicking here.

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