After two years of limited social interaction and several months of closed doors, PREIT, owner of Plymouth Meeting Mall and Willow Grove Park Mall, is seeing record high portfolio-wide sales of $618 per square foot, writes Al Urbanski for the Chain Store Age.
The company is also currently being inundated with requests for space.
“No question, our leasing team is busier than they’ve ever been,” said PREIT CEO Joseph Coradino. “Part of it is there are lots of new tenants wanting to have space in leading malls. There are new domestic retailers, new international retailers, but also more start-ups.”
However, while there are still plenty of retailers opening new stores, there are not enough employees to staff them.
“We’re holding job fairs and doing what we can to help remedy the situation,” said Joseph Coradino.
One of the major incentives PREIT has been implementing over the last few decades as malls started adjusting to the shoppers of the 21st century is installing higher-level restaurants with parking lot-facing entrances at its malls.
Among them is their first Shake Shack that opened at Plymouth Meeting Mall last year, said Coradino.
Read the entire interview with PREIT CEO Joseph Coradino in the Chain Store Age.