Retail and dining concepts complement Burlington, DICK's Sporting Goods and Edge Fitness in replacing the former Macy's box.
PREIT announced two newly executed leases with Michaels and Miller's Ale House at Plymouth Meeting Mall, completing its anchor replacement initiative for the former Macy's space. Plymouth Meeting is one of PREIT's many anchor replacement projects that span an array of uses and expeditious re-tenanting. In a year where Bon Ton closed 212 stores and Sears declared an initial closing list of 142 additional stores, PREIT has completed its planned department store repositioning effort. In the past 13 months, PREIT has opened or executed leases with nearly 30 tenants in 10 former department store spaces. The replacements span an array of uses including dining, entertainment, off-price, fitness, sports & leisure, arts & crafts, grocery, and even traditional department stores. As part of its proactive replacement strategy, PREIT replaced 5 Sears stores and 1 Bon-Ton store.
The new tenants at Plymouth Meeting underline PREIT's continued foresight into evolving consumer preferences and the need for diverse retail and dining offerings, as it even further differentiates the tenancy model at the property. Since its addition of Dave & Busters in 2009, nearly a decade prior to the "retailtainment" boom sweeping shopping centers nationwide, PREIT has continued to modify the property in today's competitive retail environment and has set the stage for densification of the property with the addition of multifamily in the coming years.
Michaels will occupy 26,000 square feet of space, offering arts, crafts, framing, floral, wall décor and seasonal merchandise for do-it-yourselfers of all ages. Miller's Ale House, a casual sports bar and restaurant offering freshly-made food at an incredible value, will occupy 7,300 square feet of space. The two new tenants will join retailers Burlington, DICK's Sporting Goods and Edge Fitness in filling the anchor box – all of which will open in Fall 2019. These new additions will not only further attract shoppers to the mall but also drive revenue at the property, with sales from the anchor box projected to produce at least three times what was previously generated.
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1 NOVEMBER 2018, USA