Pennsylvania Real Estate Investment Trust (PREIT) is installing Bluetooth Low Energy beacons at its shopping centers in 12 states.Mobiquity Networks, subsidiary of Mobiquity Technologies, Inc. (OTCQB: MOBQ), has partnered with Pennsylvania Real Estate Investment Trust (NYSE:PEI) to be the supplier of beacon-based advertising services across PREIT’s high-quality portfolio of shopping malls.
For Mobiquity Networks, the deal establishes the company’s position as the definitive leader in mall-based retail beacon networks. For PREIT, becoming part of the Mobiquity Networks’ ecosystem symbolizes its commitment to enhancing customer satisfaction and the success of retail by connecting retailers, brands and shoppers at all of its properties through individual proposals personalized, real-time experiences.
PREIT owns and operates more than 28 million square feet of space in 12 states in the eastern half of the United States, concentrated mainly in the Mid-Atlantic region and Greater Philadelphia.
Mobiquity Networks already includes nearly 300 premier shopping malls. With this agreement, PREIT granted Mobiquity Networks rights to its desirable collection of mall properties, which will grow Mobiquity Networks footprint to more than 320 malls hosting over 7,500 unique retailers found in nearly 40,000 storefronts. Mobiquity Networks is scheduled to complete the installation during the first quarter of 2016. Mobiquity Networks now gives marketers the ability to potentially reach out to an estimated 262 million monthly real-time shoppers who spend on average more than $26 billion a month and over $310 billion annually.
Mobiquity Networks’ beacon technology utilizes valuable location-based data from common areas in-mall and provides advertisers with the totally unprecedented opportunity to deliver targeted advertising to mall shoppers at precisely the right place and time -- just as they are deciding which retailers to visit and what brands to buy. Through Mobiquity Networks platform, advertisers have the potential to influence over 3 billion annual shopping visits.