Plymouth Meeting Mall announces new tenants
With Michaels and Miller’s Ale House now added to the mix, the vigorous reinvention of Plymouth Meeting Mall continues.
Earlier this week, owner PREIT announced the newly executed leases for the two locations on the site of the former Macy’s department store.
A press release noted that 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 announced 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 withnearly 30 tenants in 10 former department store spaces.”
The release added that the replacements span an array of uses, including dining, entertainment, off-price, fitness, sports & leisure, arts and crafts, grocery and even traditional department stores.
As part of its replacement strategy, PREIT replaced five Sears stores and a single Bon-Ton store.
“With the majority of our anchor replacement work behind us, PREIT is once again ahead of the curve, as we were in our low-productivity mall disposition effort,” said Joseph F. Coradino, PREIT CEO. “Our constituents are welcoming the new mall model we are delivering as evidenced by our record sales levels and sharp improvement in leasing spreads and new leasing activity.”
The new mall tenants extend the dramatic revitalization of the 52-year-old mall that began a decade ago when a string
of free-standing restaurants led by California Pizza Kitchen took up residence on the property, and then forged ahead with the “differentiated retail offerings” of Dave & Buster’s in 2009, the arrival of natural foods purveyor Whole Foods Market in 2010 and Legoland Discovery Center in 2017.
Michaels will offer 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 will specialize in “freshly-made food at an incredible value.”
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 next fall.
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, Coradino said.
“As the definition of a ‘mall’ evolves and expands, the Plymouth Meeting Mall is unequivocally the prime example of what retail experiences of the future will look and feel like. Through smart integration of entertainment, dining, grocery, fitness and an array of retail segments, we continue to drive traffic to the mall, creating an experience that keeps visitors coming again and again.”