This is part of PREIT’s ongoing efforts to highlight black-owned entrepreneurs and brands in its portfolio of world-class properties and regional leaders in eight states. Over the next year, at least two-thirds of PREIT properties also plan to host black-owned business exhibits across the community, providing entrepreneurs with a place to showcase their products and services. PREIT tested this concept and found great success in the fall of 2020 at Woodland Mall.
PREIT properties across the area are also planning events and activities throughout the year, including art exhibitions, documentary exhibitions and food festivals as a way to highlight the importance of black property businesses and brands beyond Black History Month .
“We are pleased to take this concrete step to encourage our guests to support black-owned companies throughout the year,” said Joseph F. Coradino, CEO of PREIT. “The past year has been challenging for many retailers, but black-owned businesses have been disproportionately impacted by the pandemic. Consumers can now make even more informed purchasing decisions that will directly support black entrepreneurs in our community.”
A selection of black owned stores, pop-up and specialty stores, restaurants and services across the PREIT area includes:
- Almost 20 companies at Patrick Henry Mall in Newport News, Virginiaincluding Culture Shop, SAGE Beauty Lounge, Shoe Gods, Fitness 21, Body Bar and African attractions
- Almost a dozen businesses at the Mall in Prince George’s outside Washington DC, including Ebony Barbers, Secret of Essence, Lucy Africa, Tutu headgear and everything for children
- Stone Fired Pizza by Midici at Cherry Hill Mall in Cherry Hill, New Jersey, along with Romulus Art Gallery, Hannah Marshall and lavish jewelry
- The Curing Room, Friendly Faces Barbershop and Emmerene International at Francis Scott Key Mall in Frederick, Maryland
- Flashlight Barber and Chick-fil-A at Jacksonville Mall in Jacksonville, North Carolina
- Phoenix Beautiquee, My SZN Accessories and NKO Foundation at the Plymouth Meeting Mall in Plymouth Meeting, Pennsylvania
- Foxy Ladies Boutique, Primetime Barbershop and Sweeter Than U at Magnolia Mall in Florence, South Carolina
“From music and movies to designer fragrances and clothing lines, our properties are focused on offering a wide selection of mandatory brands for today’s demanding consumer”, Joseph F. Coradino, CEO of PREIT said. “Our properties are the heart of their communities and we strive to offer an experience as diverse as our customer base and to allow our guests to make better informed purchasing decisions, while always supporting our rental in general.”
About PREIT
PREIT (NYSE: PEI) is a publicly traded real estate investment fund (REIT) that owns and manages differentiated properties in high barrier markets at the forefront of empowering communities through the built environment. PREIT’s robust portfolio of carefully selected retail and lifestyle offerings, combined with dining and entertainment experiences in tourist destinations, is located mainly in densely populated markets and with high barriers to entry, with tremendous opportunity to create vibrant multipurpose destinations. Additional information is available at preit.com or at Twitter or LinkedIn.
Forward-Looking Statements
This press release contains certain forward-looking statements that can be identified by using words such as “anticipate”, “believe”, “estimate”, “wait”, “project”, “intend”, “may” or similar expressions. Forward-looking statements refer to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current expectations and assumptions about our business, the economy and other future events and conditions and are based on the currently available financial, economic and competitive data and our current business plans. Actual results may vary materially depending on the risks, uncertainties and changes in circumstances that may affect our operations, markets, services, prices and other factors, as discussed in the Risk Factors section of our other files with the Securities and Exchange Commission. While we believe our assumptions to be reasonable, we caution you against relying on any forward-looking statements, as it is very difficult to predict the impact of known factors and it is impossible for us to predict all factors that could affect our actual results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, our ability to achieve our projected revenue and pro forma leverage ratio and generate free cash flow to further reduce our indebtedness; our ability to manage our business through the impacts of the COVID-19 pandemic, a weakening of global economic and financial conditions, changes in government regulations and related compliance and litigation costs and other factors listed in our SEC files. In addition, our business may be adversely and materially affected by changes in the retail and real estate sectors, including consolidation and closing of stores, especially among anchor tenants; current economic conditions, including the impact of the COVID-19 pandemic and measures taken by government officials and other third parties to reduce its spread, and the corresponding effects on tenants’ business performance, prospects, solvency and lease decisions; our inability to collect rent due to tenants’ bankruptcy or insolvency or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to achieve projected occupancy or rental rates; acts of violence in shopping malls, including our properties, or other similar spaces, and the potential effect on traffic and sales; our ability to sell properties that we seek to dispose of or our ability to obtain the prices that we seek; our substantial debt and the preference to settle our preferred shares and our high leverage ratio and our ability to remain in compliance with our financial commitments under our credit lines; our ability to refinance our existing indebtedness when it matures, on favorable terms or under any condition; our ability to raise capital, including through the sale of properties or equity interests and through the issuance of shares or bonds linked to shares if market conditions are favorable; and potential dilution of any capital increase transactions or other share issues.
Additional factors that could cause future events, achievements or results to differ materially from those expressed or implied in our forward-looking statements include those discussed in this document and the sections entitled “Item 1A. Risk factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
Contact PREIT:
Heather Crowell
EVP, Strategy and Communications
(215) 316-6271
[email protected]
PREIT SOURCE
Related Links
http://www.preit.com