PHILADELPHIA, April 20, 2020 /PRNewswire/ -- PREIT (NYSE: PEI)
today launched Shop Local pages on all of its mall websites,
an innovative effort designed to support the ecommerce platforms of
the small businesses in its portfolio. Not only are the
offerings highlighted to the local audience but to the entire PREIT
portfolio of consumers. 28% of PREITs portfolio is comprised
of tenants that are local or regional and, in many cases, these
tenants offer unique and limited-availability products that make
shopping our malls a special experience. According to
the Harvard Business Review, "businesses with fewer than 500
employees account for 48% of American jobs and 43.5% of
GDP".
"Our local businesses are among the enterprises hardest hit by
this pandemic. Without robust digital marketing budgets, they
are at a disadvantage to their national counterparts. The
retail ecosystem is critical to economic recovery and we wanted to
be sure we took steps to support those most in need, including
putting our marketing power behind our tenants," said Joseph F. Coradino, Chairman and CEO of PREIT.
"Our goal in pursuing this endeavor is to take another step in
putting our communities first and be even better partners with our
tenants moving forward."
Together, PREIT Malls reach a captive audience of over 1,000,000
people through digital channels. The Company is pleased to
harness this power in support of our small business tenants.
To stay up to date on PREIT's response to COVID-19, please click
here.
About PREIT
PREIT (NYSE:PEI) is a publicly
traded real estate investment trust that owns and manages
innovative properties at the forefront of shaping consumer
experiences through the built environment. PREIT's robust portfolio
of carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in densely-populated, high barrier-to-entry markets with
tremendous opportunity to create vibrant multi-use destinations.
Additional information is available at www.preit.com or on
Twitter or LinkedIn.
Forward Looking Statements
This press release
contains certain forward-looking statements that can be identified
by the use of words such as "anticipate," "believe," "estimate,"
"expect," "project," "intend," "may" or similar expressions.
Forward-looking statements relate 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 views about future
events, achievements or results and are subject to risks,
uncertainties and changes in circumstances that might cause future
events, achievements or results to differ materially from those
expressed or implied by the forward-looking statements. In
particular, our business might be materially and adversely affected
by changes in the retail and real estate industries, including
consolidation and store closings, particularly among anchor
tenants; current economic conditions, including the impact of the
COVID-19 pandemic and the steps taken by governmental authorities
and other third parties to reduce its spread, and the corresponding
effects on tenant business performance, prospects, solvency and
leasing decisions; our inability to collect rent due to the
bankruptcy or insolvency of tenants 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
retail tenants; risks related to our development and redevelopment
activities, including delays, cost overruns and our inability to
reach projected occupancy or rental rates; acts of violence at
malls, including our properties, or at 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
prices we seek; our substantial debt and the liquidation preference
of our preferred shares and our high leverage ratio; our ability to
refinance our existing indebtedness when it matures, on favorable
terms or at all; our ability to raise capital, including through
sales of properties or interests in properties and through the
issuance of equity or equity-related securities if market
conditions are favorable; and potential dilution from any capital
raising transactions or other equity issuances.
Additional factors that might cause future events, achievements
or results to differ materially from those expressed or implied by
our forward-looking statements include those discussed herein and
in our Annual Report on Form 10-K for the year ended December 31, 2019 in the section entitled "Item
1A. Risk Factors." We do not intend to update or revise any
forward-looking statements to reflect new information, future
events or otherwise.
CONTACT:
Heather
Crowell
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT