PHILADELPHIA, June 19, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) announced today it has executed leases with Retail Group of America (RGA) to bring its international brands F&F, Flormar and Suite Blanco to the Patrick Henry Mall in
Newport News, VA. The additions demonstrate PREIT's successful
execution of its strategy to improve the quality of its portfolio and
enhance the shopping experience across its properties through the
addition of emerging, first-to-market options. The agreement with RGA
strengthens PREIT's position as a leader in introducing expanding,
international retailers to American consumers.
The agreement with RGA is a continuation of PREIT's progress over the last several years in bringing exciting international brands to its locations across the Mid-Atlantic region. Recently, the Company announced that it will introduce one of the first UNIQLO stores into the Philadelphia market at Willow Grove Park. In 2013, Dynamite, a trendy women's ready-to-wear concept out of Canada, opened one of its first U.S. stores at PREIT's Cherry Hill Mall. In 2012, three of Australia's Cotton On stores opened in PREIT-owned malls, and in 2008, PREIT brought two of Canada's Garage stores, featuring trendy teen apparel, to its portfolio.
F&F, a fast fashion concept featuring quality men's, women's and children's assortments, will occupy approximately 7,500 square feet at the Patrick Henry Mall. Flormar, a cosmetics concept focused on high-quality beauty and cosmetics products at affordable prices, will occupy approximately 800 square feet. Spanish brand Suite Blanco, inspired by the high-end runway fashions, will occupy approximately 3,000 square feet featuring a variety of trendy clothing and accessories for young men and women.
"These new stores, which will be some of first in the country for these exciting brands, evidence our successful efforts to bring dynamic new options to our customers," says PREIT CEO Joseph F. Coradino. "We look forward to building on our track record of bringing popular international retail concepts to the U.S. We are pleased to be at the forefront of this trend, and to expand our relationship with RGA to create more compelling shopping environments that are unique to the PREIT portfolio."
PREIT and RGA continue to work on finalizing a number of other potential store openings at other malls in PREIT's portfolio.
About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company now owns properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. The Company's current portfolio is comprised of 35 shopping malls, seven other retail properties, and three development sites totaling 45 properties and 30.4 million square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at www.preit.com or on Twitter orLinkedIn.
About Retail Group of America
Retail Group of America, the U.S. operating arm of Fawaz Al Hokair Fashion Retail, the global franchise leader based in Saudi Arabia, operates franchise retail across multiple fashion classifications including women's, men's and children's apparel, footwear and accessories, cosmetics and lingerie. With more than 70 fashion brand partners, the Al Hokair Group operates over 1500 boutiques globally. This diverse retail operation includes locations in the Kingdom of Saudi Arabia, the Middle East, North Africa, the CIS, and in the U.S.
CONTACT:
AT THE COMPANYHeather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.com
Logo - http://photos.prnewswire.com/prnh/20130905/MM75091LOGO
Source - https://ca.finance.yahoo.com/news/preit-announces-multi-brand-agreement-195500400.html
The agreement with RGA is a continuation of PREIT's progress over the last several years in bringing exciting international brands to its locations across the Mid-Atlantic region. Recently, the Company announced that it will introduce one of the first UNIQLO stores into the Philadelphia market at Willow Grove Park. In 2013, Dynamite, a trendy women's ready-to-wear concept out of Canada, opened one of its first U.S. stores at PREIT's Cherry Hill Mall. In 2012, three of Australia's Cotton On stores opened in PREIT-owned malls, and in 2008, PREIT brought two of Canada's Garage stores, featuring trendy teen apparel, to its portfolio.
F&F, a fast fashion concept featuring quality men's, women's and children's assortments, will occupy approximately 7,500 square feet at the Patrick Henry Mall. Flormar, a cosmetics concept focused on high-quality beauty and cosmetics products at affordable prices, will occupy approximately 800 square feet. Spanish brand Suite Blanco, inspired by the high-end runway fashions, will occupy approximately 3,000 square feet featuring a variety of trendy clothing and accessories for young men and women.
"These new stores, which will be some of first in the country for these exciting brands, evidence our successful efforts to bring dynamic new options to our customers," says PREIT CEO Joseph F. Coradino. "We look forward to building on our track record of bringing popular international retail concepts to the U.S. We are pleased to be at the forefront of this trend, and to expand our relationship with RGA to create more compelling shopping environments that are unique to the PREIT portfolio."
PREIT and RGA continue to work on finalizing a number of other potential store openings at other malls in PREIT's portfolio.
About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company now owns properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. The Company's current portfolio is comprised of 35 shopping malls, seven other retail properties, and three development sites totaling 45 properties and 30.4 million square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at www.preit.com or on Twitter orLinkedIn.
About Retail Group of America
Retail Group of America, the U.S. operating arm of Fawaz Al Hokair Fashion Retail, the global franchise leader based in Saudi Arabia, operates franchise retail across multiple fashion classifications including women's, men's and children's apparel, footwear and accessories, cosmetics and lingerie. With more than 70 fashion brand partners, the Al Hokair Group operates over 1500 boutiques globally. This diverse retail operation includes locations in the Kingdom of Saudi Arabia, the Middle East, North Africa, the CIS, and in the U.S.
CONTACT:
AT THE COMPANYHeather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.com
Logo - http://photos.prnewswire.com/prnh/20130905/MM75091LOGO
Source - https://ca.finance.yahoo.com/news/preit-announces-multi-brand-agreement-195500400.html
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