PREIT Redefines Shopper Experience with Robust Remerchandising and Beautification of DC Powerhouse Asset
PHILADELPHIA, May 14, 2018
PREIT today highlighted the achievement of significant milestones in the broad-based transformation at Mall at Prince Georges (MPG) with the recent grand opening of ULTA Beauty, following swiftly on the heels of the much-anticipated opening of DSW and execution of a lease for the final space in the quick service restaurant lineup, &pizza. ULTA Beauty, the high-performing cosmetics retailer, joins the property as a part of the $30 million investment to reshape the customer experience through a combination of remerchandising efforts and curb appeal enhancements. In an effort to cement MPG’s place in the evolving Washington DC metro market, PREIT has attracted sought-after retail and dining venues and enhanced the aesthetics of the highly-trafficked destination.
In addition to redefining the mall’s mix of tenants, PREIT has enhanced common area elements and new exterior entrances. Interior renovations include new coffered ceilings, lighting, soft seating and food court upgrades, with new high-top tables incorporating charging stations. With more natural wood and a modern vibe, the new enhancements offer a brighter and welcoming environment for MPG shoppers. The new string of fast casual restaurants, complete with the recently executed &pizza, along the mall exterior will also support increased traffic and enhance curb appeal.
Enhanced Retail and Dining Offerings
Servicing a dynamic and densely-populated market, a diverse tenant mix was imperative, with a focus on delivering value and freshness. The mall’s high-impact redevelopment kicked off in 2016 with the addition of H&M and has since continued with a robust series of renovations and remerchandising efforts, inclusive of both new or relocated and revitalized tenants. When complete, two-thirds of the non-anchor space will feature new storefronts for a variety of retail and dining concepts across diversified segments.
The new tenants will activate the property with a blend of hot retail segments, including fast-fashion, off-price, beauty and health & wellness. &pizza joins a quick service dining lineup that includes: Mezeh Meditteranean, Chipotle, Five Guys and Golden Krust Caribbean Bakery.
New tenants at the property include:
“The redefined shopping experience we’ve created at MPG reflects the power of PREIT’s portfolio and highlights our success in strategic remerchandising and redevelopment initiatives to bring best-in-class concepts to our properties,” said Joseph F. Coradino, CEO of PREIT. “With a diverse mix of tenants across retail, dining and experiential, MPG continues to be a stand-out property in our portfolio with sales of $513 per square foot, exhibiting 6% growth before many of these additions have opened. This redevelopment is further bolstering an already strong asset in a core market and will drive increased value to our shoppers, tenants and shareholders.”
Located just outside of Washington DC in densely populated Hyattsville, MD, MPG is surrounded by a growing trade area where household incomes exceed the US average by over 15 percent. In addition, nearly $1 billion has been invested in the region over the past several years on high quality housing and office development, underscoring the immense potential for a growing shopper community. With strong demographics and high demand for retail, the renovations will ultimately further differentiate MPG in the market and solidify its position as a vibrant retail and dining destination in the region.
PREIT is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely populated eastern U.S.