PHILADELPHIA (MO.Properties) – 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.
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.