02/06/20 at 10:00 AM PST Thursday, February 06, 2020 10:00 am PST
Philadelphia’s New Retail Epicenter Opens Its Doors on 9.19.19 with Highly-Curated Tenancy, Reflecting a Modern Consumer Experience
PHILADELPHIA – September 17, 2019 – The joint venture partnership between PREIT (NYSE: PEI) and Macerich (NYSE:MAC) today announces the official launch of Fashion District Philadelphia (The District), a well-curated one-of-a-kind destination that blends shopping, dining, entertainment and culture to create a unique downtown destination that is inclusive, accessible and convenient for everyone. The opening of The District is one of many milestones for PREIT in 2019, a pivotal year for the company.
Spanning three city blocks and approximately 900,000 square feet of space, The District will feature a robust lineup of dynamic tenants that serve the evolving consumer in a metropolitan setting. From a variety of retailers to multiple dining concepts, dynamic entertainment for kids and adults alike, ongoing community events and programs, and several unique features – including art installations and local businesses – the offerings at The District are designed to maximize day-to-night appeal and deliver an unforgettable experience for all.
“This is a very exciting day for us and one that we, as Philadelphians, have been looking forward to for sixteen years since we acquired the first piece of what is now Fashion District and we are proud to take part in the Market East revolution,” said Joseph F. Coradino, CEO of PREIT. “With the opening of The District as a new Philadelphia destination, Market East will be revitalized and emerge as a robust retail and entertainment district in Philadelphia. Beyond this, The District will also truly redefine the national consumer experience and the future of retail , simultaneously changing the face of PREIT’s portfolio.”
The breakthrough mix of uses differentiates The District. “This experience-forward project is a model for what the best retail properties all over the country are becoming: more things for more people, and all in an unbeatable, heart-of-everything location,” said Macerich CEO Tom O’Hern. “This has long been the Macerich philosophy, and we are proud to be part of this exceptional project geared to residents, commuters and the millions of people who visit Center City each year.”
The District will launch on September 19, 2019 with a press conference featuring Philadelphia Mayor Jim Kenney, PREIT CEO Joseph Coradino, Macerich CEO Tom O’Hern, and Philadelphia Convention & Visitors Bureau President & CEO, Julie Coker Graham. That is just the beginning - it will be followed by a year-long series of new additions later in 2019 and in 2020.
TENANTS AND COMMUNITY PROGRAMING
As the retail landscape continues to evolve, the project’s tenancy and programming has been curated around four brand pillars – Style, Dining, Entertainment, and Arts & Culture – attractive to residents, commuters and visitors of Philadelphia.
Style:Offering a unique combination of flagship, off-price, fast-fashion, traditional full price, branded outlet stores and first-to-market concepts, The District offers mass appeal to a diverse customer base, combining a high quality experience with accessible style. Retail options include:
Specialty offerings include:
Dining: Emphasizing Philadelphia’s reputation for great food offerings, The District offers a collection of unique dining concepts, ranging from fast casual, to sit down, to quick bites and cross-over live entertainment. This includes Market Eats, a collection of restaurants and eateries in partnership with Aramark, offering a modern grab-n-go food market with access to SEPTA’s Jefferson Station; as well as City Winery, the brand’s seventh location in the country. The full list of dining options include:
Additionally, visitors can enjoy a pop-up Yards Brewing Company activation for a limited time only commencing before the end of the month. The local brewery will have a common area space offering brews and limited food options. Visitors can check them out on the Street level between 10th & 11th Street.
Entertainment:Delivering an entertainment destination for engaging, social experiences, The District features a dedicated third-floor entertainment zone. Visitors can enjoy billiards, bowling, karaoke and more at Round 1*; dine and recline in reserved seats at AMC Theaters* to watch the latest movie; experience rotating interactive art exhibits from around the world at Wonderspaces*; or be immersed in the marshmallow mini-theme park of Candytopia. Whether it’s an adventure for the whole family or a night out with friends, The District offers fun for everyone and supports local demand for accessible social experiences.
Arts & Culture: Beyond offering a retail and entertainment destination, The District is designed to be an integral part of the local community – supporting local talent and fostering positive change.
Additionally, as a trusted civic and community partner, The District has selected nonprofits that align with its brand pillars of Style, Dining, Entertainment and Arts & Culture as corporate philanthropy partners. The inaugural partners include Career Wardrobe, The Food Trust, Philadelphia Music Alliance for Youth (PMAY) and Mural Arts Philadelphia .
* Denotes tenants that are opening after September 19, 2019
AMENITIES & FEATURES OF THE DISTRICT
CELEBRATORY EVENTS & OPENING DEALS
The District launches with a series of celebratory events September 19 through September 22 – including more than ten experiential activations to create a whimsical, imaginative world that encourages guests to “Go For It” – setting the standard for the type of exciting programming that will take place year-round.
“Play in the District” weekend activities include:
For more information and the complete list of Launch weekend events and activations, visit: https://fashiondistrictphiladelphia.com/calendar.
Many of Fashion District’s new stores, dining and entertainment venues will be offering introductory deals. You can view the offers at: https://fashiondistrictphiladelphia.com/sales.
About Fashion District Philadelphia
Fashion District Philadelphia is the first robust retail and entertainment offering of its kind in Downtown Philadelphia. Spanning three city blocks, The District will feature over 800,000 square feet of dynamic offerings including flagship, traditional full price, off-price and branded outlet retail, experiential dining and entertainment, along with public art and evolving cultural events. With a prime location in Center City, The District is just steps away from Philadelphia’s historic district and connected to Reading Terminal, the Pennsylvania Convention Center and SEPTA’s Jefferson Station – a convenient, transit-oriented location offering accessibility for millions of Philadelphia residents, commuters and visitors. Additional information is available at www.fashiondistrictphiladelphia.com or on Facebook, Twitter or Instagram.
PREIT (NYSE:PEI) 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. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 47 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence on the West Coast, Arizona, Chicago and the Metro New York to Washington, DC corridor. A recognized leader in sustainability, Macerich has earned NAREIT's prestigious "Leader in the Light" award every year from 2014-2018. For the fourth straight year in 2018 Macerich achieved the #1 GRESB ranking in the North American Retail Sector, among many other environmental accomplishments. Additional information about Macerich can be obtained from the Company's website at www.Macerich.com.
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 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, 2018 in the section entitled “Item 1A. Risk Factors” and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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.
Brownstein Group on behalf of
Fashion District Philadelphia