PREIT Completes Anchor Improvements at Viewmont Mall

Philadelphia — PREIT has opened three new retailers at Viewmont Mall in Scranton, Pa., where the company recently recast its anchor mix. DICK'S Sporting Goods, Field & Stream and HomeGoods have opened within the space formerly occupied by Sears and proactively recaptured by PREIT.

As PREIT remerchandises its properties with in-demand retailers, the company continues to add value to its repositioned portfolio. Over the past few years, Viewmont Mall has been a key focus of PREIT's portfolio-wide remerchandising efforts, including the addition of national tenants Ulta, Buffalo Wild Wings, Forever 21 and Yankee Candle accompanied by new prototype stores for several key tenants. These efforts have organically driven 16% increase in sales per square foot since December 31, 2013 and set the stage for reshaping the recaptured Sears store.

DICK'S Sporting Goods and Field & Stream occupy 90,000 square feet in one of only a few dual store concept stores in the country. The retailers will serve the needs of Northeastern Pennsylvania shoppers traveling through the area on their way to the nearby Pocono resorts, a top destination for sporting, hunting and fishing enthusiasts. HomeGoods, a top tier retailer that offers an ever-changing selection of unique home fashions at an affordable price, occupies 23,000 square feet of space and opened in August.

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. with concentrations in the Mid-Atlantic's top MSAs. For more information, visit www.preit.com.

SOURCE: PREIT

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