The CEO of a company that owns three New Jersey malls said this week he thought his firm had reached an “inflection point” in its turnaround.
Joseph Coradino, the CEO of PREIT, the Pennsylvania Real Estate Investment Trust, delivered this rosy outlook despite a second quarter loss of $31.4 million or 40 cents per share.
The loss topped the company’s $29.2 million loss for a comparable period in 2020 that ended on June 30. Meanwhile, revenues at the company’s 21 malls in nine states, with concentrations in Philadelphia and Washington D.C. suburbs, was $74.1 million, up from $56.7 million in the second quarter last year.
Coradino mentioned new stores in the Cherry Hill Mall and Moorestown Mall during a conference call for financiers, but did not mention the company’s third retail outlet in the state, the Cumberland Mall in Vineland. He called Cherry Hill his “crown jewel.”
“We’re never going to be Cherry Hill,” Sandy Forosisky, director of economic and community development for Vineland said Friday. “But we’re working through things aggressively.”
A vacancy in the former Burlington store at Cumberland is being filled by Power Warehouse, a household appliances and electrical goods wholesaler, and a vacant Bed, Bath & Beyond will soon be filled by a HomeGoods store, a PREIT official said. Coradino said the former Lord & Taylor anchor store in Moorestown is being filled by Turn Seven, a store featuring online products in a brick and mortar environment.
“Our strategic focus on securing in the right mix of tenants to meet consumer demand and intentionally replacing anchors with non-retail partners is paying off, proving to be the right model for sustained long-term growth,” Heather Crowell, executive vice president of strategy and communication said in an email Friday.
PREIT declared and then emerged from bankruptcy last year. But Forosisky said they still believe in the viability of their “blue collar” mall.
“Right now all malls have been suffering from the pandemic and online shopping,” she said. “I believe if they had serious concerns, someone would have given us the heads up.”
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Bill Duhart may be reached at bduhart@njadvancemedia.com.
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