Pennsylvania Real Estate Investment Trust, owner of the Springfield Mall, as well as the Plymouth Meeting Mall and Willow Grove Mall, closed 2021 on a high note with core mall rolling 12-month sales traversing the $600 per square foot milestone at $603.

PREIT properties emerged as winners for the last year thanks to new anchors and a strong mix of existing tenants. Cherry Hill Mall had the highest growth, going up by close to 28 percent to $936.

“Sales per square foot is a meaningful metric that influences a number of aspects of our business,” said Joseph F. Coradino, Chairman and CEO of PREIT. “As sales grow, our tenants are more productive, improving our ability to drive rents.”

In addition, thanks to comparable sales of over $600 across its portfolio, “the door to an expanded base of interested tenants opens, allowing us to drive occupancy and improve the quality of the experience offered at our centers,” added Coradino.

PREIT added nearly 100,000 square feet of new tenants last year.

The continuous improvement in PREIT’s portfolio “is expected to lead to cap rate compression and improved asset values,” said Coradino.

Besides the Springfield Mall, PREIT owns other malls covering Pennsylvania, New Jersey, Maryland, Michigan, Virginia, Massachusetts, North Carolina and South Carolina.

In this 2018 video, PREIT CEO Joe Coradino talks about consumer mall trends and the impact of the Sears bankruptcy.