Joseph Coradino, CEO of PREIT, owner of the Springfield Mall, took a hard look at its portfolio well before the onset of the pandemic, replaced department store anchors at some of its super-regional malls, and started selling properties that were not achieving minimum sales levels, writes Al Urbanski for the Chain Store Age.

The main goal of the ongoing transformation is to diversify PREIT’s tenant mix to provide shoppers from younger generations with more reasons to visit its properties, including offering a seamless integration of online and in-store experiences.

“Mall shoppers today are much more technologically savvy than they were two decades ago,” said Coradino. “Today, we place a significant focus on millennials and Gen Zers, who often value experiences over goods.”

PREIT is also attempting to cater to the flexible work arrangements that became more common during the pandemic.

“As the suburbanization trend has unfolded, we have focused on ensuring that our malls offer variety for our communities that include expanded dining, leisure, and wellness options,” added Coradino. “If we give people more of what they need at our properties, we can take advantage of the increased flexibility in their schedules to drive traffic during traditional off-peak hours.”

Read more of what Joe Coradino has learned about shoppers during the first two decades of the 21st century at Chain Store Age.

_______