Get ready: Market East is on the cusp of a complete makeover, brought to you by PREIT. The changes to the Gallery will be nothing short of transformational, says SVP Joe Aristone.
After a decade of patient acquisitions, PREIT picked up the final piece of The Gallery in 2012 and now owns the whole north side of Market Street from the old Strawbridge’s at 8th to the Burlington Coat Factory at 11th. Joe says the long-term plan is a reworking of The Gallery space, turning it inside out to invite the public in. (He sent us this shot of himself giving an international retailer an aerial tour of PREIT's malls.)
The transformation could get underway when Kmart packs up in August, leaving a 130k SF space (above) that PREIT expects will be filled with multiple retailers. The redevelopment is key to filling Center City’s retail void, Joe tells us. Although Philly brings in 40 million annual visitors—and new retailers are heading into town, like Uniqlo, Nordstrom Rack, American Eagle, and The Cheesecake Factory—the Center City market is underperforming to the tune of $1B annually, according to PREIT. That means many of the young professionals taking up residence in Center City still have to leave downtown to do their shopping. (And if there's one thing Millennials hate, it's having to stray too far from their computers.)
In South Jersey, PREIT is already a proven innovator. The arrival of some of Philly’s marquee restaurateurs (and then some) has revolutionized the Moorestown Mall. Marc Vetri opened up a sister location to his acclaimed Osteria in November, Firebird’s joined the lineup in December, and Jose Garces is next with a Distrito in the Spring. Adding to Moorestown’s newly found niche is the Regal RPX, an upscale movie theater, meaning this mall is no longer playing second fiddle to Cherry Hill. Learn more about what's to come in Philly-area retail at our upcoming Bisnow Philadelphia Retail Summit Feb. 26; sign up here!
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