Joseph Coradino, longtime CEO of PREIT, the real estate firm which owns the Willow Grove Park Mall, was recently interviewed in an article by Chain Store Age.
The article includes Coradino’s thoughts on shoppers in the 21st Century. An excerpt:
Mall shoppers today are much more technologically savvy than they were two decades ago. Today, we place a significant focus on millennials and Gen Zers, who often value experiences over goods. The technological revolution we have seen in recent years has given rise to shoppers who expect a seamless integration between online and in-store experiences.
They conduct due diligence ahead of a shopping trip and are often more purposeful in their visits. We’re diversifying our tenant mix to give these shoppers more reasons for shoppers to visit our properties.
He goes on to note that today’s mall shopper isn’t necessarily coming for retail, but instead wants “entertainment options, competitive social experiences like pickleball and golf simulators, experiential dining”, among other attractions.
In turn, PREIT’s CEO hopes to create “all-in-one community hubs, which in some cases include hotels and apartments as well”—alluding to the firm’s plans to convert portions of its properties to thousands of apartments.
For the full story, you can click here. For our previous coverage on PREIT’s potential bankruptcy filing in December, you can click here.
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Photo: PREIT