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The pandemic forced many malls and their retail tenants to temporarily close for months. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. J-2. In Chester County, PREITs Exton Square Mall opened in the 1970s and was renovated in 2000. Businesses Goal is a worldwide online news portal. Market data provided by ICE Data Services. The mall houses about 100 shops and . Join the Dead Malls of Discord Community by going to this link: PREIT has identified an ability to place another 3,000 units, Heather Crowell, an executive vice president, said. Copyright 2023 American Community Journals, LLC |. Exton Square Mall is a beautiful but dead mall. 477 30 30 comments Best Add a Comment jal7777us 3 yr. ago Wow. CBL, which operates 107 malls, said more than 30 of its tenants have filed for bankruptcy protection this year and are shutting stores, including woman's clothing retailer Ascena, which has 100 Ann Taylor, LOFT and other stores in CBL malls. Kohls Corp. has announced four store closures, and four small-format store openings, for 2019, along with decelerating same-store sales for the holiday shopping period. Exton Sq Mall & County Library. Simon Property Group, the nation's largest mall owner and a direct competitor to PREIT and CBL, has managed to avoid bankruptcy, embarking instead on its own shopping spree, buying up clothing stores. (610) 280-6573. The Macy's-anchored mall is also not considered a core property by PREIT. Every restaurant within the mall's food court is closed and NBC10's Tim Furlong went to Chester County to ask why. PREITs strategy reflect those of other mall owners, who are replacing department store anchors with health-care facilities, hotels, entertainment centers, gyms, and apartments. What is the pre employment test for Canada Post? The company expects to. Existing anchors include Boscov's, Macy's, and Round1. Officials now are considering an ordinance that would allow the construction of other apartments or condos in the Willow Grove Park area close to nearby train stations, Manfredi said. The Gallery at East Market/Owners. The site is zoned for a 150-unit retirement community and the zoning hearing board denied the application for the apartment complex, said Chris Manero, the chair of the Plymouth Township Council. Create an account to follow your favorite communities and start taking part in conversations. E-5. So much of this has been occurring during the pandemic. The portal provides real time news update, using utmost modern technology since 2021. 150 x 147 22,000. PHILADELPHIA The owner of Exton Square Mall in West Whiteland has entered into an agreement to sell the property. Considering PREIT has close to $1 billion in debt, having that kind of support will no doubt be important as they move forward. State: I want them to do well because more customers come into the market and cross shop.. As of June 15, at least 103 Banana Republic stores have been shut down since the beginning of 2020, according to data from Gap. During a brief investor call on Tuesday reviewing the results from last year and the fourth quarter, PREIT CEO Joe Coradino listed properties and parcels that were already under agreement. To learn more about PREITs restructuring plan you can read the article from The Philadelphia Inquirer by clicking here. This sale will allow the builder to fulfill that destiny.. He and other township officials met with PREIT in Philadelphia. Exton (Exton Square Mall) 10am-2am (Every Day) Philadelphia (Fashion District) 10am - 12am (Every Day) Erie (Millcreek Mall) 10am - 2am (Every Day) The shopping mall is conveniently located in the heart of the city center. Coradino said that PREITs malls have recovered from the depths of the pandemic. As we have said previously, this property is better suited as mixed-use, Coradino said on the call. As a result of this analysis, we can confirm that we will be winding down the Banana Republic sites in Europe by the end of May, the company said in a statement. PREIT developed a plan for 2,000 new apartments, plus retailers, two hotels, and public space. A lot of tenants are not stores but local organizations and healthcare. Anthony Ernewein, 39, who works in logistics in Buffalo, N.Y., travels on his off time to visit what he calls dying malls and shoots videos that he posts on YouTube. This news story is . This portal has started its operations with the commitment of fearless, investigative, informative and neutral journalism. See our current mall hours and store list. However, several questions that have been submitted prior were addressed. READ MORE: https://www.inquirer.com/business/preit-fashion-district-investement-writedown-coronavirus-retail-20210313.html. Pennsylvania Real Estate Investment Trust MacerichPennsylva Real Estate Investment But those establishments have been hit harder by the pandemic and have stricter social distancing rules on how many people can visit. V-1. Barn-1 World of Beer. Popular restaurant types near me. An empty storefront at the Exton Square Mall. An attorney representing PREIT, Richard A. Chesley, articulated that unity, saying, This result, in the midst of the Christmas holiday shopping season, is a testament to all parties extraordinary efforts to reach a consensual restructure.. PREIT Chairman and CEO Joseph Coradino said the company had executed an agreement of sale late Monday to sell the mall to a developer. Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. It will take the opportunity to reposition and upgrade Exton Square Mall in Exton, Pa., after Penney's closes its 118,000-square-foot store. What's New Activities Locations Membership Food Menu Careers. https://discord.gg/g4tKbpu, Press J to jump to the feed. The Macys-anchored mall is also not considered a core property by PREIT. Coradino said he believes executing on the companys plan to bring in capital to reduce debt and continue to execute operationally will alleviate the need to take other action. The company has until Aug. 4 to resolve the issue. See Store Hours. He considered it a well-maintained mall that does not look drab like a lot of malls that he films. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. We want to help them succeed but we also want to do whats best for the township and its current residents.. PREIT has not given a time frame for the second phase. And while Chester County has the highest median family income in Pennsylvania, Exton Square Mall with 990,000 square feet of retail space competes with one of the biggest malls in the nation, King of Prussia, and Wolfson Groups Main Street Exton shopping-and-apartment center, which opened in 2001. Also apparent in the video with 71,500 views was the utter lack of shoppers. Attributes Retail & Restaurant , Commercial , Pennsylvania. This is a mall that has fallen on hard times the last few years. But. He added that PREIT has not received the level of acceptance in Plymouth Meeting as it has in other locations. 14 jobs. Fearing neglect, the township asked PREIT to develop a broader plan on what it would do with the site. "I figured it would be strip mall sushi, . Follow the link to read our updated Privacy Policy, Median Home Sales Price in Region Continues to Drop, Montco Officials Flip the Switch on Oaks Expo Center and Its Solar Array, Qurate, Parent Company of West Chester-Based QVC, Lays Off 400 Employees. Exton Square Mall has just over 1 million square feet of space, is 52% occupied and has sales of $283 per square foot, according to information on the PREIT website. Defections have hurt. Exton Square Mallis a shopping malllocated in the Exton, Pennsylvaniain West Whiteland Townshipin Chester County, Pennsylvania. PREIT means Pennsylvania Real Estate Investment Trust. Lora Lehmann, an Abington resident who has reservations about the plan and has posted her concerns online, said that she would like to see the Willow Grove Mall thrive. The company is working to return to compliance with the New York Stock Exchange, which said in February PREIT was in danger of being delisted. The property is currently 50-percent occupied and records sales of $283 a square foot. Late last year, he visited Exton Square Mall. Open Menu Close Menu. 51 x 100 6,726. One of them is the one-million-square-foot Exton Mall. If you continue to use this site we will assume that you are happy with it. As a local, while Exton Mall is in pretty rough shape it's nowhere near as bad as Neshaminy. We use cookies to ensure that we give you the best experience on our website. Exton Tourism Exton Hotels Exton Bed and Breakfast Exton Vacation Rentals Exton Vacation Packages . Still, PREIT executives point to recent positive signals: Through February, foot traffic jumped 14% over 2021 in its core malls. Some are going bankrupt and closing stores, such as J.C. Penney and California Pizza Kitchen . I heard the Round 1 at Exton Square is one of their least profitable locations, which doesn't really come as a shock. Lehmann also has concerns that approving the mall would open the door to other apartments in the Willow Grove Park area. 2. Have hand sanitizer available in-store and/or know where the nearest mall sanitizer is located. It happened around 5:30 p.m. on Wednesday. The side of the mall where Boscov's. Sale expected to close within 90 days. opening late and/or closing early on these days. Apr 25, 2022. This field is for validation purposes and should be left unchanged. One of them is the one-million-square-foot Exton Mall. PREIT received formal notice on Feb. 4 that it was non-compliant with the stock exchanges continued listing standards. PHILADELPHIA The owner of Exton Square Mall in West Whiteland has entered into an agreement to sell the property. 1,940. Hi yet again. Please enter valid email address to continue. Wine & Spirits. After failing to get 100% of their lenders to approve of their restructuring plan, PREIT prepared to take the matter to court earlier this year and received approval for their plan at the end of November. 2,955. Trending Eagles in Super Bowl Watch NBC10 24/7 Phillies Sixers. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Brandywine Realty Trust is set to buy the Exton Square Mall from PREIT for $27.5 million, according to U.S. Securities and Exchange Commission documents. 2022-03-20 - By Donna Rovins drovins@pottsmerc.com. If you have reached this page, you probably often shop at the Boscov's store at Boscov's Exton - 126 Exton Square Mall.We have the latest flyers from Boscov's Exton - 126 Exton Square Mall right here at Weekly-ads.us!. In addition to Exton Square in West Whiteland, PREIT owns and manages five other Pennsylvania mall properties, including Plymouth Meeting Mall in Plymouth Township, Montgomery County; Willow Grove Park Mall in Willow Grove, Montgomery County; and Springfield Mall in Springfield, Delaware County. Two mall operators filed for bankruptcy protection Monday, hurt by the ripple effect of thecoronavirus pandemicwhich has forced many of its mall tenants to permanently close stores or not pay rent. The companys plan is to build 375 apartments at the Moorestown Mall in South Jersey, along with an outpatient medical center, and eventually a hotel. We are hopeful that the municipality will understand that the strongest path forward is a multiuse community hub, a company spokesperson said. I remember when this place was alive and vibrant. Per Jacob Adelman of The Philadelphia Inquirer, this new plan allows PREIT to borrow an additional $130 million in loans, in exchange for going through bankruptcy, and the properties that PREIT owns outright now becoming collateral for their lenders. Though PREIT had needed 100% of their lenders to approve of their initial plan, it was only one lender who holds 5% of PREITs debt who held out on making it unanimous. Maggie Moos. 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