Business with 3 NJ malls touts increased revenue and new stores, despite losses


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The CEO of a company that owns three New Jersey malls said this week that he believes his company has reached an “inflection point” in its turnaround.

Joseph Coradino, CEO of PREIT, the Pennsylvania Real Estate Investment Trust, presented the optimistic outlook despite a loss of $ 31.4 million or 40 cents per share in the second quarter.

The loss exceeded the company’s $ 29.2 million loss for a comparable period in 2020 that ended on June 30. Meanwhile, revenues for the company’s 21 malls in nine states, with concentrations in suburban Philadelphia and Washington DC, were $ 74.1 million, up from $ 56.7 million in the second quarter. from last year.

Coradino mentioned new stores in Cherry Hill and Moorestown malls on a conference call for financiers, but did not mention the company’s third outlet in the state, the Cumberland Mall in Vineland. He called Cherry Hill his “crown jewel”.

“We will never be Cherry Hill,” said Sandy Forosisky, director of economic and community development for Vineland on Friday. “But we are aggressively working on things.”

A vacant position in the former Burlington store in Cumberland is being filled by Power Warehouse, a wholesaler of home appliances and electrical products, and a vacant Bed, Bath & Beyond will soon be filled by a HomeGoods store, a PREIT official said . Coradino said the former Lord & Taylor flagship store in Moorestown was occupied by Turn Seven, a store offering online goods in a brick and mortar environment.

“Our strategic focus on selecting the right mix of tenants to meet consumer demand and the intentional replacement of anchor points with non-commercial partners is paying off, proving to be the right model for sustained growth at long term, ”Heather Crowell, executive vice president of strategy and communications said in an email Friday.

PREIT declared and then came out of bankruptcy last year. But Forosisky said they still believe in the viability of their “blue collar” mall.

“Right now, all malls are suffering from the pandemic and online shopping,” she said. “I think if they had had serious concerns someone would have warned us.”

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Bill Duhart can be reached at [email protected].

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