A mall operator that’s selling off unwanted properties has taken a different course here.
Pennsylvania Real Estate Investment Trust, or PREIT, recently spent $8.9 million to buy the former Macy’s store at the Moorestown Mall.
Heather Crowell, a spokeswoman for Philadelphia-based PREIT said the purchase will allow PREIT, which operates the Route 38 complex, to lease the former department store “to the appropriate caliber tenants.”
The Macy’s space “will likely become a variety of new tenants that are unlike traditional department stores, but are new to the market,” she said.
PREIT Chairman and CEO Joseph Coradino also said the mall landscape is changing as longtime retailers declare bankruptcy and shut stores. The Macy’s in Moorestown, for instance, was among 68 that the department-store chain closed earlier this year.
“We’re no longer in the business of homogeneous properties,” Coradino told the investment analysts.