Retail

Fashion District Philadelphia Attracts More Than 70 Tenants In First Year

Fashion District Philadelphia Attracts More Than 70 Tenants In First Year

Fashion District Philadelphia garnered more than 70 tenants and an average of nearly 700,000 visitors per open month in its first year, according to a Monday (Sept. 14) announcement.

The shopping mall, which is a PREIT and Macerich project located in Philadelphia’s downtown, is currently 74 percent occupied and has commitments for more than 80 percent of its area.

“With over 80,000 square feet of new tenants opening following the pandemic closure, we expect occupancy, sales and traffic to continue to grow in the coming months as we return to normalcy," PREIT CEO Joseph F. Coradino said in the announcement, referring to the project as a “go-to destination for fashion and fun experiences.”

PREIT said that two new tenants opened during the facility’s July reopening. Those include the women’s clothing, accessory and gift retailer Francesca's and the Industrious co-working space, which features conference rooms, “all-inclusive amenities” and offices.

In addition, the company said that Starbucks added a new store on Market Street at The District on Aug. 19, and the Kate Spade Outlet joined the collection of stores on July 24 for its first shop in the city.

The District will showcase more than 800,000 square feet of attractions encompassing flagship, discount, traditional full-price and outlet retail, in addition to entertainment and restaurants as well as cultural gatherings and art, according to the announcement.

PREIT is a publicly-traded trust that owns and supervises locations “at the forefront of shaping consumer experiences through the built environment," according to the announcement.

The news comes as PREIT was curating its first online shopping offering dubbed sMALL Surprises, which is a selection of merchandise from multiple PREIT mall properties. Each sMALL Surprises pack encompasses a selection of products, such as on-trend accessories and activity cards. Shoppers can visit a website, find a survey and choose a tailored pack for delivery anywhere in the country, per news at the time.

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