PREIT’s Plans for the Gallery Are Less Elusive. Sort Of.
The mysterious game-changing redevelopment project PREIT has planned for the Gallery has become a little less elusive. Sort of. Since October, PREIT has dropped more hints about what “transformative” retailers will bring to Philadelphia’s retail scene. From the Inquirer:
“We anticipate delivering a project that is a focal point for the City of Philadelphia, drives the transformation of the retail landscape in the city and the evolution of the corridor into a vibrant shopping, entertainment, and dining district.”
Apparently, the positive impact East Market Street gets will come from one of two ways:
“One is a high-fashion anchor center utilizing one of the four high-fashion department stores. Another possible alternative is what we call ‘fast fashion and food,’ if you will, and that is to redevelop [the area] more consistent with some of the more trendy suburban mall tenants – like the Forever 21, the H&M, the Uniqlo.”
Joseph Coradino, PREIT’s chief executive officer, asserted the new project would be tenant-driven so retailers would have a voice in the project’s direction. Financial promises to the project from both the city and state have been made.
We look forward to hearing more news in August 2014 when Kmart’s lease ends:
“One of the keys to being able to execute a plan is Kmart vacating their space.”