Joe Coradino, CEO of PREIT (NYSE: PEI), participated in a video interview at Nareit’s REITworld: 2018 Annual Conference in San Francisco.
Coradino commented on the increased sophistication of the consumer and the trend toward malls becoming centers for dining, entertainment, arts, and culture.
“It’s clear that given the track record of success we’re experiencing with restaurants, entertainment, health, fitness, and other experiences, that the consumer is enjoying this and they’re coming back more often to experience it,” Coradino said.
PREIT recently announced a partnership with 1776, a network of incubators that cultivates start-up companies in the Northeast. Coradino said the partnership is an opportunity to bring in a company that will cultivate retailers within an actual retail environment, giving them an opportunity to interface with customers and maximize their business potential in a much shorter time.
Meanwhile, Coradino noted that PREIT has worked hard to prepare for the Sears bankruptcy filing. PREIT started out with 27 Sears stores and is now down effectively to 4. He added that PREIT is one of the retail REITs to be least impacted by the bankruptcy.