Joe Coradino, CEO of Pennsylvania REIT, discussed retail center repositioning strategies with MBA students in a recent seminar, noting the need for retail centers to provide experiences along with shopping opportunities. "Our studies show if you go to the mall for dinner or the theater, 70 percent of the time you make an ancillary purchase," Coradino said. "Shoppers who go simply to shop make purchases 50 percent of the time." He also noted the opportunities in Philadelphia's retail community, which he says lags compared to other parts of the country; PREIT is investing $500 million in a local redevelopment project.
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