PREIT (NYSE: PEI) today launched Shop Local pages on all of its mall websites, an innovative effort designed to support the ecommerce platforms of the small businesses in its portfolio. Not only are the offerings highlighted to the local audience but to the entire PREIT portfolio of consumers. 28% of PREITs portfolio is comprised of tenants that are local or regional and, in many cases, these tenants offer unique and limited-availability products that make shopping our malls a special experience. According to the Harvard Business Review, “businesses with fewer than 500 employees account for 48% of American jobs and 43.5% of GDP”.
“Our local businesses are among the enterprises hardest hit by this pandemic. Without robust digital marketing budgets, they are at a disadvantage to their national counterparts. The retail ecosystem is critical to economic recovery and we wanted to be sure we took steps to support those most in need, including putting our marketing power behind our tenants,” said Joseph F. Coradino, Chairman and CEO of PREIT. “Our goal in pursuing this endeavor is to take another step in putting our communities first and be even better partners with our tenants moving forward.”
Together, PREIT Malls reach a captive audience of over 1,000,000 people through digital channels. The Company is pleased to harness this power in support of our small business tenants.
