PREIT Looking For New Tenants Macy's At Moorestown Mall: Report

Moorestown, NJ -- It looks like the Macy’s at the Moorestown Mall is on the market.

Pennsylvania Real Estate Investment Trust (PREIT) is looking for replacement tenants at three of its Macy’s stores in the area, including the Moorestown Mall, philly.com reports.

PREIT has not provided a reason as to why it is looking for new tenants, but top brokers told the newspaper they may be among the 100 stores PREIT is looking to close by early next year.

However, a retail consultant in Phoenix told the newspaper he wasn’t sure this meant the stores would close, specifically the one in the Moorestown Mall.

Earlier this year, Macy’s announced it would close 100 stores nationwide, saying “our company is moving forward decisively to build further on Macy’s heritage as a preferred shopping destination for fashion, quality, value and convenience. This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favorite stores, online sites and apps.”

At 200,000 square feet, Macy's has long been considered an anchor store for the Moorestown Mall, along with Boscov's, Lord & Taylor's and Sears. PREIT has owned the mall since 2003, and embarked on a massive redevelopment project which included bringing Regal Cinemas to the mall in 2011.

PREIT also owns the Cherry Hill Mall.