Moorestown Mall Owners Get To Work After Liquor Vote

Moorestown Mall, which could see 4 new restaurants within the year

Moorestown Mall owners are rolling up their sleeves one week after the dry town voted to go wet.  Already, executives are saying they plan to open 4 new restaurants with liquor licenses before next Christmas.  

"In 1985, there were 53 department store chains. Today, there are about a dozen," said Joseph Coradino, president of mall owner Pennsylvania Real Estate Investment Trust (PREIT) in a story written by my colleague, business writer Maria Panaritis, on Wednesday.  "When you think about restaurants in an enclosed mall, they really have become the new anchors."

In an earlier interview, Coradino told me that PREIT pushed for the liquor question as a way to save the declining shopping center on Route 38.  He said the nearby Cherry Hill Mall, which PREIT also owns, rebounded in recent years after adding a handful of fine dining restaurants and a Nordstroms.

PREIT also plans to open a new 12-theater cineplex at the Moorestown Mall, to generate even more business.  "Forty percent of the people who go to the movies dine out, based on industry statistics," he said.  And nearly half of those patrons also make a purchase at the mall, he said.