Pennsylvania Real Estate Investment Trust (PREIT), the shopping-mall owner controlled by Philadelphia investor Ron Rubin, is celebrating the success of its "comprehensive community outreach strategy in order to secure passage of the referendum" allowing liquor sales and ending Prohibition in previously dry Moorestown, N.J.
Online competition is wrecking the traditional retail business. But you can't drink booze online. So restaurants with alcohol have replaced department stores as the franchise tenants in regional malls like Moorestown, PREIT-Rubin president Joseph Coradino says in this statement.
Working with local wets who have failed for decades to win previous passage of a liquor ordinance, "PREIT educated local voters on the positive tax impact and job creation associated with property enhancements tied directly to the addition of fine dining," the company added.
Following its victory at the polls, "PREIT will purchase four liquor licenses for the property when authorized and is actively pursuing lease negotiations with several well-known restaurant groups including world-renowned Chef Marc Vetri."
Says PREIT's Coradino: "Restaurants are the new anchors in today’s thriving shopping centers, and with the new liquor licenses, PREIT is now positioned to secure fine-dining establishments to cater to the area’s high-end residents, which differentiates this property in the market."