Sunday, November 29, 2015

Mall landlord cheers Moorestown prohibition repeal

'Restaurants' with booze 'are the new anchors' in shopping malls, says Ron Rubin's PREIT, after lobbying Moorestown voters to end prohibition

Mall landlord cheers Moorestown prohibition repeal


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."

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PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

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