Landmark Cherry Hill Mall Receives Face-Lift

Original Article at Courier Post

Cherry Hill Mall, the oldest enclosed shopping center east of the Mississippi, is poised to show off a glamorous $218 million makeover.

The 48-year-old mall has undergone a cosmetic face- lift, as in marble corridors, wood-wrapped columns and leather seating groups, as well as voluptuous enhancements, as in a wildly anticipated Nordstrom and a bistro row of restaurants.

"We think the work we've done at Cherry Hill will make it a trophy property," said Joseph Coradino, president of services for Pennsylvania Investment Trust (PREIT), owner of the iconic shopping center.

In a challenging retail climate, the project is the most expensive and expansive mall redevelopment PREIT has taken on. Coradino said the upgrade was necessary in order to maintain Cherry Hill's status as South Jersey's marquee mall.

"The pieces of the mall were solid but time had passed it by," he said. "It was dreary, run-down and utilitarian."

Nathan Isbee, an analyst who covers PREIT for Baltimore-based Stifel Nicolaus, said Cherry Hill has built a powerful customer base over decades.

"Even before the redevelopment, it was the best mall in PREIT's portfolio," he said. "Most of the dominant malls in any market are older malls that have evolved."

The key component of Cherry Hill's transformation is the opening of a 138,000-square-foot Nordstrom on Friday. Nordstrom will anchor the two-level, 144,000-square-foot Grand Court with a soaring atrium, skylights and an opulent mosaic floor in a cherry blossom motif.

Retailers will include a 12,000-square-foot Urban Outfitters, to debut in July, as well as J. Crew, expected to launch in April. Coach, the Gap, Steve Madden, American Eagle and Johnston & Murphy will expand their existing stores and relocate to the wing.

There are a few nips and tucks, as well. The food court, relocated to the JCPenney wing, is leaner, down to 10 planned eateries from 13.

To enhance customer service, mall managers have cross-trained security personnel to double as ambassadors of goodwill, Coradino said, "giving directions, helping customers carry packages to their cars."

Governor Rendell: Philadelphia Needs To Get Its Casinos Going

From KYW News Radio 1060

As the fight over Philadelphia’s casinos drags on, Pennsylvania governor Ed Rendell is warning that he would have to “weigh heavily” any legislation that would cut off Philadelphia’s share of tax relief funded by slots revenue.

Rendell prefaced his remarks on Monday by saying that he took a vow after leaving office as mayor of Philadelphia not to comment -– either negatively or even too positively -– about goings-on in the city.

But he admits he’s disappointed at Philadelphia’s two casino projects’ failure to launch:

“And if the legislature came to me with legislation saying, ‘Philadelphia’s not cooperating, they’re not participating, they’re dragging their feet, and we’ve all done our bit -– the counties and municipalities are all up and running –- why should Philadelphia get any of the tax relief?’ I would have to weigh that heavily.”

The governor says he would not simply veto such legislation just because of his ties to Philadelphia, although he adds he’s hopeful that there will be action soon to break the logjam over the city’s slots venues.