HomeGoods coming to the Cumberland Mall
VINELAND – HomeGoods is coming to the Cumberland Mall.
The retailer will be a tenant of the Delsea Drive shopping center but an opening date is not yet set, mall officials confirmed Tuesday.
HomeGoods is setting up shop in the 21,130-square-foot vacancy between Starbucks and Michaels. The site was previously home to Bed, Bath & Beyond, which closed more than two years ago.
“Cumberland Mall is excited to welcome this popular store as we continue to make strong progress attracting new tenants to serve the community,” said Lisa Milideo, the Cumberland Mall’s marketing director.
It may also reflect a change in retail after a year of COVID-19 closures and mandates.
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Pennsylvania Real Estate Investment Trust (NYSE:PEI) survived a brief trip through bankruptcy in late 2020. However, it emerged with as much debt as ever. And with the COVID-19 pandemic still weighing on a wide variety of retail tenants, the mall owner remains in precarious position.
Last quarter, PREIT began to make progress toward a potential turnaround. That said, the company remains far from getting its net operating income back to pre-pandemic levels and fixing its balance sheet represents an even thornier problem.
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The Pennsylvania Real Estate Investment Trust (PREIT) reported $49.6 million in losses for the first three months of 2021. (Photo Credit: Anthony Bellano)
CHERRY HILL, NJ The owners of the Cherry Hill Mall reported a loss of $49.6 million for the first three months of the year.
The Pennsylvania Real Estate Investment Trust (PREIT) on Thursday posted its quarterly report for the first three months of 2021. The $49.6 million loss for the period ending March 31 comes out to a loss of about 64 cents per share. Over the same period last year, PREIT lost $19.9 million, or 26 cents per share.
That period included two and a half months in which the Cherry Hill Mall and malls across the country were fully operational before closing down for an extended period due to the coronavirus pandemic, the results of which are still being felt.