PREIT is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Based in Philadelphia, the company owns and operates more than 25 million square feet of retail space in the eastern half of the U.S. with concentration in the Mid-Atlantic region’s top MSAs. PREIT CEO Jim Coradino told Loyalty360 that he wants to elevate the customer experience in all of the mall properties his company operates.
As a result, PREIT announced the launch of a shopper digital rewards program called PREIT Perks, which will enable shoppers to earn credit on their purchases, as well as give retailers enhanced visibility into shopper behavior at PREIT malls. The program will debut at the Cherry Hill Mall in Cherry Hill, N.J., and will be rolled out across PREIT’s portfolio over the next several months.
“PREIT is committed to elevating the mall experience for shoppers across all of our properties and has been exploring the use of new and innovative technology to merge digital platforms with physical retail experiences,” Coradino explained. “We wanted to reward shoppers for their loyalty to PREIT malls and offer them additional benefits for their existing shopping habits. This program leverages game-changing technology to do just that across our entire portfolio of malls.”
PREIT Perks leverages innovative technology from Spring–the only platform that connects digital marketing with real-time payment data and in-store sales–to maximize benefits for both consumers and retailers. To enroll in PREIT Perks, shoppers can register up to 15 credit and debit cards to earn credit for purchases made at mall retailers. Enrollment is a quick, one-step process available at in-mall kiosks and on PREIT malls' websites. For every $250 spent, consumers earn $10 back on their next transaction at the mall. PREIT Perks also connects consumers to retailers, giving brands access to real-time payments data and other shopper insights. Through partnerships with MasterCard, Visa and American Express, the Spring platform can segment customers based on frequency, shopping habits and spending behavior. With this technology, retailers can engage shoppers while they are in the mall, offering incentives by spend amount, time frame or specific location.
“As a mall owner and operator, we’re focused on not just providing value to our shoppers, but to our retail partners as well,” Coradino added. “With this program, we’re thanking our loyal customers for shopping at PREIT malls with rewards, while also connecting retailers and shoppers more closely with real-time data and customer behavior insights. By leveraging technology to optimize the shopper-retailer relationship, we’re creating a win-win environment for both our customers and our tenants.”
As technology amplifies omnichannel shopping, Coradino said PREIT Perks leverages digital platforms to enhance physical retail experience, marking an innovative milestone for the retail industry.
“Through a quick and simple enrollment, customers can be rewarded for their existing shopping habits– earning $10 off of their next transaction at PREIT properties –at no added cost to them,” he said. “As the retail industry rapidly changes with the growing intersection of digital and brick-and-mortar retail, PREIT is shifting its approach to creating a differentiated mall experience that recognizes and embraces the evolution of shopper habits. Across our mall portfolio, we’re focused on developing a diversified mix of retailers and experiences that cater to the surrounding local community to deliver what our customers demand. We know our shoppers have a number of means by which to simply purchase goods, so our focus on curating the right tenant mix and offering our shoppers a special experience. Through PREIT Perks, we’re offering them the value experience, rewarding them for shopping they were already doing and hopefully encouraging an ancillary purchase or visit.”