Federal leverages its well-located portfolio to deploy initiative addressing longer-term trends
ROCKVILLE, Md., April 30, 2020 /PRNewswire/ -- In anticipation of a phased re-opening for shopping center tenants in the coming weeks, Federal Realty Investment Trust (NYSE: FRT) is launching The Pick-Up, a curbside, contactless exchange. This new initiative creates a singular, reliable, centralized service that retailers and restaurants of all sizes can take advantage of, particularly well-suited for small businesses. Where permitted by local jurisdiction, the program is available to all tenants and customers looking for comfortable ways to return to shopping at their favorite stores. The Pick-Up is supported by a robust customer-oriented marketing strategy to drive awareness of this new offering.
"At sweetgreen, we're very proud of the customer experience we've created through our ordering app. Having the partnership with Federal and its new The Pick-Up program, where our customers can place their order, select a designated pick-up time, and now arrive to a dedicated curbside location for contactless pick-up, without leaving their vehicle, makes the experience even better," said Nicolas Jammet, Co-Founder, sweetgreen. Jammet continues, "We're excited to try The Pick-Up in the coming weeks and commend Federal for its innovative and leading-edge launch, aimed at those of us with small businesses."
"The Pick-Up takes what is already a growing trend and builds a scalable platform making it easier for merchants and customers to coordinate the quick, contactless exchange of products to help our tenants drive demand given the immediate effects of COVID-19," said Don Wood, President and Chief Executive Officer, Federal Realty. "Long term, this national platform delivers a resource for our merchants to evolve with this growing channel within brick and mortar, for which our portfolio is uniquely positioned to take full advantage of based on the proximity to high-density population and job centers." The Pick-Up will begin rolling out on May 15th.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 104 properties include approximately 3,000 tenants, in 24 million square feet, and over 2,700 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 52 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
Leah Andress Brady
Investor Relations Senior Manager
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SOURCE Federal Realty Investment Trust