Savers thrift store coming to Plaza at Cherry Hill
CHERRY HILL – A business that recycles clothing and household goods could help to turn around a shopping center here, the property’s owner says.
Savers, a for-profit chain of thrift stores, is leasing more than 25,000 square feet in the Plaza at Cherry Hill, according to landlord Urban Edge Properties.
That will boost the occupancy rate to 82 percent at the Route 38 center, where a roadside sign has blank spaces for vacant stores.
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The complex, next to Cherry Hill Mall, also is to upgrade its facades, parking lot and landscaping, according to Urban Edge Properties.
Savers' sales expected to soar
Savers will complement existing tenants “and will draw shoppers from an even wider radius,” Justin Lustig, an Urban Edge executive, said in a statement.
He did not give an opening date for the planned store.
Its parent firm, Savers Value Village Inc. of Washington State, operates 317 stores under multiple brand names in the United States and Canada.
The company currently has one South Jersey location, a 2nd Ave. Thrift Superstore near the Airport Circle in Pennsauken.
Savers Value Village reported annual sales of $1.4 billion and net income of $84.7 million in fiscal 2021, according to a prospectus issued last month for an initial public offering of common stock.
The firm, founded in 1954, sees the potential for 2,200 new stores, the prospectus says.
It says the U.S. secondhand market is expected to rise from $35 billion in 2021 to $82 billion in 2026, fueled by increased interest from cost-conscious shoppers and "treasure hunters."
The firm also sells to wholesale customers who can "reuse or repurpose" secondhand goods, including for resale at small shops and for use as wiping rags, the prospectus says.
Jim Walsh is a senior reporter for the Courier-Post, Burlington County Times and The Daily Journal. Email him at jwalsh@cpsj.com.
This article originally appeared on Cherry Hill Courier-Post: Savers thrift store chain coming to Plaza at Cherry Hill
