Pennsylvania Real Estate Investment Trust (PREIT), one of the nation’s earliest real estate investment trusts (REITs), exemplifies the dramatic transformation of American retail in the 21st century. Founded in 1960 by Sylvan M. Cohen following the passage of the REIT Act, PREIT pioneered public access to real estate investment and grew into a dominant East Coast mall operator, acquiring properties like Cherry Hill Mall, Moorestown Mall, and the Fashion District Philadelphia. For decades, its malls served as social and economic hubs, anchoring communities across the Mid-Atlantic. However, long-term shifts in consumer behavior—driven by the rise of e-commerce and the decline of anchor tenants like Sears and J.C. Penney—had already weakened the traditional mall model before the arrival of the COVID-19 pandemic. The pandemic dealt a catastrophic blow: in 2020, over 80% of PREIT’s tenants stopped paying rent, triggering a liquidity crisis. The company filed for Chapter 11 bankruptcy in November 2020, restructured $2 billion in debt, and emerged a month later, only to face renewed financial pressure from soaring interest rates, inflation, and an unsustainable $1.1 billion debt burden due in 2023. On December 10, 2023, PREIT filed for bankruptcy a second time, marking a pivotal moment in its history. This restructuring slashed $880 million in debt and transitioned the company from public to private ownership, led by New York-based investment firms Redwood Capital Management and Nut Tree Capital Management. As part of the deal, existing shareholders—many of them individual investors—saw their equity wiped out, receiving only a nominal $10 million in compensation, a stark contrast to the company’s nearly $2 billion valuation in 2017. Longtime CEO Joseph F. Coradino stepped down in April 2024, succeeded by Jared Chupaila and executive chairman Glenn Rufrano, signaling a complete leadership overhaul. Crucially, PREIT exited its joint venture in the Fashion District Philadelphia, ceding full control to Macerich and abandoning one of its most ambitious urban redevelopment projects. Despite these upheavals, all PREIT-operated malls remained open throughout the bankruptcy process, preserving jobs and local commerce. The company’s new strategy focuses on transforming malls into mixed-use community hubs, integrating residential units, healthcare facilities, entertainment venues, and open-air spaces to adapt to changing urban needs. Occupancy rates exceeding 90% at its remaining properties suggest resilience and potential. PREIT’s story underscores the profound impact of technological disruption, global crises, and macroeconomic forces on real estate and community life. It reflects a broader industry shift from retail-centric spaces to multifunctional destinations, reshaping not only the physical landscape but also the economic and social fabric of the towns they serve. The legacy of PREIT is not merely one of financial volatility, but of adaptation—a testament to the enduring value of location and community, even as the definition of what a ‘mall’ can be continues to evolve.