This is a new concept for the PREIT portfolio, and the mall location gives 1776, which operates 10 incubator units on the East Coast, access to the Greater Philadelphia market.

The 1776 concept helps high-growth startups fuel innovation and scale, CEO Jennifer Maher says in a press release. The Cherry Hill Mall unit will focus on retail and e-commerce incubation initiatives. ​"As the line between traditional retail and e-commerce continues to blur, we recognized the tremendous opportunity to partner with PREIT and bring together entrepreneurs and companies in a flexible environment while supporting creative collaboration across the industry," Maher said in the release. "The Cherry Hill Mall location allows us to be more creative with our incubator as retail evolves and the face of work shifts."

PREIT is equally optimistic. "Our partnership with 1776 furthers the reimagination of the mall experience and expands our customer base while simultaneously offering great retail, dining experiences and services as an amenity to the 1776 member population," said PREIT CEO Joseph F. Coradino. "We are committed to bringing a unique mix of tenants to our portfolio to cement our place as a change agent delivering a new and diversified tenant mix creating a hub of activity positioned for future growth."

The incubator unit is set to open in November. 

Retail properties around the U.S. are adding co-working spaces to diversify tenant mix and boost traffic.