Inventory shortage? Shipping Delays? Not for Philadelphia’s Rick Forman

FOR IMMEDIATE RELEASE

Media Contact:

Jennifer Sherlock

jsherlock@jennacommunications.com

609.369.3482

Inventory shortage? Shipping Delays? Not for Philadelphia’s Rick Forman

Forman of Forman Mills is Back After Sitting on the Sidelines… Opens His Third and Largest Turn 7 Today at the Moorestown Mall!

PHILADELPHIA, PA (December 2, 2021) – Founder of Forman Mills, Rick Forman is back with a new concept after a five-year break from selling out of Forman Mills for a quarter of a Billion dollars in 2016. Forman who owned Forman Mills for 31 years launched Turn 7 in 2021 and will open his largest new store yet at the former Lord & Taylor at the Moorestown Mall. The 121,000 square foot space is strategically located on the Nixon side of the property with easy access to 295, close-proximity to Rizzieri Salon & Spa, Yard House, and the Regal Theatre.

While global inventory shortages are happening on many goods, and shipping delays on freight are impacting many retailers this holiday season— Forman says those supply chain issues are not affecting him. Forman buys inventory from big retailers for pennies on the dollar and passes that discount on to customers. Not only resulting in happy consumers, but also playing a role in the recycling of returned merchandise which has long been a struggle for the online selling community.

Merchandise turns over every 7 days. Shoppers will find electronics, housewares, fashion, power tools, jewelry, appliances, furniture, toys and more. Much of the merchandise can be found unopened in brand new packaging at a severe discount.

“This is a plus for our holiday customers who want things now, and not on a delivery delay,” said Founder of Turn 7, Rick Forman.

Forman was attracted to Moorestown because of its strong demographics bringing shoppers in from a 15-mile radius for a destination type shopping experience.  Every item at Turn 7 ranges from as low at $1 and goes up to $100. Anything that doesn’t sell will be donated to various charities.

Forman is a former board member of the Boys and Girls Club of Camden County where he recently donated $100,000 to be split between Camden and Burlington Counties.  He’s also involved with Hopeworks, an inner-city training center that helps propel the young to break out of the cycle of violence and poverty by building a strong future. The Maryville Addiction Treatment Center is also near and dear to his heart.

Forman is known for his philanthropic side as he was featured on CBS’ Undercover Boss in 2015. Forman offered to pay for employee’s kids’ college tuition, cars, new homes, vacations, and even gave back to the homeless after spending time undercover with the workers in his stores.

Turn 7 opens today at 11 a.m. Forman believes that this new merchandising paradigm will create a new retail surge with customers and hopes to open in 48 states by the end of next year.

Next Thursday, December 9, an official ribbon cutting will be held at 10:30 a.m. inside the store. A breakfast will kick off the event at 9 a.m. for VIP’s, media, and local politicians.

“PREIT is pleased to welcome Turn 7, a one-of-a-kind large format retail experience offering limited closeout merchandise. The Moorestown location is set to include some higher end brands at bargain prices that consumers won’t want to miss! The addition of Turn 7 further validates Moorestown’s merchandising strategy of adding unique to market retailers this holiday season including:  Fashion Island, Poise Lux, Allure XO, Top Fashion, Tenacious Styles, KDEE’s Toys & Gifts, MMT Kitchen, Glassy Brown Cookies, and Garden Smoothies Cafe,” said Heather Crowell, EVP PREIT.

Reporters are welcome to come in and go on their own private treasure hunt today before the store opens at 11 a.m. Lines are expected to be long, so get there early. Please email Jennifer Sherlock at jsherlock@jennacommunications.com for more information, or to set up an interview with Rick Forman.

Turn 7

Turn 7, which wholesales goods of every kind to the public, is a retail shop that offers customers extreme value. Merchandise turns over every seven days. There are 3 stores open currently in Philadelphia and New Jersey.

PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT’s robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter or LinkedIn.