Sears to lease space to Primark at seven US sites
The discount fashion retailer will lease a total of approximately 520,000 gross square feet of retail space from Sears Holdings in mall-based stores in the North East of the US. The space is expected to be delivered to Primark over the next 12 to 18 months.
Sears will continue to have a significant presence in six of the locations with a streamlined store format of up to 100,000 selling square feet at each store.
Sears Holdings chairman and chief executive Edward Lampert said: "Partnering with a globally recognized brand such as Primark to help establish its store base in the North Eastern United States is testimony to both our attractive store locations and our focus on transforming Sears by working with other retailers, mall owners and brands."
Primark is expected to open the first of the new stores at the King of Prussia Mall near Philadelphia. The retailer will join Dick’s Sporting Goods as a sub-tenant of Sears and will occupy over 100,000 gross square feet on the lower level. As part of the agreement, Sears will no longer have a presence at the Simon Properties Group owned mall.
Another expected location is in Staten Island at the Staten Island Mall. Here, Sears will continue to operate in approximately 70,000 selling square feet adjacent to Primark. Meanwhile, Primark will lease approximately 70,000 gross square feet and will join Lands' End as a direct tenant of Sears. The Primark store will open in 2016.
The other five locations have yet to be announced.
Jeff Stollenwerck, president of real estate for Sears Holdings, said: “These lease agreements with Primark illustrate how Sears Holdings is strategically transforming one of the largest retail real estate portfolios in the United States over time while continuing to operate its existing stores in large, but rationalized selling space."
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