Sears Holdings Announces Willow Grove Park Mall Store Location Included In Primark Lease Agreement
Sears to Continue to Have Significant Presence in Mall Owned and Operated by PREIT
HOFFMAN ESTATES, Ill., Jan. 30, 2015 /PRNewswire/ -- Sears Holdings Corporation (NASDAQ: SHLD) late last year entered into lease agreements with Primark, a leading fashion retailer in Europe, for seven standalone stores in the Northeastern United States. Today, the company announced that the Willow Grove Park Mall in Willow Grove, Pennsylvania, is one of these seven mall-based Sears stores locations included in the lease agreements. The company previously announced that the lease agreement included Sears stores at King of Prussia Mall in King of Prussia, Pennsylvania, and Staten Island Mall in Staten Island, New York.
"Sears Holdings continues to strategically transform its real estate portfolio by working with leading retailers such as Primark and mall owners like PREIT, and by rationalizing our selling space to improve the productivity of our stores," said Jeff Stollenwerck, President of Real Estate for Sears Holdings.
At Willow Grove Park Mall, the Sears store and Sears Auto Center will continue to operate in approximately 96,000 gross square feet on the lower level. Primark will lease approximately 77,500 gross square feet (approximately 58,000 net square feet retail space), predominantly on the second level. The mall is owned and operated by PREIT.
"We are excited that Willow Grove Park will be part of Primark's rollout in the Northeastern United States," said Joseph F. Coradino, CEO of PREIT. "This announcement is consistent with PREIT's ongoing effort to introduce new retail offerings to the markets where we operate."
The four remaining specific locations and projected store openings will be announced at a later time. All of the space is expected to be delivered to Primark over the next six to 10 months.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve our members – wherever, whenever and however they want to shop. Sears Holdings is home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners across categories important to them. The company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States. For more information, visit www.searsholdings.com.
About PREIT
PREIT (NYSE: PEI) is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates over 29 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at preit.com or on Twitter or LinkedIn.
NEWS MEDIA CONTACT:
Sears Holdings Public Relations
(847) 286-8371
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SOURCE Sears Holdings Corporation