Developer who saw the writing on the mall wall about Sears
Reports are circulating in the business press this week about an impending bankruptcy filing from Sears, but one Northeastern mall owner began preparing for this day years ago.
Since 2012, the roster of active Sears stores at PREIT malls has declined from 27 to just four. In the last year, the Philadelphia-based company proactively replaced five Sears locations and has reached an agreement to recapture a sixth.
Brands now residing in former Sears spaces at PREIT malls include Burlington, Field & Stream, Sierra Trading Post, Dick’s Sporting Goods, Whole Foods, Tilt, and Edge Fitness.
“Just as we were proactive in disposing of lower-productivity malls, we have positioned ourselves well with minimal exposure to Sears in the event of potential material store closing event,” said PREIT CEO Joe Coradino.
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Since 2012, the roster of active Sears stores at PREIT malls has declined from 27 to just four. In the last year, the Philadelphia-based company proactively replaced five Sears locations and has reached an agreement to recapture a sixth.
Brands now residing in former Sears spaces at PREIT malls include Burlington, Field & Stream, Sierra Trading Post, Dick’s Sporting Goods, Whole Foods, Tilt, and Edge Fitness.
“Just as we were proactive in disposing of lower-productivity malls, we have positioned ourselves well with minimal exposure to Sears in the event of potential material store closing event,” said PREIT CEO Joe Coradino.
Connect with me on LinkedIn | Follow me on Twitter