PREIT gets proactive in replacing Sears stores

PREIT CEO Joseph Coradino is pursuing a take-charge course in dealing with department store attrition, announcing that his company is actively pursuing replacements for three Sears anchors he expects to close in 2017.



A yet-to-be-named fashion department store has been lined up to replace Sears at Woodland Mall in Grand Rapids, Michigan, Coradino said. He added that Sears spaces are actively being shopped at Capital City Mall in Camp Hill, Pennsylvania, and Magnolia Mall in Florence, South Carolina.



"These store recaptures are an opportunity to continue to enhance the shopper experience, drive traffic, and create value,” Coradino said.



A former Sears space at PREIT’s Viewmont Mall in Scranton, Pennsylvania, is being replaced by Dick’s Sporting Goods, Field & Stream, and HomeGoods. Construction of a Whole Foods is underway at a vacated Kmart site at the company’s Exton Square in Chester County, Pennsylvania.

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