Sears announces remaining stores in Primark deal
Hoffman Estates, Ill. -- Sears Holdings Corp. announced the two remaining stores involved in its deal with European fashion retailer Primark. (In late 2014, Sears entered into lease agreements with Primark for seven standalone stores in the Northeastern United States.)
The two remaining stores will be located at Burlington Mall in Burlington, Massachusetts; and South Shore Plaza in Braintree, Massachusetts. Sears will continue to have a significant retail presence in both of these malls, which are owned and operated by Simon Property Group, Inc.
"Sears Holdings continues to strategically transform its real estate portfolio by working with leading retailers such as Primark and mall owners," said Jeff Stollenwerck, president of real estate for Sears Holdings. "Primark will bring increased customer traffic to each of these malls and dramatically enhance the retail shopping experience as we rationalize our selling space to improve the productivity of our stores."
Following are details about the two store locations:
• Burlington Mall: The Sears store and the detached Sears Auto Center will continue to operate in approximately 196,000 gross sq. ft. on the lower level of this mall. Primark will lease approximately 73,000 gross sq. ft. (approximately 54,000 net sq ft. retail space), predominantly on the second level of the mall.
• South Shore Plaza: The Sears store and Sears Auto Center will continue to operate in approximately 138,000 gross sq. ft. on the lower and second level. Primark will lease approximately 71,000 gross sq. ft. (approximately 52,300 net sq. ft. retail space), predominantly on the second level of the mall.
As previously announced, the other Sears locations with Primark as its tenant are Danbury Fair (Danbury, Connecticut), Freehold Raceway Mall (Freehold, New Jersey), King of Prussia Mall (King of Prussia, Pennsylvania), Staten Island Mall (Staten Island, New York) and Willow Grove Mall (Willow Grove, Pennsylvania). All of the space is expected to be delivered to Primark over the next four to eight months.