Home / Knowledge / News / Apparel/Garments / Sears signs lease agreement at King of Prussia Mall
Sears signs lease agreement at King of Prussia Mall
21
Jan '14
Sears Holdings announced that the company has signed a sublease with DICK's Sporting Goods, to occupy a portion of its second floor at the King of Prussia Mall in King of Prussia, Pa.

The two story anchor building will be renovated with Sears maintaining exterior entrances on both levels and the mall entrance on level one.  DICK's Sporting Goods will have exclusive use of the mall entrance on level two and have its own exterior entrances. King of Prussia Mall is one of the largest malls in the United States and is owned and managed by Simon Property Group.

The Sears store, on a long-term ground lease with Simon Property Group, currently occupies 215,000 square feet on two levels.  DICK's Sporting Goods will occupy the upper level.

"The sublease agreement with DICK's Sporting Goods is a great example of Sears Holdings selectively redeploying its asset base to dramatically improve our retail shopping experience while working to create long-term shareholder value," said Alan Shaw, vice president, Real Estate Leasing and Development for Sears Holdings. "King of Prussia Mall customers and our Shop Your Way members will also benefit from the sublease as we use this opportunity to enhance the store shopping experience for them."

"We are looking forward to bringing DICK's Sporting Goods to the King of Prussia Mall," said Dan Chadwick, director of Real Estate, DICK's Sporting Goods.  "It has been great working closely with Sears Holdings on this outstanding space and this partnership will be a win-win situation for our respective customers. As always, we will provide the top-of-the-line retail and service experience that people have come to expect from DICK's Sporting Goods."

King of Prussia, with over 2.9 million square feet, boasts more retail space than any other shopping attraction in America. The center features a diverse roster of over 400 merchants, including a collection of luxury retailers unsurpassed in the region, and more than 40 international dining options in three food courts and in casual and fine dining establishments.  

"The addition of DICK's Sporting Goods to King of Prussia Mall adds a quality retailer who expands the merchandise offerings to our consumers and enhances an already great retail and entertainment destination for the Philadelphia region," said David Contis, president of Simon Malls. "This project will bring more energy and activity to this area of the mall, where customers will also find easy access to restaurants and other dining choices."

"Sears Holdings has a long and successful history of value creation through the selective and strategic redeployment of our existing real estate base" said Jeff Stollenwerck, senior vice president and president, Real Estate for Sears Holdings. "We have executed a number of these transactions that serve as an additional revenue stream, drive efficiency in our store operations and bring in increased customer traffic."

Sears Holdings

Must ReadView All

Apparel/Garments | On 25th Jun 2016

AEPC fears Brexit will hurt Indian apparel exports

The Apparel Export Promotion Council (AEPC) expressed its...

Courtesy: ITMF

Textiles | On 25th Jun 2016

Global yarn output up 20% q-o-q in Q1 2016: ITMF

The global yarn production increased by 20 per cent...

Courtesy: Balmain

Fashion | On 25th Jun 2016

Qatari investment fund buys French label Balmain

Mayhoola for Investments, an investment fund backed by the Emir of...

Interviews View All

Frank Gossmann
Rotorcraft AG

What new innovations did Rotorcraft exhibit at the recent textile...

Claudia Kersten
Global Organic Textile Standard

What benefits can MSMEs have from GOTS certification? What is the...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
june 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search