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Sears signs lease agreement with Forever 21/XXI Forever
26
Jul '10
Sears Holdings announced that the company has signed a long-term lease with Forever 21, Apparel Retailer to occupy approximately 43,000 square feet of its highly successful retail store property at South Coast Plaza in Costa Mesa, Calif. The remaining space at Sears' store at South Coast Plaza will continue to offer its full assortment of products and services, with an improved layout to accommodate Forever 21's larger store concept XXI Forever as its new neighbor.

"Sears Holdings is very excited to welcome Forever 21 to our property at South Coast Plaza," said Alan Shaw, vice president, Leasing and Development for Sears Holdings. "Forever 21 is a world-class retailer and will provide energy and excitement to the northwest quadrant of South Coast Plaza, benefitting all the retailers in this area of the shopping center, including Sears. They will be a wonderful tenant and are an ideal fit for this store location."

Larry Meyer, Forever 21's executive vice president said, "We are pleased with the opportunity to serve the customers of the greater Costa Mesa area with our new XXI flagship store at South Coast Plaza. The proximity to Bristol Street and convenient customer parking make the Sears location one of the best locations at South Coast Plaza and we are thrilled we have been able to reach this agreement with Sears Holdings' real estate team."

Debra Gunn Downing, executive director, marketing for South Coast Plaza commented, "South Coast Plaza is an international shopping destination and is proud to offer the best brands from around the world. Forever 21 is an incredible brand and a perfect addition to South Coast Plaza's collection of the best of the best in retail."

At the Sears owned property at South Coast Plaza, XXI Forever will lease a small portion of the upper level and a portion of the lower level space. The XXI Forever store will feature an entrance facing Bristol Street and a dedicated entry into the center on the lower level. The store is expected to open in the spring of 2011.

"This agreement is a great example of Sears Holdings selectively redeploying its asset base to improve the retail experience for consumers while working to create long-term shareholder value," said Jeff Stollenwerck, president, Real Estate for Sears Holdings.

Sears Holdings Corporation

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