Primark signs deal with Sears to lease retail space in the US
Oct 20, 2014
Value fashion retailer Primark has inked a deal with US department store group Searsto lease retail space in seven standalone stores.
Primark is set to lease a total of 400,000 net square feet of retail space in shopping center based stores located in the Northeastern over the next 12 to 18 months, according to a press statement sent out today.
“Partnering with a globally recognized brand such as Primark to help establish its store base in the Northeastern United States is testimony to both our attractive store locations and our focus on transforming Sears by working with other retailers, mall owners and brands, said Sears Chairman and CEO Edward S. Lampert.
Sears will continue to have a “significant presence in six” of the store locations, operating alongside Primark. At the seventh location, located at the King of Prussia Mall in Pennsylvania, Sears will shut down and the British value retailer will share the space with Dick's Sporting Goods.
Primark will occupy over 100,000 gross square on the lower level, of what will be the first store to open, whilst Dick's Sporting Good will occupy 75,000 gross square feet on the upper level. Another confirmed location will be located in Staten Island, New York at the Staten Island Mall. The Primark store is slated to open in 2016. The remaining five locations have yet to be announced.
“These lease agreements with Primark illustrate how Sears Holdings is strategically transforming one of the largest retail real estate portfolios in the United States over time while continuing to operate its existing stores in large, but rationalized selling space," said Jeff Stollenwerck, President of Real Estate for Sears Holdings.
Primark previously announced plans to open stores in the Northeast of the US earlier this year, with its first store set to open in Boston by the end of 2015.