Sears (NYSE:SHLD) has chosen two new sites as future Primark locations, both located at malls in Massachusetts. Sears entered into lease agreements with the European fashion retailer last October for seven standalone stores in the Northeastern United States.
Sears previously named five locations that it would lease out to Primark and today announced the additions of the Burlington Mall in Burlington, Massachusetts, and South Shore Plaza in Braintree, Massachusetts, to the deal. Sears will maintain a retail presence in both malls, which are owned by Simon Property Group.
The Sears store at the Burlington Mall was one of 10 properties that the retailer contributed to the joint venture with Simon that was announced April 13. Sears made a similar deal earlier this month with Seritage Growth Properties to buy and lease back about 254 Sears and Kmart stores. An additional 12 stores will be sold as part of a joint venture with General Growth Properties. In total, the REIT was set up to raise more than $2.5 billion in much needed cash for Sears.
"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."
At the Burlington Mall, Sears will retain 196,000 sq. ft. on the lower level and Primark will lease 73,000 sq. ft. on the upper level. At South Shore Plaza, Sears will retain 138,000 sq. ft. of space on the lower and upper levels, and Primark will lease 71,000 sq. ft. on the upper level.
-See this Sears press release
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