Sears Holdings Announces Danbury Fair And Freehold Raceway Mall Included In Primark Lease Agreement
Sears to Continue to Have Significant Presence in Malls Owned and Operated by Macerich
HOFFMAN ESTATES, Ill., Feb. 2, 2015 /PRNewswire/ -- Sears Holdings Corporation (NASDAQ: SHLD) late last year entered into lease agreements with Primark, a leading fashion retailer in Europe, for seven standalone stores in the Northeastern United States. Today, the company announced that two of these seven locations will be at Danbury Fair in Danbury, Connecticut; and Freehold Raceway Mall in Freehold, New Jersey. Sears will continue to have a significant retail presence in both of these malls, which are owned and operated by Macerich.
"Sears Holdings is pleased to welcome Primark to two of Macerich's leading shopping malls in the Northeast as we selectively redeploy our asset base to create long-term shareholder value," said Jeff Stollenwerck, president, Sears Real Estate Business for Sears Holdings. "Primark will bring increased customer traffic to these malls and dramatically enhance the retail shopping experience."
Following are details about the two store locations:
- Danbury Fair: The Sears store and Sears Auto Center will continue to operate in approximately 107,000 gross square feet on the lower level of this mall. Primark will lease approximately 70,000 gross square feet (approximately 53,500 net square feet retail space), predominantly on the second level.
- Freehold Raceway Mall: The Sears store and Sears Auto Center will continue to operate in approximately 85,000 gross square feet on the lower level. Primark will lease approximately 66,500 gross square feet (approximately 51,000 net square feet retail space), predominantly on the second level.
"We are pleased to have collaborated with Sears Holdings to allow for the introduction of Primark, an exciting new anchor tenant at two of our most productive malls in the Northeast, Danbury Fair and Freehold Raceway Mall, centers that average more than $600 per square foot and dominate their respective trade areas," said Ed Coppola, President, Macerich. "We see this as the first of several opportunities to collaborate with Sears Holdings as the company rationalizes its retail footprint while we enhance the productivity of our malls."
Sears has now announced five of the seven expected locations with Primark as its tenant, with the others being Staten Island Mall, King of Prussia Mall, and Willow Grove Mall. The two remaining specific locations and projected store openings will be announced at a later time. All of the space is expected to be delivered to Primark over the next six to 10 months.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve our members – wherever, whenever and however they want to shop. Sears Holdings is home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners across categories important to them. The company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States. For more information, visit www.searsholdings.com.
NEWS MEDIA CONTACT:
Sears Holdings Public Relations
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SOURCE Sears Holdings Corporation