Sears Signs Lease Agreement With DICK's Sporting Goods At King of Prussia Mall
Sears to update its 215,000 square foot store at largest mall on east coast, DICK's Sporting Goods to occupy upper level
HOFFMAN ESTATES, Ill., Jan. 16, 2014 /PRNewswire/ -- Sears Holdings (NASDAQ: SHLD) announced today that the company has signed a sublease with DICK's Sporting Goods (NYSE: DKS), 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."
For information on additional opportunities at other Sears Holdings' retail locations interested parties can visit http://www.shcrealty.com.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer with almost 2,500 full-line and specialty retail stores in the United States and Canada and the home of Shop Your Way, a social shopping experience where members have the ability to earn points and receive benefits across a wide variety of physical and digital formats through ShopYourWay.com. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, fitness equipment and automotive repair and maintenance. Key proprietary brands include Kenmore, Craftsman and DieHard, with a broad apparel offering, including such well-known labels as Lands' End, the Kardashian Kollection, Jaclyn Smith and Joe Boxer, as well as Sofia by Sofia Vergara and The Country Living Home Collection. We are the nation's largest provider of home services, with more than 14 million service and installation calls made annually, and have a long-established commitment to those who serve in the military through initiatives like the Heroes at Home program. We have been named the 2011 Mobile Retailer of the Year, Recipient of the 2013 ENERGY STAR® "Partner of the Year - Sustained Excellence Award" for Product Retailing and Energy Management and one of the Top 20 Best Places to Work for Recent Grads. Sears Holdings Corporation operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation. For more information, visit Sears Holdings' website at www.searsholdings.com. Twitter: @searsholdings || Facebook: http://www.facebook.com/SHCCareers.
About DICK'S Sporting Goods
DICK'S Sporting Goods, Inc. is an authentic full-line sports and fitness specialty omni-channel retailer offering a broad assortment of high quality, competitively-priced brand name sporting goods equipment, apparel and footwear in a specialty store environment. The Company also owns and operates Golf Galaxy, LLC, a golf specialty retailer. As of November 19, 2013, the Company operated 558 DICK'S Sporting Goods stores in 46 states, 82 Golf Galaxy stores in 30 states and eCommerce websites and catalog operations for DICK'S Sporting Goods and Golf Galaxy.
About Simon Property Group
Simon Property Group, Inc. (NYSE: SPG) is an S&P 100 company and a global leader in the retail real estate industry. The Company currently owns or has an interest in more than 325 retail real estate properties in North America and Asia comprising approximately 242 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S. For more information, visit www.simon.com.
NEWS MEDIA CONTACTS:
Sears Holdings Public Relations
DICK's Sporting Goods
Simon Property Group
SOURCE Sears Holdings Corporation