Primark will lease from Sears Holdings a total of approximately 520,000 total square feet of retail space in Sears' mall-based stores in the Northeastern U.S. The space will be delivered to Primark over the next 12 to 18 months.
Sears will continue to have a presence in six of the seven locations with a streamlined store format.
"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," says Edward S. Lampert, chairman and chief executive officer, Sears Holdings.
Primark is expected to open the first of its stores at King of Prussia Mall in King of Prussia, Penn., where it will join Dick's Sporting Goods as a subtenant of Sears. Primark will occupy 100,000-square-feet
Another expected location is at the Staten Island Mall in Staten Island, N.Y., where Sears will continue to operate 70,000-square-feet adjacent to Primark. Primark will lease 70,000-square-feet at this location, joining Lands' End as a direct tenant of Sears when that store opens in 2016.
The other five locations and store openings will be announced in due course.
"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," says Jeff Stollenwerck, president of real estate, Sears Holdings.
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