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
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
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 executeda 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 ||
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 November19, 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.
AboutSimon Property Group
Simon Property Group, Inc.(NYSE: SPG) is anS&P100 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 inNorth
AmericaandAsiacomprising approximately 242 million square feet. We are
headquartered inIndianapolis, Indianaand employ approximately 5,500 people
in the U.S. For more information, visitwww.simon.com.
NEWS MEDIA CONTACTS:
Sears Holdings Public Relations
DICK's Sporting Goods
Simon Property Group
SOURCE Sears Holdings Corporation
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