Transaction reinforces PREIT’s proficiency in proactively replacing anchors
PHILADELPHIA, 2016-Apr-12 — /EPR Retail News/ — PREIT (NYSE: PEI) today announced a lease has been executed that will bring DICK’S Sporting Goods and Field & Stream to Viewmont Mall in Scranton, PA. The dual store format concept will replace the existing Sears at the property in 90,000 square feet of space. Sears will close this July, with DICK’s Sporting Goods and Field & Stream scheduled to open for business for Holiday 2017.
Over the past several years, Viewmont Mall has been a main focus in PREIT’s strategy to upgrade the quality of its tenant mix within its portfolio. Viewmont’s remerchandising, which include the recent addition of national tenants Ulta, Buffalo Wild Wings, Forever 21 and Yankee Candle, set the stage for a second phase of redevelopment to join DICK’s Sporting Goods and Field & Stream in the near future.
The addition of DICK’S Sporting Goods and Field & Stream as a replacement for Sears also underscores PREIT’s ability to proactively replace vacant anchors. As the Company recasts its anchor mix, it continues to add value to its repositioned portfolio, expanding its dialog with key tenants and adding dynamic retail concepts to its roster.
“We are pleased to continue the trend of improving our portfolio quality and mitigating our anchor risk,” said PREIT CEO Joseph F. Coradino. “As we strengthen the core of our portfolio, as we’ve done at Viewmont, we can see the path to achieving sales of $500 per square foot is well within our reach.”
DICK’S Sporting Goods is the largest U.S.-based full-line omni-channel sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel and footwear in a specialty store environment.Field & Stream is a specialty retail concept carrying the best brands to meet the evolving needs of hunters, anglers and outdoor enthusiasts. Both retailers will serve the needs of Northeastern PA shoppers traveling through the area on their way to the nearby Pocono resorts, a top destination for sporting, hunting and fishing enthusiasts.
Viewmont Mall features over 90 specialty shops and stores. As of December 31, 2015, the center’s sales per square foot were $445 and its total occupancy rate was over 99%, classifying it in the top segment of PREIT’s core growth malls.
About DICK’S Sporting Goods, Inc.
Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As ofOctober 31, 2015, the Company operated 645 DICK’S Sporting Goods locations, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated associates, in-store services and unique specialty shop-in-shops. Headquartered in Pittsburgh, PA, DICK’S also owns and operates Golf Galaxy, Field & Stream, True Runner and Chelsea Collective specialty stores. For more information, visit the Press Room at DICKS.com.
About Field & Stream Specialty Store
Named for the iconic brand that for more than 140 years has been synonymous with outdoor experiences, the Field & Stream store offers a vast assortment of outdoor equipment, accessories and services in hunting, fishing, archery, camping and more. The store carries a wide variety of top national outdoor brands, including Remington, Sitka, Sage, Shimano and Yeti and provides top of the line in-store services. The Field & Stream trademark is owned by American Sports Licensing Inc., and is not associated with Field & Stream Magazine. For more information, visit FieldandStreamShop.com.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pennsylvania, the company owns and operates approximately 27 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has seen a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.
Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT’s current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT’s forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled “Item 1A. Risk Factors.” PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
CONTACT: AT THE COMPANY
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.com
SOURCE PREIT