Hoffman Estates, Ill. – Sears Holdings has signed a sublease with Dick's Sporting Goods 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. 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. King of Prussia Mall is owned and managed by Simon Property Group.
"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, VP, 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."