Sears subleases with Dick’s Sporting Goods at King of Prussia Mall
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."
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American Apparel expands Berlin store
Los Angeles – American Apparel has opened a newly remodeled and expanded store in Berlin, Germany. Located in Mitte, the central borough of Berlin, the store was originally opened in February 2007 as American Apparel’s third location in the city.
In July 2013 the company took the opportunity to revitalize and improve the location. The area of the store has expanded by almost 170%, from 145 sq. m. to almost 390 sq. m. In addition to increasing the size of the original downstairs floor, the company added a second level to its lease, adding another 230 sq. m. to the size of the store. The renovations resulted in the installation of a bold array of fixtures and stand-out paintwork to give the store’s customers a top-to-bottom new experience shopping at the location.
"When the building changed owners this year, the new landlords asked if we wanted to expand our space,” said Dov Charney, founder and CEO of American Apparel. “We saw this as an amazing chance to take the store to an entirely new level, bigger, better designed and more efficient.”
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Slipstream Cocktail & Coffee to launch in Washington, D.C.
Washington, D.C. – Slipstream, a new coffee and cocktail business with its flagship location set to open along 14th Street in Logan Circle in Washington, D.C., will open in spring 2014. Slipstream will focus on service,e as well as the journey of coffee from source to sip and will complement the coffee with crafted cocktails in the evening.
Founders Ryan Fleming and Miranda Mirabella will partner with Madcap Coffee Company, a specialty coffee roaster based in Grand Rapids, Mich. and Washington, D.C., and Slipstream will share a space with Fathom Creative, a creative agency headquartered in D.C. Complementing the coffee, the new shop will serve crafted cocktails in the evening
"A slipstream is an area of reduced resistance behind a moving object,” said Fleming. “Similarly, our shop will reduce the resistance of the normal coffee and cocktail experience with unique service that pulls customers through in an effortless fashion.”
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