HomeGoods, Five Below to open at Magnolia Mall
Hot, value-price retailers continue to fill mall space vacated by shut-down department stores.
PREIT announced this week’s opening of an 8,500-sq.-ft. Five Below at its Magnolila Mall in Florence, South Carolina, to be followed next month with the debut of a 20,000-sq.-ft. Home Goods.
“These in-demand retailers bring new uses to the community and improve the diversity and quality of our portfolio tenant base,” said PREIT CEO Joseph Coradino.
While Sears exited Magnolia, Belk signed a 10-year lease renewal that includes a store remodel. Also opening at the mall later this year will be H&M.
Simon unveils plans to fill five vacated Sears stores
Food halls, fitness centers, and new shops are destined for emptied Sears spaces at five Simon malls, according to company COO Michael McCarty.
The vacated Sears at Simon’s Brea Mall in Brea, Calif., will be the site of a mini-mixed-use project with residences, restaurants, new retail brands and a three-story, 120,000-sq.-ft. Life Time Athletic center.
Plans for the Sears space at Pittsburgh’s Ross Park Mall include new dining hall, new retailers, restaurants, and entertainment on three levels. Construction is slated to start in early 2019 with completion in the summer of 2020.
At Midland Park Mall in Midland, Texas, the department store’s departure will mean two new restaurants, a remodeled and expanded Dillard’s store, and new-to-market, unnamed large-format retailer. Work is expected to start this spring and complete by summer 2020.
New shops and dining establishments will also fill former Sears spaces at Burlington Mall in Burlington, Mass., and Ocean County Mall in Toms River, N.J.
Ross Stores signs leases at two Phillips Edison properties
Phillips Edison & Company, one of the nation’s largest owners and operators of grocery-anchored centers, will be adding value-fashion and home goods stores at two of its centers in Illinois.
Ross Stores has signed leases for a 30,110-sq.-ft. Ross Dress for Less location at Fresh Market Shopping Center in Normal and a 20,475-sq.-ft. dd’s Discount store at Burbank Plaza in Burbank.
“These deals help enhance our mission to provide the local communities we serve with a diverse mix of retail brands that meet their needs,” said PECO VP of redevelopment Greg Clough.
Fresh Market Shopping Center features 176,230 sq. ft. of retail space and is located in a heavily traveled corridor between U.S. Route 55 and Illinois State Highway 9. The shopping center also includes Michael’s, Petco, Office Depot, and Bed Bath & Beyond.
The 99,453 sq. ft. Burbank Plaza is anchored by Jewel-Osco and recently added a 6,000-sq.-ft. building housing Firehouse Subs and Rita’s Italian Ice.