advertisement

Sears to lease retail space to U.K.'S Primark

Hoffman Estates-based Sears Holding Corp. will lease seven standalone stores in the U.S. to the U.K.'s Primark budget- clothing chain as the department-store owner seeks to better leverage its selling space.

Primark, owned by Associated British Foods Plc, will lease about 520,000 square feet (48,310 square meters) of retail space from Sears, the company said in a statement today. The British retailer will take delivery of the space in the next 12 to 18 months as it continues to push beyond its home market.

Primark, one of Europe's fastest-growing clothing chains, has said it would add stores in the northeast of the U.S., the first of which it plans to open at the end of next year. The company will share retail space with Sears at six of the seven outlets, Sears said.

"These lease agreements with Primark illustrate how Sears Holdings is strategically transforming one of the largest retail real estate portfolios in the United States over time while continuing to operate its existing stores in large, but rationalized selling space," Jeff Stollenwerck, president of real estate for Sears, said in the statement.

Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.