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PREIT Strategy of Proactively Replacing Sears Stores Continuing

PREIT reduced its Sears exposure by 85% in five years.

Viewmont Mall, Scranton, PA Viewmont Mall, Scranton, PA, one of the malls where the Sears store has been replaced

PHILADELPHIA, PA—PREIT is proactively replacing Sears stores and says the project has resulted in minimal exposure to the troubled department store, down from 27 stores in 2012 to just four active stores today, when factoring in locations at lease with replacement tenants, those with non-recourse mortgage loans and one location with a significant portion of the space sub-leased by Sears to others.

Since 2017, PREIT has proactively replaced five Sears locations and has reached agreement to recapture a sixth store.  As part of its overall anchor repositioning and remerchandising strategy, PREIT has diversified the tenant roster with unique and experiential concepts to reflect the new mall model and drive traffic and sales while improving the underlying tenant credit within the portfolio.

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Steve Lubetkin

Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].

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