Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TROY, MI-A Kmart spokesman says the discount retailer will be closing two more stores–one in Atlanta and another in Missouri–when their leases expire early next year. Kmart Holding Corp.’s Steve Pagnani adds the chain, which closed more than 600 locations during the 15 months it was in a Chapter 11 bankruptcy that ended this past spring, may open new stores in 2005.

The property owners at a Kmart location in Atlanta and in Columbia, MO, want to redevelop the property, Pagnani says, not identifying the property owners. The stores in Atlanta and Missouri are both in the neighborhood of 100,000 sf. The Columbia store will be redeveloped as a Best Buy and Hobby Lobby store. Plans for the Atlanta store were not announced.

Pagnani says the closing are due to decisions made by the stores’ landlords, not because of any financial difficulties at Kmart. Kmart, the nation’s No.3 discount chain, also said last week that it would close a distribution center in Billerica, MA, when its lease on the 630,000-sf building expires in February.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.