PRIMARK REACHES US RETAIL SPACE DEAL WITH SEARS (STA BREAKING NEWS and ARCHIVES)

by STANews , Monday, October 20, 2014, 11:51

UK fashion chain to take over more than 48,310 sq metres of space in next 18 month as part of push to conquer US market

Primark has struck a surprise deal to take over unwanted retail space in American shopping malls from retailer Sears as the UK fashion chain looks to kickstart its US expansion.

In the spring Primark signalled its ambition to conquer the US, starting with north-eastern states such as New York and New Jersey, with around 10 stores planned for the populous metropolitan corridor that runs from Boston to Baltimore.

The first outlet is scheduled to open in Boston at the end of next year and Sears added further detail to Primark’s expansion plan by telling investors that it had leased enough space for seven stores to the fashion chain as it looks to reduce the size of its more than 2,000-strong estate. More than 48,310 sq metres (520,000 sq ft) of space will be handed over to Primark over the next 12 to 18 months, Sears said. Locations that include the King of Prussia mall near Philadelphia, which with more than 400 stores is one of the biggest in US, and the Staten Island mall.

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http://www.theguardian.com/business/2014/oct/20/primark-us-retail-space-deal-sears