by Steve Lubetkin, Globest.com
DICK’S Sporting Goods and Field & Stream will create a dual store format in PREIT’s Viewmont Mall in Scranton, PA, replacing the existing Sears at the property in 90,000 square feet of space. Sears will close this July, with DICK’s Sporting Goods and Field & Stream scheduled to open for business for the 2017 holiday shopping season.
Over the past several years, Viewmont Mall has been a main focus in PREIT’s strategy to upgrade the quality of its tenant mix within its portfolio. Viewmont’s remerchandising, which include the recent addition of national tenants Ulta, Buffalo Wild Wings, Forever 21 and Yankee Candle, set the stage for the second phase of redevelopment that will include the two stores.
PREIT pointed to the addition of DICK’S Sporting Goods and Field & Stream as evidence of the real estate investment trust’s ability to proactively replace vacant anchors.
“We are pleased to continue the trend of improving our portfolio quality and mitigating our anchor risk,” said PREIT CEO Joseph F. Coradino. “As we strengthen the core of our portfolio, as we’ve done at Viewmont, we can see the path to achieving sales of $500 per square foot is well within our reach.”
www.omegare.com
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