Published
Feb 16, 2017
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Burlington to replace Sears as lead tenant at Magnolia Mall

Published
Feb 16, 2017

Preit has been in search of retailers to replace Sears as lead tenant at Capital City Mall, Woodland Mall and Magnolia Mall. The real estate investment trust announced on Wednesday that Burlington will replace Sears at Magnolia Mall, following Sears’ store closure this month.


Magnolia Mall in Florence, SC

 
Magnolia Mall will house the first Burlington store in the Florence, SC region. The new location is set to open in the fourth quarter of 2017, and the company is in advanced discussions with two additional retailers for spaces that will be created adjacent to Burlington.
 
Preit previously announced recapturing three stores from Sears. The retailer expects to generate returns of 7-9% from the deal with Preit, and Preit anticipates sales and traffic generated from these three additions to outpace what is currently being delivered. Magnolia Mall achieved sales improvement to $422 per square foot as of December 31, 2016 from $388 in the prior year.

Prior to this announcement, Preit announced replacements for Sears stores at the Capital City Mall and Woodland Mall. Dick’s Sporting Goods will head to Capital City Mall as lead tenant and Von Maur will open its first retail location in the Grand Rapids, MI region at Woodland Mall.
 
Dick’s Sporting Goods will also overtake Sears at Viewmont Mall in Scranton, PA, and will be joined by retailers Field & Stream and HomeGoods.

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