Will Primark conquer America through Sears?
When the fast-fashion chain Primark announced earlier this year it would open its first store in the former location of Filene’s in Boston in time for Christmas 2015, it also promised further news would be coming on other locations planned to open in the Northeast. Now, we know, at least seven of those will be on sites leased from Sears Holdings.
Two of the locations Primark plans to lease include space in the King of Prussia Mall in King of Prussia, PA and the Staten island Mall in Staten Island, NY. The King of Prussia Primark will occupy over 100,000 square feet, while the Staten Island store will measure 70,000 square feet.
"Partnering with a globally recognized brand such as Primark to help establish its store base in the Northeastern United States is testimony to both our attractive store locations and our focus on transforming Sears by working with other retailers, mall owners and brands," said Edward Lampert, Sears Holdings chairman and CEO, in a statement (apparently free of irony).
Some believe the seven leases with Sears Holdings represents just the beginning of more real estate deals between the two companies.
An article in the Financial Post included speculation that Sears Canada and Primark could also make a similar deal.
Another piece on The Telegraph site pointed out that Primark could use other Sears Holdings’ locations as a jumping off point to expand through the rest of the U.S.
- Sears Holdings Announces Seven Lease Agreements With Primark – Sears Holdings Corporation
- Primark reaches US retail space deal with Sears – The Guardian
- Could Sears’ real estate deal with U.K.’s Primark come to its Canadian stores too? – Financial Post
- Sears to lease 7 stores to Irish retailer Primark – Chicago Tribune
Do you think Primark will succeed in the same locations where Sears has failed? How likely is it that Primark will move into Sears’ spaces across the U.S. and Canada?