Burlington to replace Sears at Dartmouth Mall
Dartmouth Mall property owner Pennsylvania Real Estate Investment Trust announced today that retail store Burlington will replace Sears at the mall, and is expected to open its doors next spring.
Sears — one of the mall’s original anchor stores — will be closing by mid-August and is currently holding a liquidation sale to get rid of stock.
It joins a growing list of brick and mortar stores that have had to shut their doors in Dartmouth in the past few years, a list that includes Toys ‘R’ Us and Benny’s.
PREIT said in a press release that it has executed a lease with Burlington — an off-price apparel and home product retailer — for 43,000 square feet of the space, and is in discussions with other large format retailers as well.
The mall owner added that it plans to add up to seven freestanding dining and retail establishments totaling approximately 35,000 square feet.
Burlington joins recent addition Five Below, and PREIT also said that stores Hollister and Shoe Show will complete the roster of tenants later this year.
In spite of widely reported retail disruptions caused in part by shoppers moving online, PREIT stated that the Dartmouth Mall continues to perform well for the real estate company, reporting $522 in sales per square foot and an occupancy rate of 98.3 percent as of March 31.
“Our portfolio in high barrier-to-entry markets boasts no unleased anchors, strengthened by strategic, targeted redevelopment initiatives that further improve the quality of our properties and earnings stream,” commented PREIT CEO Joseph F. Coradino.
“This recent transaction at a market-dominant property with a well-respected retailer furthers our mission to enhance the quality of our portfolio.”