PREIT performs new leases for replacement new tenants following the closing of Sears stores.DICK's Sporting Goods relocation from an existing store in the market, will join the Field & Stream store at the property in end of the year. This addition will further solidify Capital City Mall as a leading retail hub in the local market, owning the only Forever 21 and DSW stores in the region.
PREIT, owner, and manager of Capital City Mall forecasts sales and traffic created from the newly configured space will radically outpace what is currently being delivered. For the three stores PREIT previously announced recapturing from Sears, the management company expects to generate incremental returns of 7 – 9 %.
The company has decreased the amount of Sears and K-mart stores in its shopping centers from 27 to 10 after 2012. Currently, Sears at Viewmont Mall in Scranton, PA, is under redevelopment, where Field & Stream, DICK'S Sporting Goods, and HomeGoods plan to open this year. Additionally, at Exton Square in Chester County, PA, construction continues on Whole Foods store which will replace a former K-Mart, while Round 1 Entertainment recently opened in a former JC Penney space.