SEARS HOLDINGS SIGNS LEASE AGREEMENT WITH FOREVER 21/XXI FOREVER AT SOUTH COAST PLAZA
Apparel Retailer to occupy 43,000 square feet in Costa Mesa, Calif.
Sears Holdings (NASDAQ: SHLD) announced today that the company has signed a long-term lease with Forever 21 to occupy approximately 43,000 square feet of its highly successful retail store property at South Coast Plaza in Costa Mesa, California. The remaining space at Sears’ store at South Coast Plaza will continue to offer its full assortment of products and services with an improved layout to accommodate Forever 21’s elite brand XXI Forever as its new neighbor.
“Sears Holdings is very excited to welcome Forever 21 to our property at South Coast Plaza,” said Alan Shaw, Vice President, Leasing and Development. “Forever 21 is a world class retailer and will provide energy and excitement to the northwest quadrant of South Coast Plaza, benefitting all the retailers in this area of the shopping center, including Sears. They will be a wonderful tenant and are an ideal fit for this store location.”
Larry Meyer, Forever 21’s Senior Vice President said, “We are pleased for the opportunity to serve the customers of the greater Costa Mesa area with our new XXI flagship store at South Coast Plaza. With the proximity to Bristol Street and convenient customer parking, Sears owns one of the best locations at South Coast Plaza and we are thrilled we have been able to reach this agreement with Sears Holdings’ real estate team.”
Barney Page, Vice President of Real Estate for South Coast Plaza, commented: “South Coast Plaza is an international shopping destination and is proud to offer the best brands from around the world. Forever 21 is one of the world’s most desired brands and it is a perfect addition to the center. The Sears Holdings real estate team has been a great partner in bringing this opportunity to fruition.”
At the Sears owned property at South Coast Plaza, XXI Forever will lease a small portion of the upper level and provide its own escalators and elevator into its lower level space. There will be an XXI Forever entrance facing Bristol Street, and a dedicated entry into the center on the lower level. The store is expected to open in the spring of 2011.
“This agreement is a great example of Sears Holdings selectively redeploying its asset base to improve the retail experience for consumers while creating long term shareholder value” said Jeff Stollenwerck, President, Real Estate for Sears Holdings.
For information on additional opportunities at other Sears Holdings’ retail locations interested parties can visit www.shcrealty.com.
About Sears Holdings Corporation
Sears Holdings Corporation is the nation's fourth largest broadline retailer with approximately 3,900 full-line and specialty retail stores in the United States and Canada. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance. Sears Holdings is the 2010 ENERGY
ABOUT FOREVER 21
Forever 21, Inc., headquartered in Los Angeles, California, is a fashion retailer of women’s, men’s and kids clothing and accessories and is known for offering the hottest, most current fashion trends at a great value to consumers. This model operates by keeping the store exciting with new merchandise brought in daily. Founded in 1984, Forever 21 operates more than 800 stores in 56 countries with retailers in the United States, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico, Philippines and United Kingdom. For more information please visit: www.newsroom.forever21.com