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Flagship expected to open next year
Sears Holdings Corp. (Hoffman Estates, Ill.) will lease 43,000 square feet of its South Coast Plaza store (Costa Mesa, Calif.) to Forever 21 Inc. (Los Angeles).
The fast fashion retailer plans to open a XXI Forever flagship on part of the lower and upper levels of the Sears building in spring 2011. Sears will continue operating in the remaining space but with alter the store layout to accommodate the store within a store. “This agreement is a great example of Sears Holdings selectively redeploying its asset base to improve the retail experience for consumers while working to create long-term shareholder value,” says Jeff Stollenwerck, president of real estate for Sears.
Sears operates nearly 3900 Sears and Kmart stores; Forever 21 has 480 stores.
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