Local Economist with Insight on Sears Closure

Mar 13, 2019

Sears - Sioux City, IA
Credit Siouxland Publice Media

Statements released by represenatives of the Southern Hills Mall and parent company Washington Prime Group:

“Along with our more than 80 national and local tenants, we remain focused on delivering a dynamic experience for our guests. As for the announced closing of Sears, we are exploring opportunities to redevelop that space.” – Matt Pawlowski, General Manager of Southern Hills Mall

“As it relates to traditional department stores, we continue to significantly reduce exposure. Since 2015, Washington Prime Group has completed, commenced or approved 15 department store repositioning projects, ranging between $5 million and $20 million. These projects bring dynamic new uses to the center and reflect increases in traffic and sales.” – Kimberly Green, spokeswoman for Washington Prime Group, the parent company of Southern Hills Mall

“Tenant-driven redevelopment remains one of our most intriguing value propositions. Washington Prime Group has allocated between $100 million to $125 million for redevelopment projects across our core portfolio in 2018. Current redevelopment includes 34 projects ranging from between $1 million to $60 million with an estimated project yield of approximately 10%. We also continue to activate common area space with new initiatives such as local craft beer bars and restaurants, as well as events and activities that are relevant to our demographic constituency.” – Lou Conforti, CEO and Director of Washington Prime Group, the parent company of Southern Hills Mall.

“We continue to see a demand for space within our local market from both national and local tenants, so when there is a store closing, it provides an opportunity for us to introduce new tenants to our guests.” – James Clakeley, Marketing Director of Southern Hills Mall

“We have current plans to reposition all spaces at the mall and our leasing team is currently in discussions with multiple potential tenants.” – James Clakeley, Marketing Director of Southern Hills Mall

“We do not announce new tenants until leases are fully executed by all parties involved, but we will announce plans as soon as we are able.” – James Clakeley, Marketing Director of Southern Hills Mall

“We continue to focus on delivering the best experience for our guests. Southern Hills Mall will continue to deliver a combination of retail, dining, entertainment, activities and events to keep shoppers engaged and returning often.” – James Clakeley, Marketing Director of Southern Hills Mall

J. Jeffrey Zink - Associate Professor of Economics at Morningside College
Credit Morningside College
Sears - Sioux City, IA
Credit Siouxland Public Media