Today, Sears Holdings (SHLD) announced a deal to lease 43,000 sq/ft in their store at the South Coast Plaza in Costa Mesa, Calif to Forever 21. No terms were released on the deal, but anybody following SHLD knows that their biggest underutilized asset is their real estate. In so many cases, they'd be better off by leasing stores instead of operating them as a Sears or KMart.
Having a difficult time finding any solid details on the volume of leasing deals they've done. This appears significant in terms of finally moving forward on redeploying the valuable real estate in a more profitable manner though I haven't been able to locate any concrete data.
"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," said Jeff Stollenwerck, president, Real Estate for Sears Holdings.