Washington Prime Group Inc. (NYSE:WPG) today announced that Ulta
Beauty and Five Below will join Grand Central Mall’s growing
line-up of sought after retail options.
The addition of Ulta Beauty and Five Below
follows the announcement of a 20,000-square-foot H&M opening in
the fall of 2018 at Grand Central Mall, which will replace the
former Elder-Beerman department store. This will be H&M’s first
location in West Virginia. Ulta Beauty and Five Below, which are
replacing a former H. H. Gregg anchor space, also expected to open
in the fall of 2018, will be located near Old Navy and Panera
Bread.
Apart from Ulta Beauty, Five Below and H&M,
Grand Central Mall has seen approximately 37,000 square feet of new
or remodeled tenants open at the center over the past 24 months
including Torrid, Hot Topic, Party City, and Great American Cookie,
as well as remodels and expansions of Regal Cinemas, Victoria’s
Secret, Bath & Body Works, and American Eagle.
Lou Conforti, CEO and Director stated: “The
redevelopment and, as importantly, the tenant diversification of
Grand Central Mall illustrates our mandate to focus upon those
assets which exemplify our town center approach of combining
enclosed and open air formats in order to satisfy the demands of a
particular demographic constituency. Operating metrics from
such redevelopment projects are encouraging as both occupancy and
sales volume have increased. Our proactive approach of
expanding food, beverage, entertainment, home furnishings,
cosmetics, discount retail as well as other unrepresented
categories is imperative as we further establish our assets as the
dominant retail venue within its
catchment.”
The dominant retail destination in the area, Grand Central Mall is
located in Vienna, West Virginia, just north of Parkersburg and on
the eastern side of the Ohio River which separates Ohio and West
Virginia. The hybrid town center is situated on Route 14, the most
heavily traveled state route in the state. Approximately 36,200
vehicles per day pass in front of the property, which is the only
enclosed retail venue within a 77-mile radius.
Jody Hopkins, General Manager of Grand Central
Mall: “This is an exciting time for Grand Central Mall and we
remain committed to offering our guests in-demand retail, dining
and entertainment options, as well as events and activities
throughout the year. Together with our more than 100 local and
national tenants, we remain committed to delivering the best
experience for our guests in a welcoming environment.”
Ulta Beauty is the largest beauty retailer in
the U.S. and the premier beauty destination for cosmetics,
fragrance, skin care products, hair care products and salon
services. Ulta Beauty offers more than 20,000 products from over
500 well-established and emerging beauty brands across all
categories and price points, including its own private label. Ulta
Beauty also offers a full-service salon in every store featuring
hair, skin and brow services.
Five Below is a rapidly growing specialty value
retailer offering a broad range of trend-right, high-quality
merchandise targeted at the teen and pre-teen customer. Five Below
offers a dynamic, edited assortment of exciting products in a fun
and differentiated store environment, all priced at $5 and
below.
As the state’s third largest population center,
the Parkersburg/Vienna area is the economic backbone of the
Mid-Ohio Valley. Nearby universities and colleges include The
University of West Virginia at Parkersburg, Ohio Valley University,
Ohio University, Marietta College, Washington State Community
College, National College and Mountain State College. The city of
Parkersburg is currently working on a dynamic downtown renewal
project which includes a riverfront amphitheater, walking paths,
bike trails, a farmer’s market and a skate park.
About Washington Prime
GroupWashington Prime Group Inc. is a retail REIT and a
recognized leader in the ownership, management, acquisition and
development of retail properties. The Company combines a national
real estate portfolio with an investment grade balance sheet,
leveraging its expertise across the entire shopping center sector
to increase cash flow through rigorous management of assets and
provide new opportunities to retailers looking for growth
throughout the U.S. Washington Prime Group® is a registered
trademark of the Company. Learn more at
www.washingtonprime.com.
ContactsLisa A. Indest, CAO
& Senior VP, Finance, 614.887.5844 or
lisa.indest@washingtonprime.com Kimberly A. Green, VP, Investor
Relations & Corporate Communications, 614.887.5647 or
kim.green@washingtonprime.com
Forward-Looking StatementsThis
news release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
which represent the current expectations and beliefs of management
of Washington Prime Inc. (“WPG”) concerning the proposed
transactions, the anticipated consequences and benefits of the
transactions and the targeted close date for the transactions, and
other future events and their potential effects on WPG, including,
but not limited to, statements relating to anticipated financial
and operating results, the company’s plans, objectives,
expectations and intentions, cost savings and other statements,
including words such as “anticipate,” “believe,” “plan,”
“estimate,” “expect,” “intend,” “will,” “should,” “may,” and other
similar expressions. Such statements are based upon the
current beliefs and expectations of WPG’s management, and involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of WPG to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, without limitation: changes
in asset quality and credit risk; ability to sustain revenue and
earnings growth; changes in political, economic or market
conditions generally and the real estate and capital markets
specifically; the impact of increased competition; the availability
of capital and financing; tenant or joint venture partner(s)
bankruptcies; the failure to increase mall store occupancy and
same-mall operating income; risks associated with the acquisition,
(re)development, expansion, leasing and management of properties;
changes in market rental rates; trends in the retail industry;
relationships with anchor tenants; risks relating to joint venture
properties; costs of common area maintenance; competitive market
forces; the level and volatility of interest rates; the rate of
revenue increases as compared to expense increases; the financial
stability of tenants within the retail industry; the restrictions
in current financing arrangements or the failure to comply with
such arrangements; the liquidity of real estate investments; the
impact of changes to tax legislation and WPG’s tax positions;
failure to qualify as a real estate investment trust; the failure
to refinance debt at favorable terms and conditions; loss of key
personnel; material changes in the dividend rates on securities or
the ability to pay dividends on common shares or other securities;
possible restrictions on the ability to operate or dispose of any
partially-owned properties; the failure to achieve earnings/funds
from operations targets or estimates; the failure to achieve
projected returns or yields on (re)development and investment
properties (including joint ventures); expected gains on debt
extinguishment; changes in generally accepted accounting principles
or interpretations thereof; terrorist activities and international
hostilities; the unfavorable resolution of legal proceedings; the
impact of future acquisitions and divestitures; assets that may be
subject to impairment charges; significant costs related to
environmental issues; and other risks and uncertainties, including
those detailed from time to time in WPG’s statements and periodic
reports filed with the Securities and Exchange Commission,
including those described under “Risk Factors”. The
forward-looking statements in this communication are qualified by
these risk factors. Each statement speaks only as of the date of
this press release and WPG undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events
or circumstances. Actual results may differ materially from
current projections, expectations, and plans, if any.
Investors, potential investors and others should give careful
consideration to these risks and uncertainties.
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