Washington Prime Group Inc. (NYSE: WPG) today announced that
SCHEELS All Sports store will join the dynamic tenant lineup at
Southgate Mall located in Missoula, Montana. The new SCHEELS
location will occupy approximately 110,000 SF of renovated space
and is expected to open in the second half of 2021.
Lou Conforti, CEO and Director of Washington Prime Group stated:
“Visit the website www.destinationmissoula.com and the first thing
which pops up is a series of vignettes which espouse the virtues of
Missoula. Having now visited Southgate Mall several times over the
previous eighteen months, I am pleased to report every single one
of them is true…music, dining, culture and especially the one which
proclaims ‘the great outdoors are right outside your door’.
“With this in mind, there was only one logical choice to satisfy
every hiking, skiing, skating, baseballing, boxing, softballing,
cycling, hunting, swimming, soccering, fishing, running, camping,
spectating, yogaing (just to name a few) needs of active
Missoulians, and we’re pleased to announce it is SCHEELS. They’re
one of the best merchants out there for the simple reason they
respect their customers and colleagues (they’re employee owned) and
their stores are really cool.
“We’ll keep you informed when our friends open up (in the
meantime check them out online www.scheels.com) and come visit
Southgate Mall, which is yet another example of how we are
fulfilling our promise to serve as the dominant town center in a
robust market incorporating both enclosed and open air
formats.”
SCHEELS will replace the current JCPenney location, which is
expected to close during the second quarter of 2020. Washington
Prime Group proactively executed an agreement to gain control of
the JCPenney site for the planned redevelopment. The SCHEELS
one-of-a-kind retail adventure will focus on fun with family
friendly attractions including interactive games and sports
simulators, an archery lane, and a cafe serving homemade fudge and
specialty coffee.
Steve M. Scheel, CEO of SCHEELS stated: "We are thrilled to
bring the state's third SCHEELS store to Missoula, specifically
Southgate Mall. We first opened in Montana more than 50 years ago
and since then have enjoyed serving the people and communities
across the state. Our Missoula store is a natural fit that will
complement our other two existing locations. We look forward to
joining the Southgate Mall, working with the city of Missoula, and
serving the people in the western part of Montana.”
In addition to SCHEELS, there will be several tenant openings at
Southgate Mall in 2020, including Auntie Anne’s, Cinnabon and Big
Dipper. In addition, The Giggle Box, a pop-up interactive art
museum designed, planned and executed by BFK Presents will join
Southgate Mall for six months beginning in spring 2020. The
two-story approximately 17,000 SF new entertainment concept will be
the first of its kind in Montana and will feature interactive art,
event space, and community-based gatherings. The Giggle Box will
temporarily replace a junior anchor space previously occupied by
Herberger’s Men’s (Bon-Ton Stores).
These additions to the tenant line up further demonstrate a
focus on adding relevant and in-demand concepts to Southgate Mall.
Most recently, a former Herberger’s (Bon-Ton Stores) location was
repositioned into a new Dillard’s department store. Within the past
36 months, Southgate Mall saw the opening of the AMC Theatre, which
offers dine-in food and beverage options; and the center opened,
remodeled or expanded national retailers including Athleta, Bath
& Body Works, Gap and Gap Kids, H&M, Lane Bryant, PINK,
Torrid, Victoria’s Secret, and The White Barn Shop.
Both Southgate Mall and SCHEELS have a strong history of
community. Southgate Mall serves as a center of the community,
bringing people together in ways only physical places can provide.
Southgate Mall offers a gathering place where guests can share
experiences, interact with products and services that fit their
lifestyles, and spend time together, making the town center a
perfect fit for SCHEELS.
SCHEELS cares about community, and its mission is to be an
active member of the community through philanthropy, outreach and
volunteerism. The retailer donates time, energy, and resources to
building up and supporting the members and organizations within the
community. SCHEELS associates are passionate about this shared
commitment and make a difference every day by getting involved in
everything from local United Way campaigns to community service
organizations and local sports teams.
Southgate Mall was recently recognized by INSIDER Travel as the
best retail destination in Montana. INSIDER used various data
points, including Yelp ratings, best-of lists and most-visited
lists to determine the best shopping centers in each state.
Southgate Mall’s market-exclusive brands and locally-owned
specialty shops, dynamic events throughout the year and community
involvement were deciding factors in INSIDER naming it the best
retail center in the state.
Southgate Mall is the largest retail center in western Montana,
comprising a significant catchment area that extends 130 miles. The
hybrid asset, with both enclosed and open air tenants, encompasses
approximately 600,000 square feet. Along with the aforementioned
tenants, Southgate Mall is anchored by a dynamic mix of retail,
entertainment and dining options, including Bed Bath & Beyond
and Cost Plus World Market; Montana-style casino bars; and numerous
national and local specialty retailers. A group of restaurants
including Caffé Dolce, Mustard Seed and Red Robin Gourmet Burgers
and Brews are among the food and beverage options offered at
Southgate Mall, solidifying Southgate Mall as the area’s premier
dining destination.
A transformation is underway to further strengthen Southgate
Mall as the town center for retail, dining, entertainment, and
lifestyle uses. With plans to invest additional millions of dollars
into the town center over the next several years, the long term
vision for Southgate Mall is reflective of the community.
Southgate Mall continues to benefit from an incredibly talented
local management team. Tim Winger, General Manager, is instrumental
in executing the long term vision for Southgate Mall, and together
with Marketing Director Lauren Poppen, the team has implemented a
robust schedule of community events. Southgate Mall hosts nearly
100 events throughout the year which drive guest traffic, encourage
extended visits and strengthen the town center as the gathering
place to shop, play, eat and drink in the area. Learn more at
www.shopsouthgate.com.
About SCHEELS
Three acres of potatoes were the seed for the first SCHEELS
store in 1902. Frederick A. Scheel, a German immigrant, used the
$300 he earned from that first harvest as the down payment on the
first SCHEELS, a small hardware and general merchandise store in
Sabin, Minnesota.
Over the years, SCHEELS opened in surrounding communities
including Fargo in 1930, where the Corporate Offices are located.
Firmly planted in the hardware business, SCHEELS had a small
selection of sporting goods from the beginning in 1902. Customer
interest grew, and more sports lines were added with athletic shoes
and clothing being introduced in the product mix in 1972.
Today, SCHEELS is one of the premiere sporting goods stores in
America with more than 118 years of retail experience, superior
customer service and local philanthropic support. The Missoula
SCHEELS will be the company’s 30th location, with 27 existing
stores in 12 states including North Dakota, Iowa, Minnesota, South
Dakota, Montana, Wisconsin, Nebraska, Nevada, Illinois, Utah,
Kansas, and Colorado. Three other stores are scheduled to open in
2020 and spring 2021. These include a new store in Eden Prairie,
Minn., replacing a smaller store, and new markets in The Colony,
Texas and Colorado Springs.
Currently, Steve D. Scheel, the great grandson of SCHEELS
founder, is the company's Chairman of the Board, and great-great
grandson Steve M. Scheel is CEO. Bill Nelson serves as President
and oversees SCHEELS daily operations of nearly 7,000 associates.
Learn more at www.scheels.com.
About Washington Prime Group
Washington 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 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.
Forward-Looking Statements
This 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200127005401/en/
Lisa A. Indest, CAO & EVP, 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
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