It is not easy being a retail REIT these days, or a retailer for that
matter. Yet Washington Prime Group has been finding success with its
strategy of repositioning anchors at its malls across the US, including
its holding in Vienna, West Virginia, Grand Central Mall. The REIT
recently announced it has secured a 20,000-square foot H&M for
the mall, replacing a former Elder Beerman department store. It will be
H&M’s first location in West Virginia when the store opens in
the fall of this year.
All told the REIT has
repositioned, or is in the process of repositioning 15 anchors since
2015, according to CEO Lou Conforti. “Anchor repositioning is a
testament to our hybrid model of combining enclosed and open air formats
within a single convenient location,” he said in a prepared statement.
Recently-announced tenants include ALDI, Party City, PetSmart, Ross
Dress for Less, Round 1 and The Room Place.. . . more