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