- Sears (or pick your favorite struggling retailer) is out, Trader Joe's is in.
- "A multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio,' DDR Corp. will get together with its retail tenants to "right-size their" spaces ahead of lease expirations.
- The company hopes to regain control of the prime spots in their malls and remarket them to faster-growing retailers at far higher rents.
- For Phase one, DDR has identified 90 anchor locations representing 3.3M square feet of prime retail space, and has finalized terms for recapture on 21 of them.
- Source: Press Release