Ireland-based Primark has reduced its space at King of Prussia Mall by more than a third, writes Natalie Kostelni for the Philadelphia Business Journal.
The retailer has shaved off 34,000 square feet from the space it occupies and now operates from 59,000 square feet.
This change is more in line with the space the company leases at Willow Grove Mall, which is currently 58,300 square feet.
In King of Prussia Mall, Primark occupies part of the space that was previously home to a 210,873-square-foot Sears.
When the store closed, it was re-purposed to accommodate four new tenants: Primark, Dick’s, Outback Steakhouse, and Yardhouse.
And while the majority of King of Prussia Mall is owned by Simon Property Group, Seritage Growth Properties controls the former Sears space. The real estate investment trust is currently looking for a new tenant for the vacant space.
“Ideally, we are looking for a single-tenant user but ownership would consider two large boxes,” said Stanton Brown of MSC Retail, who has the listing for the vacated space.
The rental rate is estimated to be in the $20s per square foot range.
Read more about Primark at the Philadelphia Business Journal by clicking here.