Columbus, Ohio – (BUSINESS WIRE) – Washington Prime Group Inc. (NYSE: WPG) today announced that Burkes Outlet and Home Centric will open at Morgantown Mall in Morgantown, West Virginia, in the fourth quarter of 2021. Burkes Outlet and Home Centric, sister brands owned by Beall’s, Inc., will share more than 30,000 square feet of space at Morgantown Mall in a former department store. This new combined Burkes Outlet and Home Centric store will be accessible from the outdoor parking lot and the closed common area of the city center.
Burkes Outlet offers the latest styles of clothing, shoes, handbags, accessories and beauty products, all at 70% off prices in other stores. Home Centric provides everything you need to make a home a home, from branded home fashion and handcrafted designs to unique treasures from around the world.
Burkes Outlet and Home Centric join the dynamic and growing lineup of Morgantown Mall tenants. 2020 brought the adaptive reuse openings of the first Dunham’s Sports and Ollie’s Bargain Outlet marketplace, as well as the refurbishment of the AMC theater. In 2020, as part of downtown redevelopment initiatives, Morgantown Mall entered into a unique partnership with WVU Medicine to redevelop its former Sears site to serve as a logistics, distribution and fulfillment center for the WVU Medicine network. as part of the Washington Prime Group Fulventory initiative.
Lou Conforti, CEO and Director of Washington Prime Group, said, “While many owners are ‘talking’ about retaining a retail location to better serve its demographic (especially in Central America), Washington Prime Group has been a leader in this regard. as well as the activation of the common area and the relevant adaptive reuse. So when Mountaineer Country asked for a new selection of family clothes and home furnishings, we listened. Morgantown, welcome Burkes Outlet and Home Centric with the classic John Denver ballad that accompanies every home win. Remember, before the country road takes you home, stop by the Morgantown Mall and say hello to our new neighbors.
Morgantown Mall is a premier shopping destination in Morgantown, conveniently located at the intersection of State Route 19 and I-79, and is easily accessible by area residents, including students and residents. professors at West Virginia University.
About Beall’s, Inc.
Based in Bradenton, Florida since 1915, the family-owned company now operates more than 560 retail stores in 21 states under the names of Bealls, Bealls Outlet, Burkes Outlet and Home Centric and online at beallsflorida.com, beallsoutlet.com and burkesoutlet. .com. The private company has been owned and operated by the founding family for over 100 years. Learn more about www.beallsinc.com.
Washington Prime Group continues to innovate with the introduction of Fulventory, the company’s last mile execution initiative. Fulventory allows tenants to use space in company assets for last mile execution and BOPIS (online purchase and store pickup), as well as inventory clearance. As BOPIS and BORIS (buy online and return to store) continue to gain traction with consumers, Fulventory captures the connection between physical space and e-commerce and advances the symbiotic relationship that exists between the two.
About Washington Prime Group
Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of commercial real estate. The Company combines a national real estate portfolio with its expertise across the shopping center industry to increase cash flow through rigorous asset management and provide new opportunities for growth-seeking retailers across the United States. .Washington Prime Group® is a registered trademark of the Company. Learn more about www.washingtonprime.com.
This press 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 the management of Washington Prime Group Inc. (“WPG”) regarding the proposed transactions, the expected consequences and the benefits of the transactions and the targeted closing date of the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to expected financial and operational results, plans, Company goals, expectations and intentions, cost savings and other statements, including words such as “anticipate”, “believe”, “confident”, “plan”, “estimate”, “s ‘expect’, ‘intend’, ‘will’, ‘should’, ‘may,’ and the like. These statements are based on the current beliefs and expectations of the management of WPG, and involve risks, uncertainties and other known and unknown factors that may cause WPG’s actual results, performance or achievements to be materially different from those of future results, performance or achievements. expressed or implied by these forward-looking statements. These factors include, without limitation; the company has determined that there is significant doubt as to its ability to continue to operate; there can be no assurance that the Company will be able to reach an agreement in principle with respect to a restructuring, to comply with the terms of such an agreement or to complete a restructuring contemplated by it, which creates substantial doubt as to the ability of WPG to continue operating; the Company may seek bankruptcy court protection, which would subject it to the risks and uncertainties associated with bankruptcy and could adversely affect the business of the Company and expose its shareholders to a significant risk of losing their entire investment in the bankruptcy. Society; the Company’s limited liquidity could have a material adverse effect on its business operations; changes in asset quality and credit risk; ability to support revenue and profit growth; changes in political, economic or market conditions in general and real estate and financial markets in particular; the impact of increased competition; the availability of capital and financing; bankruptcies of tenants or joint venture partners; the inability to increase store occupancy and comparable store operating income; risks associated with the acquisition, disposal, (re) development, expansion, rental and management of properties; changes in market rental rates; trends in the retail sector; relationships with key tenants; risks associated with the properties of joint ventures; maintenance costs of common areas; competitive market forces; the level and volatility of interest rates; the rate of increase in income relative to increases in expenditure; the financial stability of tenants in the retail sector; restrictions in or non-compliance with current funding agreements; the liquidity of real estate investments; the impact of changes in tax legislation and WPG’s tax positions; losses associated with closures, failures and shutdowns associated with the spread and proliferation of the coronavirus pandemic (COVID-19); to qualify as a real estate investment trust; the inability to refinance debt on favorable terms and conditions; loss of key personnel; material changes in dividend rates on securities or the ability to pay dividends on common stocks or other securities; possible restrictions on the ability to operate or transfer partially owned properties; inability to make profit / funds from operating goals or estimates; failure to achieve expected returns or returns on (re) development and investment properties (including joint ventures); expected gains on debt extinction; changes in generally accepted accounting principles or their interpretations; terrorist activities and international hostilities; the unfavorable resolution of legal or regulatory proceedings; the impact of future acquisitions and divestitures; assets liable to be subject to impairment charges; the significant costs associated with environmental problems; changes in LIBOR reporting practices or the method of determining LIBOR; and other risks and uncertainties, including those detailed from time to time in WPG’s periodic statements and reports filed with the Securities and Exchange Commission, including those described under “Risk Factors”. The forward-looking statements contained in this press release are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG does not undertake to update or revise any forward-looking statements to reflect new information, subsequent events or circumstances. Actual results may differ materially from current projections, expectations and plans, where applicable. Investors, potential investors and others should carefully consider these risks and uncertainties.