Burkes Outlet and Home Centric to Join Morgantown Mall
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 SF of space at Morgantown Mall within a former department store location. This new Burkes Outlet and Home Centric combo store will be accessible from both exterior parking and the town center’s enclosed common area.
Burkes Outlet offers the latest styles in apparel, shoes, handbags, accessories, and beauty products, all at 70% off other stores’ prices. Home Centric provides everything needed to make a house a home, from brand-name home fashions to artisan creations to one-of-a-kind treasures from around the world.
Burkes Outlet and Home Centric join the dynamic and growing tenant lineup at Morgantown Mall. 2020 brought the adaptive reuse openings of first-to-market Dunham’s Sports and Ollie’s Bargain Outlet as well as the renovation of the AMC Theatre. In 2020, as part of the town center’s redevelopment initiatives, Morgantown Mall entered a unique partnership with WVU Medicine to redevelop its former Sears location to serve as a logistics, distribution and fulfillment center serving the broader WVU Medicine network as part of Washington Prime Group’s Fulventory initiative.
Lou Conforti, CEO and Director of Washington Prime Group stated: “While lots of landlords ‘talk the talk’ about curating a retail venue to best serve its demographic constituency (especially within Middle America), Washington Prime Group has been a leader in this regard as well as common area activation and relevant adaptive reuse. So, when Mountaineer Country asked for a fresh selection of family fashions and home furnishings, we listened. Morgantown, let’s welcome Burkes Outlet and Home Centric with the classic John Denver ballad which accompanies every home game victory. Just remember, before the country road takes you home, stop by Morgantown Mall and say hello to our new neighbors.”
Morgantown Mall is a premier shopping destination in Morgantown, located conveniently at the intersection of State Route 19 and I-79, and is easily accessible by area residents, including students and faculty from West Virginia University.
About Beall’s, Inc.
Headquartered in Bradenton, Florida since 1915, the family-owned corporation now operates more than 560 retail stores in 21 states under the names Bealls, Bealls Outlet, Burkes Outlet and Home Centric and online at beallsflorida.com, beallsoutlet.com and burkesoutlet.com. The privately held company has been owned and operated by the founding family for over 100 years. Learn more at www.beallsinc.com.
Washington Prime Group continues to innovate with the introduction of Fulventory, the Company’s last mile fulfillment initiative. Fulventory allows tenants to utilize space within the Company’s assets for last mile fulfilment and BOPIS (buy online and pickup in store), as well as inventory clearance. As BOPIS and BORIS (buy online and return in store) continue to gain traction with consumers, Fulventory captures the nexus between physical space and eCommerce and advances the symbiotic relationship which 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 retail properties. The Company combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group® is a registered trademark of the Company. Learn more at 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 management of Washington Prime Group Inc. (“WPG”) concerning the proposed transactions, the anticipated consequences and benefits of the transactions and the targeted close date for the transactions, and other future events and their potential effects on WPG, including, but not limited to, statements relating to anticipated financial and operating results, the Company’s plans, objectives, expectations and intentions, cost savings and other statements, including words such as “anticipate,” “believe,” “confident,” “plan,” “estimate,” “expect,” “intend,” “will,” “should,” “may,” and other similar expressions. Such statements are based upon the current beliefs and expectations of WPG’s management, and involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WPG to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, without limitation; the Company has determined that there is substantial doubt about its ability to continue as a going concern; there is no assurance that the Company will be able to reach an agreement in principle regarding a restructuring, comply with the terms of any such agreement or successfully complete a restructuring contemplated thereby, creating substantial doubt about WPG’s ability to continue as a going concern; the Company may seek the protection of a bankruptcy court, which would subject it to the risks and uncertainties associated with bankruptcy and may harm the Company’s business and place its equity holders at significant risk of losing all of their investment in the Company; the Company’s limited liquidity could materially and adversely affect its business operations; changes in asset quality and credit risk; ability to sustain revenue and earnings growth; changes in political, economic or market conditions generally and the real estate and capital markets specifically; the impact of increased competition; the availability of capital and financing; tenant or joint venture partner(s) bankruptcies; the failure to increase store occupancy and same-store operating income; risks associated with the acquisition, disposition, (re)development, expansion, leasing and management of properties; changes in market rental rates; trends in the retail industry; relationships with anchor tenants; risks relating to joint venture properties; costs of common area maintenance; competitive market forces; the level and volatility of interest rates; the rate of revenue increases as compared to expense increases; the financial stability of tenants within the retail industry; the restrictions in current financing arrangements or the failure to comply with such arrangements; the liquidity of real estate investments; the impact of changes to tax legislation and WPG’s tax positions; losses associated with closures, failures and stoppages associated with the spread and proliferation of the coronavirus (COVID-19) pandemic; to qualify as a real estate investment trust; the failure to refinance debt at favorable terms and conditions; loss of key personnel; material changes in the dividend rates on securities or the ability to pay dividends on common shares or other securities; possible restrictions on the ability to operate or dispose of any partially-owned properties; the failure to achieve earnings/funds from operations targets or estimates; the failure to achieve projected returns or yields on (re)development and investment properties (including joint ventures); expected gains on debt extinguishment; changes in generally accepted accounting principles or interpretations thereof; terrorist activities and international hostilities; the unfavorable resolution of legal or regulatory proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; changes in LIBOR reporting practices or the method in which LIBOR is determined; and other risks and uncertainties, including those detailed from time to time in WPG’s statements and periodic reports filed with the Securities and Exchange Commission, including those described under “Risk Factors”. The forward-looking statements in this communication are qualified by these risk factors. Each statement speaks only as of the date of this press release and WPG undertakes no obligation 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, if any. Investors, potential investors and others should give careful consideration to these risks and uncertainties.
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