The Tacoma Mall Sears store is one of the company’s 63 locations that will close in early September. The company will also shutter 16 Kmart stores. The stores set to close are among 100 that the company has identified as being no longer profitable. Liquidation of products has already begun.
Displaced employees will be offered severance as well as the opportunity to apply at other stores.
The Simon Property Group plans to fill the Sears building with five more shop and restaurant spaces totaling 69,000 square feet. A 50,000-square-foot movie theater is also planned.
Simon has similar plans for the vacancies left behind by Sears stores across the country.
“As Sears continues to liquidate its stores, it’s a terrific opportunity for us to recapture this real estate and redevelop it in a brand-positive way,” Simon Malls CEO Michael E. McCarty said in a statement. “Our team is fully engaged in capitalizing on this opportunity and continues to pursue plans to replace Sears stores with new and compelling ways for consumers to live, work, play, stay, and shop at these Simon destinations nationwide.
The company plans to renovate its malls with innovative retail, restaurant and entertainment concepts.
“Mixed-use elements such as hotel, residential, office, and fitness are also being incorporated,” he said.