Burkes Outlet and Home Centric to Join Morgantown Mall
Washington Prime Group (NYSE: WPG) has announced the opening of Burkes Outlet and Home Centric in Morgantown Mall, West Virginia, scheduled for Q4 2021. This new store will utilize over 30,000 square feet, enhancing the mall's tenant lineup. Burkes Outlet promises savings of up to 70% on apparel and home products. The mall's recent developments, including partnerships for logistics with WVU Medicine, reflect WPG's focus on adaptive reuse and tenant diversification. CEO Lou Conforti emphasizes the company's commitment to serving local demographics.
- New store openings enhance tenant diversity at Morgantown Mall.
- Burkes Outlet offers significant discounts, attracting cost-conscious consumers.
- Successful partnerships like the one with WVU Medicine for logistics support growth.
- Substantial doubt remains about WPG's ability to continue as a going concern.
- Potential bankruptcy risks could significantly harm business and shareholder investment.
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
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.
About Fulventory
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.
Forward-Looking Statements
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 ventur
FAQ
What is the significance of the Burkes Outlet and Home Centric opening for WPG?
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