A restaurant reinvention for Sears and Kmart
Restaurants with a connection to Simon Property Group, one of the nation’s largest mall operators, may soon get a shot at prime real estate packed with inviting neighbors. Simon announced last week that it intends to convert an undisclosed number of 102 unprofitable Sears and Kmart stores into mixed-use recreation complexes, complete with destination-type restaurants.
"A combination of innovative retail, restaurant, and entertainment concepts are in play for each center,” said Michael McCarty, CEO of Simon Malls. “Mixed-use elements such as hotel, residential, office, and fitness are also being incorporated.”
Simon has been mum on the particulars, declining to say even how many Sears or Kmarts are currently its tenants. But the landlord has already filed for a go-ahead to convert a Sears Auto store in Tacoma, Wash., into a mixed-use space sporting a Krispy Kreme, among other attractions.