Washington Prime Group Inc. (fka WPGGQ)

[Enterprising Investor]

Washington Prime Group Announces Ulta Beauty and Five Below to Follow H&M as Latest In-Demand Retailers to Join Dynamic Tenant Line-Up at Grand Central Mall (6/21/18)

OLUMBUS, Ohio, June 21, 2018 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (NYSE:WPG) today announced that Ulta Beauty and Five Below will join Grand Central Mall’s growing line-up of sought after retail options.

The addition of Ulta Beauty and Five Below follows the announcement of a 20,000-square-foot H&M opening in the fall of 2018 at Grand Central Mall, which will replace the former Elder-Beerman department store. This will be H&M’s first location in West Virginia. Ulta Beauty and Five Below, which are replacing a former H. H. Gregg anchor space, also expected to open in the fall of 2018, will be located near Old Navy and Panera Bread.

Apart from Ulta Beauty, Five Below and H&M, Grand Central Mall has seen approximately 37,000 square feet of new or remodeled tenants open at the center over the past 24 months including Torrid, Hot Topic, Party City, and Great American Cookie, as well as remodels and expansions of Regal Cinemas, Victoria’s Secret, Bath & Body Works, and American Eagle.
Lou Conforti, CEO and Director stated: “The redevelopment and, as importantly, the tenant diversification of Grand Central Mall illustrates our mandate to focus upon those assets which exemplify our town center approach of combining enclosed and open air formats in order to satisfy the demands of a particular demographic constituency. Operating metrics from such redevelopment projects are encouraging as both occupancy and sales volume have increased. Our proactive approach of expanding food, beverage, entertainment, home furnishings, cosmetics, discount retail as well as other unrepresented categories is imperative as we further establish our assets as the dominant retail venue within its catchment.”

The dominant retail destination in the area, Grand Central Mall is located in Vienna, West Virginia, just north of Parkersburg and on the eastern side of the Ohio River which separates Ohio and West Virginia. The hybrid town center is situated on Route 14, the most heavily traveled state route in the state. Approximately 36,200 vehicles per day pass in front of the property, which is the only enclosed retail venue within a 77-mile radius.

Jody Hopkins, General Manager of Grand Central Mall: “This is an exciting time for Grand Central Mall and we remain committed to offering our guests in-demand retail, dining and entertainment options, as well as events and activities throughout the year. Together with our more than 100 local and national tenants, we remain committed to delivering the best experience for our guests in a welcoming environment.”

Ulta Beauty is the largest beauty retailer in the U.S. and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services. Ulta Beauty offers more than 20,000 products from over 500 well-established and emerging beauty brands across all categories and price points, including its own private label. Ulta Beauty also offers a full-service salon in every store featuring hair, skin and brow services.

Five Below is a rapidly growing specialty value retailer offering a broad range of trend-right, high-quality merchandise targeted at the teen and pre-teen customer. Five Below offers a dynamic, edited assortment of exciting products in a fun and differentiated store environment, all priced at $5 and below.

As the state’s third largest population center, the Parkersburg/Vienna area is the economic backbone of the Mid-Ohio Valley. Nearby universities and colleges include The University of West Virginia at Parkersburg, Ohio Valley University, Ohio University, Marietta College, Washington State Community College, National College and Mountain State College. The city of Parkersburg is currently working on a dynamic downtown renewal project which includes a riverfront amphitheater, walking paths, bike trails, a farmer’s market and a skate park.

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 an investment grade balance sheet, leveraging 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.

https://globenewswire.com/news-release/2018/06/21/1527919/0/en/Washington-Prime-Group-Announces-Ulta-Beauty-and-Five-Below-to-Follow-H-M-as-Latest-In-Demand-Retailers-to-Join-Dynamic-Tenant-Line-Up-at-Grand-Central-Mall.html