Washington Prime Group Inc. (fka WPGGQ)

[Enterprising Investor]

Dillard’s to Join Lineup at Two Tier One Assets (2/20/19)

COLUMBUS, Ohio, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Washington Prime Group Inc. (NYSE: WPG) today announced transactions with Dillard’s (NYSE: DDS) at two of its Tier One assets, further evidencing the Company’s anchor repositioning objectives.

Dillard’s has agreed to open and/or expand within two Tier One assets. Mesa Mall will receive a newly constructed Dillard’s which will be their first location within Grand Junction, Colorado and will replace Sears which formerly occupied the site. In addition, Dillard’s will add a second location replacing a former Herberger’s (Bon-Ton Stores) within Southgate Mall, illustrating robust demand within the Missoula, Montana catchment.

Lou Conforti, CEO and Director of Washington Prime Group stated: “I have previously espoused the virtues of Dillard’s as a consummate merchandiser for the simple reason they understand and, as importantly, respect the demographic constituencies which they serve. We expect more of the same as they open a new store at Mesa Mall which is located in Grand Junction, Colorado and expand into their second location at Southgate Mall which serves the City of Missoula as well as western Montana.”

Conforti added: “This marks Dillard’s 24th store within the Washington Prime Group portfolio and we appreciate their continued partnership with us as we continue to transform our assets into dominant town centers which capture robust catchments. By the way, pick me up a blue Daniel Cremieux Non-Iron Slim Fit Spread Collar Solid Dress Shirt (16.5 x 34) and be sure to check out their collaboration with Southern Living for stylish home furnishings (I have my eye on the Heirloom Linen Quilt).”

Dillard's ranks among the nation's largest fashion retailers with annual sales exceeding $6.2B. The retailer focuses on delivering style, service and value to its shoppers by offering compelling fashion, cosmetics and home selections complemented by exceptional customer care. Dillard's stores offer a broad selection of merchandise and feature products from both national and exclusive brands.

The two aforementioned anchor spaces are part of the Company’s previously announced department store repositioning efforts.

To learn more about Mesa Mall, visit www.shopmesamall.com. To learn more about Southgate Mall, visit www.shopsouthgate.com.

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/2019/02/20/1738324/0/en/Dillard-s-to-Join-Lineup-at-Two-Tier-One-Assets.html