A state liquor store will be built on the Capital City Mall property as part of an ongoing diversification effort, according to a news release from the mall’s owners.
Pennsylvania Real Estate Investment Trust, a holding company that owns malls across the state, announced Wednesday that Fine Wine & Good Spirits will join Dick’s Sporting Goods in the new retail strip that will replace the former Sears building at the Lower Allen Township site.
Fine Wine and Good Spirits is the retail sales arm of the Pennsylvania Liquor Control Board, the state’s alcoholic beverage authority.
The incorporation of a “premium” liquor outlet is part of the PREIT’s “overall remerchandising” of the Capital City Mall asset, the company said in its release.
Earlier this year, Sears closed its anchor store at the Capital City Mall. PREIT subsequently demolished the former Sears building and began construction on a new pad of retail stores, to include a smaller Sears Appliance and Mattress center, as well as a Dick’s Sporting Goods.
PREIT also announced in May that it had finalized a lease with Dave & Buster’s for a restaurant/arcade franchise to be located at Capital City Mall.
“We are pleased to announce another step toward our goal of having all of our department store inventory leased by year end,” Joseph Coradino, PREIT’s CEO, said in a release. “The demand for these former department store spaces from an array of retailers demonstrates the high-quality, market dominant characteristics of PREIT’s portfolio, which will allow us to continue to enhance our properties and drive strong financial returns from our redevelopment program.”
PREIT, a publicly traded company, has taken a hit to its stock value in the recent retail slump, which has seen a string of department store closings and continuing devaluation of malls and other traditional retail properties nationwide.
PREIT’s stock was peaking at over $25 per share in August and September of last year, but then started a slide downward to a low of $10.33 in May.
The company’s announcement of a new strategy, seeking “experiential” tenants such as Dave & Buster’s, has seen a recovery of stock price over the last two months to $11.63 as of Thursday night.
The Fine Wine & Good Spirits and Dick’s spaces are expected to be finished in the fall, while the Dave & Buster’s space is expected in 2018.