SEARS GETS WANAMAKER SITE
NEW YORK — Sears, Roebuck & Co. has won the battle for the former John Wanamaker location in Yonkers, N.Y. Sears will open in the 216,000-square-foot store in October.
Sears’ initial attempt to take over the lease from Wanamaker’s for $12.5 million was derailed in January when the shopping center’s landlord offered a higher bid. Woodward & Lothrop, parent company of Wanamker’s, is reorganizing in Chapter 11 and must open up lease sales to the public under bankruptcy law.
The bid by Brook Shopping Centers Inc., which owns the Cross County shopping center, raised speculation that other retailers, including Federated Department Stores, were interested in the Wanamaker’s location. Federated executives, according to reports, even toured the three-level Wanamaker’s store in late January with the idea of converting it to a Macy’s.
Sears, however, was able to reach a deal for the location after it began negotiating directly with the landlord, a Sears spokeswoman said Monday. She declined to provide any details of the agreement.
Sears, as reported, wants to increase its presence in the New York metropolitan area. The retailer reportedly is interested in Manhattan locations near Union Square and at A&S Plaza, where Federated is seeking to sell its A&S unit.
The Sears spokeswoman declined to comment on those locations Monday.