Sears sale means big changes for Ala Moana - Hawaii News Now - KGMB and KHNL

Sears sale means big changes for Ala Moana

By Howard Dicus

HONOLULU and CHICAGO (HawaiiNewsNow) – Sears Corp. confirms its deal to sell 11 stores to General Growth Properties includes the Sears store at Ala Moana Center.

General Growth Properties is the nation's second largest owner of malls. In Hawaii, it owns Ala Moana Center and Hilo's Prince Kuhio Plaza.

Sears has been an anchor store tenant of Ala Moana Center, the state's biggest mall, since it opened in 1959.

The 11-store sale was announced after Sears reported losing billions of dollars in the fourth quarter, mainly because of one-time charges. Sales have been eroding at Sears for years.

The company CEO said he was "unlocking" the value of Sears real estate.

The Wall Street Journal reported that the Hawaii sale was by far the biggest element of the deal, comprising from $200 million to $250 million of the $270 million deal.

Pacific Business News reported that General Growth could make more rent on the space by tearing down the Sears store and replacing it with a number of smaller retailers.

Several retailers currently operating on the ewa side of the mall, including Zippy's, Ba-Le and a tuxedo shop, are actually subleasing their space from Sears.

It is expected that the Sears store will not be closed until next year.

 Copyright 2012 Hawaii News Now. All rights reserved.

  • Hawaii News Now headlinesNewsMore>>

  • Flooding: Dam breach at Duke plant; coal ash could spill

    Flooding: Dam breach at Duke plant; coal ash could spill

    Friday, September 21 2018 11:50 AM EDT2018-09-21 15:50:22 GMT
    Friday, September 21 2018 8:22 PM EDT2018-09-22 00:22:31 GMT
    (Duke Energy via AP). In this drone photo released by Duke Energy, flooding from the swollen Cape Fear River overtops an earthen dike at Sutton Lake, a 1,100-acre (445-hectare) lake at the L.V. Sutton Power Station near Wilmington, N.C. , Thursday, Sep...(Duke Energy via AP). In this drone photo released by Duke Energy, flooding from the swollen Cape Fear River overtops an earthen dike at Sutton Lake, a 1,100-acre (445-hectare) lake at the L.V. Sutton Power Station near Wilmington, N.C. , Thursday, Sep...
    APNewsBreak: Duke Energy says dam breached at plant in North Carolina; coal ash may be flowing into Cape Fear River.More >>
    APNewsBreak: Duke Energy says dam breached at plant in North Carolina; coal ash may be flowing into Cape Fear River.More >>
  • Woman stabs 5 - including newborns - at New York nursery

    Woman stabs 5 - including newborns - at New York nursery

    Friday, September 21 2018 7:50 AM EDT2018-09-21 11:50:04 GMT
    Friday, September 21 2018 8:22 PM EDT2018-09-22 00:22:22 GMT
    Police in New York say at least five people, including three infants, were stabbed at an overnight day care center in Queens. (Source: WABC/CNN)Police in New York say at least five people, including three infants, were stabbed at an overnight day care center in Queens. (Source: WABC/CNN)

    Police in New York say at least five people, including three infants, were stabbed at an overnight day care center in Queens.

    More >>

    Police in New York say at least five people, including three infants, were stabbed at an overnight day care center in Queens.

    More >>
  • Shame, fear: Survivors explain not reporting sexual assaults

    Shame, fear: Survivors explain not reporting sexual assaults

    Friday, September 21 2018 6:20 PM EDT2018-09-21 22:20:29 GMT
    Friday, September 21 2018 8:22 PM EDT2018-09-22 00:22:18 GMT
    (AP Photo/Alex Brandon, File). FILE - In this Sept. 6, 2018 file photo, President Donald Trump's Supreme Court nominee, Brett Kavanaugh testifies before the Senate Judiciary Committee on Capitol Hill in Washington for the third day of his confirmation ...(AP Photo/Alex Brandon, File). FILE - In this Sept. 6, 2018 file photo, President Donald Trump's Supreme Court nominee, Brett Kavanaugh testifies before the Senate Judiciary Committee on Capitol Hill in Washington for the third day of his confirmation ...
    Survivors respond with fury to Trump's remarks on woman who accused court nominee of sexual assault.More >>
    Survivors respond with fury to Trump's remarks on woman who accused court nominee of sexual assault.More >>
Powered by Frankly