(Wall Street Journal) – Sears Holdings Corp., saddled with extra space in its cavernous Sears department stores, is joining with hot fashion chain Forever 21 to expand the store-within-a-store concept.
The move is among the most aggressive merchandising steps Sears has taken since hedge fund manager Edward Lampert took over the retailer five years ago.
Under the initiative, Forever 21 will take about 15% of the space in a Sears store in Costa Mesa, Calif., with the opening expected this spring. Sears declined to disclose the terms of the lease agreement.
The move will give Sears rental revenue and also supply some much-needed fashion pizzazz for the retailer, which has been trying for years to make its apparel business, especially for young women, more appealing