Market Overview

Gordmans to Join The Shoppes at Parma

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PARMA, Ohio--(BUSINESS WIRE)--

PECO Real Estate Partners (PREP) has announced a new anchor at The Shoppes at Parma in Parma, Ohio. Omaha-based Gordmans has leased a 45,000-square-foot space adjacent to Dick's Sporting Goods. The value-priced department store will join a newly remodeled JCPenney, Walmart, Dick's Sporting Goods, Marc's grocery store and a growing list of new retailers at the mixed-use development.

Gordmans, which started as one small store in 1915, now has more than 100 locations in 22 states. The new store will be Gordmans' third location in the Cleveland market, joining stores in Aurora and Mentor that opened in 2015. The Parma store is expected to open this fall along with ULTA and a soon to be announced shoe store in time for the holiday shopping season.

Scott Mitchell, PREP's senior vice president of leasing, said, "The addition of Gordmans to our tenant roster is a huge step in the successful execution of our merchandising strategy for The Shoppes at Parma. We have more than 175,000 square feet of new retail either already open or now under construction. And the momentum continues to build."

Robyn Hays, senior leasing director, added, "From the beginning of this project, our goal has been to create a strong collection of retailers and restaurants that will serve the needs of this community. We are very pleased with the progress to date and expect this announcement of Gordmans to create even more interest from targeted retailers. We will have at least 25,000 additional square feet of leases to announce in the upcoming weeks."

Key elements of the center's redevelopment include:

- A newly remodeled JCPenney including the addition of Sephora, now open

- A new Dick's Sporting Goods, now open

- 2016 groundbreaking to expand the existing Walmart to a Super Walmart

- New stores now open: AT&T, Mattress Firm, PetValu, GNC

- New restaurants now open: Panera Bread, Chipotle, Jimmy Johns, Fast Eddies

- New services now open: Aspen Dental, Chase Bank, Sports Clips, H & R Block

- Opening this year: ULTA, Five Guys, Fitworks, T Mobile, Mission BBQ, Gordmans

About Gordmans Gordmans (NASDAQ: GMAN) is a value-price retailer featuring a large selection of name brands and the latest fashions and styles at up to 60% off department and specialty store prices, every day. The wide range of merchandise includes apparel and footwear for men, women and children, as well as accessories, home décor, gifts, designer fragrances, fashion jewelry, bedding and bath, accent furniture and toys. Founded in 1915, Gordmans currently operates 102 stores in 62 markets and 22 states. To shop online, visit gordmans.com. Also, connect with Gordmans on Facebook, Twitter, Pinterest and Instagram.

About PECO Real Estate Partners (PREP) PECO Real Estate Partners has incorporated the development and strategic retail divisions of Phillips Edison & Company (PECO). The new company focuses on the acquisition, repositioning and management of power and lifestyle centers, enclosed malls, mixed-use retail projects and single-tenant developments. PREP is a fully integrated real estate operating and asset management company with expertise in every discipline of retail real estate operation and management. Through the execution of a focused investment strategy, PREP identifies optimal locations and leverages its long-standing relationships with brokers, property owners and retail tenants, to identify and capitalize on development and redevelopment opportunities. For more information about PREP, please visit www.pecorep.com.

For PECO Real Estate Partners
Linda Fatherree, 513-607-4374
linda@fatherree.com

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