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Press Room

Sears Outlet Joining Northern Lights
Monday, September 15, 2003
Columbus, Ohio — A new Sears Outlet store is opening at Northern Lights Shopping Center. The 32,400 square foot store, which will sell all brands of appliances available at Sears and its affiliate stores, from its low to high end products, is projected to open in mid-November. Owned and managed by Casto, Northern Lights will achieve 100% occupancy with the addition of Sears, the recently opened 30,000 square foot A.J. Wright, and three other retailers that are in final stages of lease negotiation. Faced with a 20% vacancy rate after the 1999 closing of Big Lots, Don M. Casto, III, partner of the Casto organization, attributes the turnaround to several factors, including the advantages of local vs. absentee ownership of the center. ?We are committed to Columbus and maintain long-term ownership and goals for our properties. Additionally, we have built and maintain good relationships with many national and regional retailers and were astute enough to recognize and capture those retailers who are taking another look at properties inside-the-outerbelt, where people have money to spend despite the perceived low spending power of those areas. It took a lot of hard work and rolling-up of the sleeves to fill the empty 70,000 square feet we faced three years ago." Casto, a third-generation company based in Columbus, Ohio, is one of the country's leading retail developers with a portfolio of more than 19,000,000 square feet of retail properties in 82 shopping centers located in seven states.

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