Party City is moving forward with a programme to secure its current portfolio of over 750 stores in 45 states in the US.
The retailer has hired Excess Space Retail Services to oversee its site selection and lease renewal programmes and optimise its national store footprint.
Michael Wiener, president of Excess Space, commented: “We look forward to leveraging our history and experience in effective and diligent tenant representation to ensure that Party City is well-situated with strategically selected retail locations and favourable lease terms.
“We look forward to leading these programs and continuing to deliver for this iconic brand.”
As part of its restructuring, Party City closed around 60 of its stores. It has a long term plan to prioritise driving traffic, strengthening its digital and marketing platform, expanding and upgrading its stores, and creating efficiencies across its business.
Marc Ehle, Party City’s executive vp of enterprise operations, said: “Through our previous work together, ExcessSpace has demonstrated that they are best-in-class dealmakers who can provide expert-level market knowledge and lead strategic negotiations with the landlords of our national portfolio.
“As we continue a period of long-term growth of the brand, we have no doubt that ExcessSpace is best suited to manage our real estate activity and ensure that we are able to uphold and expand our positioning as the premier celebrations provider.”
