Nordstrom (ticker: JWN, exchange: New York Stock Exchange (.N))
News Release -
Nordstrom Rack to Relocate in Downtown Seattle
SEATTLE, June 15, 2010 /PRNewswire via COMTEX/ --Seattle-based Nordstrom, Inc. (NYSE: JWN) announced plans to relocate its downtown Seattle Nordstrom Rack from the Broadacres building on Second Avenue to Westlake Center at the corner of Fifth Avenue and Pine Street. The relocated Nordstrom Rack is scheduled to open in spring 2012. The new 42,500-square-foot Nordstrom Rack will have 30 percent more selling space, allowing the retailer to offer customers a larger selection of merchandise.
The relocated Rack will have a street-level entrance at the corner of Fifth Avenue and Pine as well as an entrance off the Downtown Seattle Transit Tunnel corridor at Westlake Station. The store will be below street grade in a single level space. The company believes locating the store in the heart of the retail core across the street from the downtown Seattle Nordstrom store will serve as an added convenience for customers who like to shop both locations.
"We're excited about relocating our downtown Seattle Rack across the street from our Nordstrom store," said Geevy Thomas, President, Nordstrom Rack. "Our new Westlake Center location will be larger, offer our newest Rack design features and make it easier for customers to shop both stores. Though we have a fondness for our old home on Second Avenue, we hope to better serve customers in the new store."
Adam Metz, chief executive officer of General Growth Properties, said, "Our Westlake Center customers will be delighted when Nordstrom Rack opens its doors to serve the market with a larger store, an expanded selection of merchandise and a more convenient location. It is a great addition to the merchandise line-up at Westlake Center. Nordstrom has been a terrific partner of GGP's at numerous of our malls across the country."
The first Nordstrom Rack began in the basement of the downtown Seattle Nordstrom store in the early 1970's, and later moved to its current free-standing 42,000-square-foot location in the Broadacres building in 1987.
Nordstrom Rack is a unit of the company's off-price retail division and carries merchandise from Nordstrom stores and Nordstrom.com at 50-60% off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the brands carried in Nordstrom stores and purchased specially for Nordstrom Rack, with most at savings of 30-70% off.
Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 193 stores located in 28 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 114 full-line stores, 76 Nordstrom Racks, two Jeffrey boutiques and one clearance store. Nordstrom also serves customers through its online presence at http://www.nordstrom.com/ and through its catalogs. Nordstrom, Inc. is publicly traded on the NYSE under the symbol JWN.
GGP currently has ownership interest in, or management responsibility for, over 200 regional shopping malls in 43 states, as well as ownership in planned community developments and commercial office buildings. The Company's portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. The Company's common stock is traded on the New York Stock Exchange under the symbol GGP.
General Growth Properties
SOURCE Nordstrom, Inc.