Nordstrom to Open at Summerlin Centre in Las Vegas
March 21 2007 - 1:00PM
PR Newswire (US)
SEATTLE, March 21 /PRNewswire-FirstCall/ -- Seattle-based
Nordstrom, Inc. (NYSE:JWN), a leading fashion specialty retailer,
announced it has signed a letter of intent with General Growth
Properties, Inc. (NYSE:GGP), to open a Nordstrom store at Summerlin
Centre in Las Vegas. The new two-level, 149,000-square-foot
Nordstrom store is scheduled to be completed in fall 2009.
Summerlin Centre will be the social, civic and commercial center of
the Las Vegas community of Summerlin. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO) The
Nordstrom at Summerlin Centre will be the retailer's second
full-line store in Nevada. Nordstrom at Fashion Show -- another
General Growth-owned- and-managed shopping center -- opened in
2002, and Nordstrom also operates a Rack in Las Vegas. "Opening a
second store in Las Vegas was an easy decision for us. The city
continues to grow, and our store at Fashion Show has done very well
over the last four years. By adding another location, we hope we
can more conveniently serve customers who live and work in Las
Vegas," said Erik Nordstrom, president of stores for Nordstrom.
General Growth said that within weeks it plans to officially break
ground on the development and announce additional anchor stores and
other retailers. A grand opening is scheduled for spring 2009.
"Even before today's announcement, Summerlin has been a tremendous
residential and commercial success story," said John Bucksbaum,
chief executive officer of General Growth Properties. "With a
world-class retailer like Nordstrom, we now have the beginning of a
rich blend of retail that will be situated near beautiful public
plazas, residences and offices." "As we break ground for our new
retail center in Summerlin we will give the 22,500-acre community a
commercial core with urbanity, entertainment, fashion, great food
and highly desirable workplaces and residences," continued
Bucksbaum. "Nordstrom is one of our most requested stores and
accelerates our progress toward opening day," he said. Nordstrom
offers a quality selection of shoes, clothing, cosmetics and
accessories for men, women and children in well-known brands as
well as lines exclusive to Nordstrom. Plans for Summerlin Centre
include a 100-acre community hub that combines 1.4 million square
feet of retail shopping and dining with office space, a hotel and
residences, all surrounding a series of grand public spaces. An
adjoining 300 acres of Summerlin Centre, will consist primarily of
residential development, offering a wide array of housing styles
set amidst town greens and gardens, all interconnected by paseos
and pathways. The new development at Summerlin Centre will be
located northeast of the intersection of the 215 Beltway and Sahara
Avenue. Nordstrom, Inc. is one of the nation's leading fashion
specialty retailers, with 155 U.S. stores located in 27 states.
Founded in 1901 as a shoe store in Seattle, today Nordstrom
operates 98 Full-Line Stores, 50 Nordstrom Racks, four Faconnable
boutiques, one freestanding shoe store and two clearance stores.
Nordstrom also operates 36 Faconnable boutiques in Europe.
Additionally, Nordstrom serves customers through its online store
at http://www.nordstrom.com/ and through its catalogs. Nordstrom,
Inc. is publicly traded on the NYSE under the symbol JWN. General
Growth Properties, Inc. is the second largest U.S.-based publicly
traded Real Estate Investment Trust (REIT). General Growth
currently has an ownership interest in or management responsibility
for a portfolio of more than 200 shopping malls in 45 states, as
well as ownership in planned community developments and commercial
office buildings. The portfolio totals approximately 200 million
square feet of retail space and includes more than 24,000 retail
stores nationwide. General Growth Properties, Inc. is listed on the
New York Stock Exchange under the symbol GGP. For more information,
please visit the Company Web site at http://www.generalgrowth.com/.
This press release contains forward-looking statements. Actual
results may differ materially from the future operations suggested
by these forward-looking statements, for a number of reasons,
including, but not limited to, the retail market, tenant occupancy
and tenant bankruptcies, the level of our indebtedness and interest
rates, market conditions, land sales in the Master Planned
Communities segment, the cost and success of our development and
redevelopment projects and our ability to manage our growth.
Readers are referred to the documents filed by General Growth
Properties, Inc. with the SEC, specifically the most recent reports
on Form 10-K and 10-Q, which further identify the important risk
factors which could cause actual results to differ materially from
the forward-looking statements in this release. The Company
disclaims any obligation to update any forward-looking statements.
MEDIA CONTACTS: Deniz Anders Nordstrom (206) 373-3038 Jim Graham
General Growth Prop. (312) 960-2955
http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO
http://photoarchive.ap.org/ DATASOURCE: Nordstrom, Inc. CONTACT:
Deniz Anders of Nordstrom, +1-206-373-3038; or Jim Graham of
General Growth Prop., +1-312-960-2955 Web site:
http://www.nordstrom.com/ http://www.generalgrowth.com/
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