Nordstrom to Join The Oaks in Fall 2008
September 25 2006 - 9:30AM
PR Newswire (US)
Fashion Specialty Retailer to Become Upscale Shopping Center's
Newest Anchor THOUSAND OAKS, Calif., Sept. 25
/PRNewswire-FirstCall/ -- The Macerich Company (NYSE:MAC) is
pleased to announce that Nordstrom has recently completed the
signed letter of intent to join The Oaks Shopping Center.
Nordstrom, a leading fashion specialty retailer, will become the
center's newest anchor store in conjunction with a proposed
expansion and renovation of the upscale shopping destination.
Nordstrom first announced that it would join The Oaks in 2003.
Slated to open fall 2008, the Nordstrom location at The Oaks will
be approximately 144,000 square feet on two levels and will be
located on the northeast end of the property in the vacant space
purchased by The Macerich Company, The Oaks' parent company, as a
result of the Federated-May merger. "The community of Thousand Oaks
has shared with us the desire for additional retail offerings,
particularly the addition of Nordstrom, and a fresh, new experience
at The Oaks," said Art Coppola, chief executive officer of The
Macerich Company. "We are very pleased to be able to bring
Nordstrom to this market and to be able to fulfill the wishes of
our shoppers and the City of Thousand Oaks." Located in the heart
of Ventura County, The Oaks is slated to begin a multi-phase
renovation and expansion project in spring 2007 pending city
approvals. Phase I plans for The Oaks include a comprehensive
interior renovation, the addition of an open-air specialty venue
with upscale shops, a state-of-the-art multi-screen cinema,
freestanding restaurants, the new Nordstrom store, a new multilevel
parking structure and a new food court with indoor and outdoor
seating. "We are pleased to be a part of the redevelopment at The
Oaks," said Erik Nordstrom, president of stores for Nordstrom. "We
have been in the Los Angeles area a very long time and we look
forward to expanding our presence with our first Full-Line Store in
Ventura County." Nordstrom has consistently ranked at the top of
area shoppers' wish list and today's announcement was marked with a
champagne toast as the center unveiled "coming soon" graphics at
the future entrance of the fashion anchor. Built in 1978, The Oaks
is a 1.1 million square foot, two-level enclosed, super-regional
mall on Ventura Freeway (US 101) in Thousand Oaks, Calif., midway
between downtown Los Angeles and Santa Barbara. A Lumenati
property, The Oaks center features 144 top-tier shops. Nordstrom,
Inc. is one of the nation's leading fashion specialty retailers,
with 156 US stores located in 27 states. Founded in 1901 as a shoe
store in Seattle, today Nordstrom operates 99 Full-Line Stores, 49
Nordstrom Racks, five Faconnable boutiques, one freestanding shoe
store and two clearance stores. Nordstrom also operates 34
Faconnable boutiques in Europe. Additionally, Nordstrom 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. The Macerich Company is a fully
integrated self-managed and self-administered real estate
investment trust, which focuses on the acquisition, leasing,
management, development and redevelopment of regional malls
throughout the United States. The Company is the sole general
partner and owns an 84% ownership interest in The Macerich
Partnership, L.P. Macerich owns approximately 79 million square
feet of gross leaseable area consisting primarily of interests in
73 regional malls. Additional information about The Macerich
Company can be obtained from the Company's web site at
http://www.macerich.com/. DATASOURCE: The Macerich Company CONTACT:
Rebecca Stenholm of The Macerich Company, +1-602-953-6597; or Amy
Pobst of Nordstrom, +1-206-373-3036 Web site:
http://www.nordstrom.com/ Web site: http://www.macerich.com/
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