Nordstrom to Open New Store at Macerich's Santa Monica Place
July 15 2008 - 12:30PM
PR Newswire (US)
- Nordstrom also to expand two existing stores at Macerich centers
in California - SANTA MONICA, Calif., July 15
/PRNewswire-FirstCall/ -- Macerich(R) (NYSE:MAC) today announced
Seattle-based Nordstrom, Inc. (NYSE:JWN), a leading fashion
specialty retailer, has signed a letter of intent to open a new
Nordstrom store at Santa Monica Place in Santa Monica, Calif. The
three-level, 122,000-square-foot store is scheduled to open in fall
2010. Nordstrom also announced plans to relocate its existing
Cerritos, Calif., store at Los Cerritos Center and complete a
remodel and expansion for its Broadway Plaza store in Walnut Creek,
Calif. Santa Monica Place "We're very pleased to welcome Nordstrom
to the new Santa Monica Place," said Randy Brant, executive vice
president, real estate, for Macerich. "The extraordinary appeal of
Nordstrom is a great match for this exceptional market, and for
what we believe will be a one-of-a-kind retail project two blocks
from the beach in downtown Santa Monica." "Santa Monica is a
wonderful community and an exciting retail environment where many
of our customers visit, live and work," said Erik Nordstrom,
president of stores for Nordstrom. "We compliment Macerich on their
vision for the new Santa Monica Place, which we anticipate to be an
exciting shopping experience." Santa Monica Place is being
completely transformed from an existing 1980s-era, enclosed
shopping center to a three-level, open-air retail destination that
will include a signature rooftop dining deck. Re-opening in fall
2009, the 550,000-square-foot Santa Monica Place is adjacent to the
popular Third Street Promenade, three city blocks of retail stores,
restaurants and entertainment. For more information, visit
http://www.macerich.com/. Los Cerritos Center and Broadway Plaza
Mall "We are excited about the new plans for our Cerritos and
Walnut Creek stores as part of the commitment to improve both
malls, which will provide our customers new shopping environments,"
added Erik Nordstrom. "The support we have received from our
customers over the years at both Cerritos and Walnut Creek
encouraged us to make these investments." Macerich's Brant said,
"It's clear that Nordstrom is a favorite of our shoppers at
Broadway Plaza in Walnut Creek, the retail leader in the East Bay,
and at Los Cerritos Center in Cerritos, a vibrant suburban
community in Southern California. Both shopping centers reflect
Macerich's focus on outstanding properties in very attractive
markets." Nordstrom will relocate its Cerritos store at Los
Cerritos Center shopping center to a new location in the center and
will build a new 138,000-square-foot two-level store. The new
Nordstrom at Los Cerritos will take the place formerly occupied by
Robinsons-May and is scheduled to open in spring 2010. The existing
Nordstrom store at Los Cerritos Center will continue to serve
customers until the new store opens. Nordstrom Cerritos originally
opened in 1981. Additionally, Nordstrom is remodeling and expanding
its existing store at Broadway Plaza in Walnut Creek. The two-phase
project will add 32,000-square-feet to the existing floor plan for
a total of 225,000-square-feet. Upgrades include new designer shops
and open-sell cosmetic cases that allow customers to touch the
merchandise much like they would in the apparel departments of the
store. The remodel will also include new flooring, updated dressing
room finishes, new furniture and fixtures and new wall treatments.
The remodel is scheduled for completion in 2010. Nordstrom Walnut
Creek originally opened in 1984. Nordstrom, Inc. is one of the
nation's leading fashion specialty retailers, with 159 stores
located in 28 states. Founded in 1901 as a shoe store in Seattle,
today Nordstrom operates 105 full-line stores, 50 Nordstrom Racks,
two Jeffrey boutiques and two clearance stores. 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. Macerich 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 85% ownership interest in The Macerich
Partnership, L.P. Macerich now owns approximately 77 million square
feet of gross leaseable area consisting primarily of interests in
72 regional malls. Additional information about Macerich can be
obtained from the Company's Web site at http://www.macerich.com/.
Note: This release contains statements that constitute
forward-looking statements. Stockholders are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks, uncertainties and other factors that
may cause actual results, performance or achievements of the
Company to vary materially from those anticipated, expected or
projected. Such factors include, among others, general industry,
economic and business conditions, which will, among other things,
affect demand for retail space or retail goods, availability and
creditworthiness of current and prospective tenants, anchor or
tenant bankruptcies, closures, mergers or consolidations, lease
rates and terms, interest rate fluctuations, availability and cost
of financing and operating expenses; adverse changes in the real
estate markets including, among other things, competition from
other companies, retail formats and technology, risks of real
estate development and redevelopment, acquisitions and
dispositions; governmental actions and initiatives (including
legislative and regulatory changes); environmental and safety
requirements; and terrorist activities which could adversely affect
all of the above factors. The reader is directed to the Company's
various filings with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the year ended
December 31, 2006, for a discussion of such risks and uncertainties
which discussion is incorporated by reference. DATASOURCE: Macerich
CONTACT: Anita Walker of Macerich, +1-602-953-6550; or Michael Boyd
of Nordstrom, +1-206-373-3038 Web site: http://www.macerich.com/
http://www.nordstrom.com/
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