Nordstrom to Open at Quaker Bridge Mall in New Jersey
SEATTLE, May 19 /PRNewswire-FirstCall/ -- Seattle-based Nordstrom, Inc. (NYSE: JWN), a leading fashion specialty retailer, announced it has signed a letter of intent with Simon Property Group, Inc. (NYSE: SPG) and Kravco Simon Company, to open a new Nordstrom store at Quaker Bridge Mall in Lawrenceville, NJ. The brand new two-level, 144,000 square foot store will be built as part of the new expansion of the mall. Nordstrom at Quaker Bridge Mall is scheduled to open in spring 2010 and it will be the fifth Nordstrom store in New Jersey.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001011/NORDLOGO)
"We are excited to open a new Nordstrom store as part of the Quaker Bridge Mall redevelopment project," said Erik Nordstrom, president of stores for Nordstrom. "We've been so fortunate to have loyal customers throughout New Jersey and hopefully this new store will provide another convenient shopping location."
"We're thrilled to welcome Nordstrom to Quaker Bridge Mall," said Richard S. Sokolov, president and chief operating officer of SPG. "They are an ideal fit for our Quaker Bridge customer who expects nothing less than extraordinary merchandise and service."
Quaker Bridge Mall currently offers over 100 specialty stores and numerous restaurants. The expansion of the mall will add 600,000 square feet of retail and entertainment space. There will also be additional parking to accommodate the anticipated increase in customer traffic.
Nordstrom offers a large selection of quality fashion apparel, shoes and accessories for men, women and children. This will be the fifth Full-Line Store for Nordstrom in the state of New Jersey with locations currently in Edison, Freehold, Millburn and Paramus.
Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet(R) centers and community/lifestyle centers. The company's current total market capitalization is approximately $42 billion. Through its subsidiary partnership, it currently owns or has an interest in 285 properties in the United States containing an aggregate of 200 million square feet of gross leasable area in 39 states plus Puerto Rico. Simon also owns interest in 51 European shopping centers in France, Italy and Poland; 5 Premium Outlet(R) centers in Japan; and one Premium Outlet(R) center in Mexico. Additional Simon Property Group information is available at www.simon.com.
Kravco Simon Investments owns various mall and community center properties and various interests in seven mall properties primarily in the Philadelphia metro market. All properties are managed by Kravco Simon Company, which also manages three centers located in southern New Jersey and Florida. Kravco-Simon is a majority-owned venture of SPG, the nation's largest retail real estate company.
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 www.nordstrom.com and through its catalogs. Nordstrom, Inc. is publicly traded on the NYSE under the symbol JWN.
CONTACT: Amy Pobst
Nordstrom, Inc.
206-373-3036
SOURCE
Nordstrom, Inc.
05/19/2006